Under the cash deal with 28’s parent group, Australian Life Tech (ALT), fitness star founder Mr Wood will become an investor in myDNA, with a 5 per cent stake.
previous The Bachelor The contestant from Australia said this was a game changer for personalized health and wellness.
“We have a very strong B2C [business-to-consumer] platform. One thing we pride ourselves on is our personality and our customization. I think that’s why we’ve been as successful as we’ve been, and myDNA, what we have that we find really attractive is that extra level of personalization through genomics,” he said.
Wood said it gives companies the ability to create more personalized wellness programs.
“Excellent user experience”
Since its founding in 2016 by Mr. Wood and his business partner David Jackson, who is CEO, ALT has expanded its offerings into corporate wellness, white-label platforms, product partnerships, and retreats.
He has worked with brands such as Bupa health insurer, Woolworths and Blackmores. She has achieved a three-year income and a compound annual growth rate of over 30 percent. The group is profitable.
Sam Wood’s 28 built its website and app from the ground up, which Basta called a “great user experience” for exercise and nutrition, with steady subscribers.
“Sam has such a huge following and the platform itself is such a beautiful user experience that, to be honest, from myDNA’s perspective, the draw of acquiring his business was all the people who embraced it,” Bastas said.
“What we also found attractive was the platform strategy behind it.”
Sam Wood’s 28 is already one of the most popular digital home fitness programs in the country, with more than 400,000 participants since its inception.
The pair have aspirations to build a global platform.
ALT will support myDNA to accelerate its software-as-a-service offering and direct-to-consumer growth. MyDNA in January 2021 merged in a $130 million deal with a much larger genetic testing company, Houston-based Gene by Gene.
MyDNA operates three revenue streams: genetic genealogy services; clinical laboratory tests (and infrastructure) in Houston and Melbourne; and a business-to-business-to-consumer (B2B2C) subscription service.
Bastas, who is the founder of Arrotex Pharmaceuticals, He said myDNA is in talks with other possible US and Israeli acquisitions.
He said myDNA is still looking to list in the United States through a reverse merger with a shell company, Atlantica Inc, associated with Alan Gordon of PE firm Richland, Gordon. & Business.
Bastas said that since SPAC (or special purpose acquisition companies) have fallen out of favor with the investment community, a reverse listing is more favorable in the coming months.
“We are in those stages of finding our key investor for the listing,” he said.
MyDNA is also endorsed by former CEO of Swisse, Radek Saliwho is a director and first investor, as well as Phil Mehrten, founder of Probuild.
