FootBalance, one of the world’s leading providers of custom foot health technology and personalised insoles, is entering a new phase of growth following the acquisition of its founder’s shareholding by London-based private investment company IPGL, the investment group of Lord Michael Spencer.
The transaction marks the end of founder Erkki Hakkala’s 23-year ownership journey and signals a renewed focus on expanding FootBalance’s global footprint and advancing its mission of improving foot health through accessible, technology-driven solutions.
The deal was advised by Scope Capital Advisory.
A Nordic innovation with global reach
Founded in Finland more than two decades ago, FootBalance has grown from an entrepreneurial idea into a global health technology company operating in more than 50 countries.
Its proprietary 3D foot scanning technology enables retailers, sports stores and healthcare professionals to analyse foot biomechanics and produce customised insoles that provide a personalised shoe fit within minutes.
Today, the company has:
- Operations in more than 50 countries
- More than 1,600 sports stores and healthcare clinics using its technology worldwide
- Conducted over 5 million foot analyses
- Sold more than 4 million pairs of custom insoles
- Generated approximately 95% of its revenue outside Finland
The company has become particularly well known for bringing custom foot orthotic technology into mainstream retail environments while maintaining strong links with healthcare and rehabilitation professionals.
Supporting millions with better foot health
FootBalance estimates that approximately 75% of the world’s population experiences some degree of foot misalignment, a condition that can contribute to pain and altered biomechanics throughout the feet, knees, hips and lower back.
Through its digital scanning platform and customised insole programme, the company aims to improve comfort, reduce pain and help people remain active throughout their lives.
While many users come from recreational and elite sports, FootBalance technology has also found increasing application in occupational health, retail footwear, podiatry and clinical settings where personalised foot support forms part of a broader conservative treatment strategy.
For orthotists and prosthetists, the continued growth of digital foot scanning reflects the wider movement towards technology-assisted assessment, CAD/CAM workflows and patient-specific devices.
Founder reflects on 23-year journey
Announcing the sale, founder Erkki Hakkala described the milestone as the conclusion of an extraordinary entrepreneurial journey.
“When I started FootBalance, I could never have imagined that it would grow into a global health-tech company,” he said.
He highlighted that the company’s 3D scanning technology is now used in more than 1,600 sports stores and healthcare clinics worldwide, helping tens of millions of people walk, run and enjoy everyday activities with greater comfort and less pain.
Hakkala also thanked Sir Michael Spencer, IPGL and Thomas Spencer for their confidence in the business and expressed optimism about FootBalance’s future under its new ownership.
New ownership to accelerate expansion
According to FootBalance, the partnership with IPGL is expected to accelerate international expansion, strengthen innovation and support the company’s long-term growth strategy.
With increasing consumer awareness of preventive healthcare, digital assessment technologies and personalised products, the custom insole market continues to expand across both healthcare and retail sectors.
The additional investment is expected to help FootBalance increase market penetration while continuing to develop its technology platform and international distribution network.
What it means for the IMEA region
For orthotists, podiatrists and rehabilitation professionals across the Middle East, Africa, Central Asia and South Asia, the transaction reflects the growing investor confidence in digital foot health technologies.
Demand for personalised insoles continues to rise as healthcare systems place greater emphasis on early intervention for musculoskeletal conditions, diabetic foot management, sports injuries and workplace health.
The IMEA region also presents significant opportunities for advanced 3D foot scanning solutions, particularly in:
- Sports medicine clinics
- Podiatry practices
- Orthotics and prosthetics centres
- Diabetic foot services
- Retail footwear and pharmacy chains
- Occupational health programmes
As digital workflows become increasingly integrated into orthotic practice, technologies that combine rapid assessment with personalised manufacturing are expected to play a larger role in both clinical and commercial environments.
FootBalance’s next chapter under IPGL ownership demonstrates how investor interest continues to grow around companies delivering scalable, technology-enabled solutions that bridge healthcare and consumer wellness. For the global orthotics community, it is another indication that personalised foot care is becoming an increasingly important part of the wider rehabilitation and mobility ecosystem.
- https://www.footbalance.com/
- https://www.ipgl.com/
- https://www.scopecapitaladvisory.com/
- https://www.linkedin.com/in/erkkihakkala/
- https://imeacpo.com/