Elvie, the pioneer in women's health tech, behind the connected breast pump, and smart pelvic floor exercisesr, has increased its Series C. It announced it earlier this summer (July), adding 12.7 million to bring the total to 70,000,000 ($97m).
In 2019, the startup, which was founded in the UK, raised $42M in Series B. It also raised $6M in Series A in 2017. This was back when femtech startups are much more common than they are today. This period has seen a lot of momentum for products designed for women, and often by them. Female-led startups have set a precedent and demonstrated that there is a large market for femtech, leading investors to slow down the clock to seize this opportunity.
Analysts predict that the femtech market will reach $50 billion by 2025.
Elvie claims that the Series C Extension includes funds sponsored jointly by Blume Equity, a PE firm that focuses primarily on the food-health sectors. Additionally, additional capital will be available from existing investors IPGL and Hiro Capital.
Elvie stated that Series C was being led by BlackRock and BGF, along with existing investors Octopus Ventures, in July when the raise was announced.
It stated that the Series C will be used for growth by geographical expansion (including entering new countries) and diversifying its product range to target other key phases in women's lives.
It will be spending on R&D to support product design connected to hardware that blends software and physical gadgetry. However, it also looks like it will be focusing on strengthening its operations and infrastructure to prepare for greater scale.
Elvie currently sells four products: A connected kegel trainer and a wearable pump for breasts (plus two other non-electric pumps).
It will be interesting to see where the company takes its product business next.
Tania Boler (CEO and founder), made the following statement: Elvie is ready to move on with our growth. Although we have revolutionized many of the areas we work in, we also know there is great potential to develop better products and services in technology for women in new markets.
Elvies goal, she said, is to be the destination of choice for womens health in all stages of life selling sophisticated, precise and personalised solutions to its female customers.
Elvie does not break down product sales, but it said that its pump business in the US has more than doubled over the past 12 months and that they are the largest single breast pump SKU revenue driver for Amazon in the US.
It also boasts strong growth of its European business, at 139% YoY. It claims that it has seen an additional +31% YoY growth in the UK market over the past 12 months.
