Elvie, the pioneer in women’s health technology behind an attached breast pump and smart pelvic floor trainer, topped up a Series C announced earlier this summer (July) – adding another £ 12.7 million to bring the total to £ 70 million increase ($ 97 million).
Founded in 2013, the UK-based startup previously rallied 42 million products designed for (and often by) women in 2019, have gained a lot of momentum during that time as women-led startups have paved and shown a path that there is a sizable market for femtech – which is causing investors to slow down the opportunity too.
Analysts believe the femtech industry will become a $ 50 billion market by 2025.
Elvie says the Series C expansion will include funds sponsored by the co-founders of Blume Equity – a PE company focused on the food and healthcare sectors – as well as additional capital from existing investors IPGL, Hiro Capital and Westerly Winds .
In July, when Elvie took the previous ($ 80 million)
The Series C will be used to drive more growth through geographic expansion (including entering new markets) and diversifying its product portfolio to address other “key phases” in women’s lives, it said.
That means it will invest in research and development to support product development – networked hardware connecting physical devices to software still seems to be a strong focus – and also on strengthening its operations and infrastructure to focus on to prepare another scaling.
Elvie currently sells four products: its connected cone trainer and a portable breast pump (plus two non-electric pumps).
It will be interesting to see where the company is going next in terms of the product.
In a statement, Tania Boler, CEO and Founder said: “Elvie is ready for the next phase of our growth. We’ve already revolutionized the categories we operate in, but we know there is tremendous untapped potential to develop better technology products and services for women in new areas. “
She added that Elvie’s goal is to create “the one stop shop for women’s health at all stages of life” and to sell “sophisticated, accurate and personalized solutions” to the target female audience.
Elvie isn’t breaking product sales, but it did tell us that its pumps business in the US has doubled in the last 12 months – and adds that they are the top sales driver on Amazon in the US for single breast pumps.
The company is also promoting “strong” growth for its European business – at 139% year over year. While the UK market recorded further growth of + 31% year-on-year over the past 12 months.