Women’s health tech startup Elvie has added £12.7 million through a Series C funding round, bringing its total raised funds to £70 million ($97 million). The 2013-founded, U.K.-based startup previously raised a $42 million Series B in 2019, and a $6 million Series A in 2017.
Elvie revealed that existing investors Hiro Capital, Westerly Winds, and IPGL, along with the co-founders of Blume Equity, a private equity firm focused on the food and health industries, have injected funds into the Series C extension. According to Frost and Sullivan, the femtech industry is expected to become a $50 billion market by 2025. Elvie said it will use the money to accelerate growth by geographically expanding and entering new markets as well as to diversify its product offerings to target other "key stages" in women's lives.
That means it’ll be splurge on R&D to support product development – connected hardware that mixes physical gadgetry with software still looks to be a strong focus – and also on strengthening its ops and infrastructure to prep for further scale, reports TechCrunch.
Elvie sells four products at this stage. The first to launch, Elvie Trainer, is an award-winning Kegel trainer and app. Its second product, Elvie Pump, is the world’s first silent, wearable breast pump. The newest additions to the line-up are Elvie Curve and Elvie Catch; both enhancing the Elvie breastfeeding range. “Elvie is ready for the next phase of our growth. We have already revolutionized the categories we operate in, but we know that there is vast untapped potential to create better technology products and services for women in new areas,” said Tania Boler, CEO and founder of Elvie.
She added that Elvie’s goal is to create “the go-to destination for women’s health at all life stages” – selling “sophisticated, accurate and personalized solutions” to its target female consumer.