Business of fitness: Why multimillionaire Sam Wood is going after DNA testing

The online fitness community is a crowded market but this Australian multimillionaire believes genomics will be the next industry innovation to take off.

Sam Wood sold his online fitness subscription business, 28 by Sam Wood, to Australian firm myDNA in a deal worth $82 million in 2022.

Wood earned A$15m ($16.1m) in the sale and is still involved day-to-day in the business, which is focused on scaling DNA testing, with personalised nutrition and training plans, to his almost 1 million subscribers and more.

“The quest in the online fitness game is how do I continue to evolve a personalisation perspective to improve my customer experience and give myself an edge over my competitors in a very, very fast-growing, crowded space,” Wood told Markets with Madison.

“I really do believe that it’s one of those things that the more you learn about what the insights can tell us, the more you realise it’s got such a place in wellness and, in particular, online wellness.”

He said genomics tests could identify food intolerances and whether someone performed better with or without coffee, or by exercising in the morning or evening, among many other things.

“What we want to do is not only give you the information in layman’s terms but actually put it into your programme.”

Watch Sam Wood discuss his lucrative business exit, and what he’d do differently if he was starting out as an entrepreneur today, in this episode of Markets with Madison above.

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Disclaimer: The information provided in this programme is of a general nature, and is not intended to be personalised financial advice. We encourage you to seek appropriate advice from a qualified professional to suit your individual circumstances.

Madison Reidy is the host of the NZ Herald’s investment show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.