Elvie, the pioneer in women’s health technology behind a connected breast pump and smart pelvic floor exerciser, has completed a Series C it announced earlier this summer (July), adding an additional £ 12.7 million to go. the total raised to £ 70 million ($ 97 million).
The UK-based startup founded in 2013 previously raised a $ 42 million Series B in 2019 and a $ 6 million Series A in 2017, when femtech startups were much rarer than they are now. . Products designed for (and often by) women have gained a lot of momentum during this period, as startups led by women have blazed a trail and shown that there is a sizeable market for femtech, leading investors to slow down the watch also to seize the opportunity.
Analysts now project that the femtech industry will become a $ 50 billion market by 2025.
Elvie says the Series C extension includes funds sponsored by the co-founders of Blume Equity, a physical education company that focuses on the food and health sectors, plus additional capital from existing investors IPGL, Hiro Capital and Westerly Winds. .
In July, when he announced the previous tranche ($ 80 million) of the increase, Elvie said that Series C was led by BGF and BlackRock along with existing investors, including Octopus Ventures.
Series C will be used to drive further growth through geographic expansion (including entering new markets) and diversifying its product portfolio to target other “key stages” in women’s lives, it said.
That means it will go into R&D to support product development (connected hardware combining physical devices with software still seems to be a strong focus) and also to strengthen its operations and infrastructure to prepare for further scale.
Elvie sells four products at this stage: her connected kegel trainer and a portable breast pump (plus two non-electric pumps).
It will be interesting to watch the next step of the company in terms of product.
Commenting in a statement, Tania Boler, CEO and founder, said: “Elvie is ready for the next phase of our growth. We have already revolutionized the categories in which we operate, but we know that there is great untapped potential to create better technology products and services for women in new areas. “
She added that Elvie’s goal is to create “the go-to destination for women’s health at all stages of life,” selling “sophisticated, precise and personalized solutions” to its target consumer.