Elvie, the ladies’s well being tech pioneer behind a linked breast pump and good pelvic ground exerciser, has topped up a Series C which it introduced earlier this summer time (July) — including an additional £12.7m to convey the full raised to £70 million ($97m).
The 2013-founded, UK-based startup beforehand raised a $42M Series B in 2019, and a $6M Series A in 2017 — when femtech startups had been so much rarer than they’re now. Products designed for (and infrequently by) girls have gained numerous momentum over this era as female-led startups have blazed a path and proven there’s a sizeable marketplace for femtech — main buyers to sluggish clock on to the chance too.
Analysts now undertaking the femtech trade will turn into a $50 billion market by 2025.
Elvie says the Series C extension contains funds sponsored by the co-founders of Blume Equity – a PE agency that focuses on the meals and well being sectors – plus additional capital from current buyers IPGL, Hiro Capital and Westerly Winds.
In July, when it introduced the sooner ($80M) tranche of the increase, Elvie stated the Series C was led by BGF and BlackRock alongside current buyers together with Octopus Ventures.
The Series C can be used to drive for extra development by means of geographical growth (together with getting into new markets) and diversifying its product portfolio to focus on different “key stages” in girls’s lives, it stated.
That means it’ll be forking out on R&D to help product growth — linked {hardware} that blends bodily gadgetry with software program nonetheless appears to be like to be a powerful focus — and in addition on strengthening its ops and infrastructure to prep for additional scale.
Elvie sells 4 merchandise at this stage: Its linked kegel coach, and a wearable breast pump (plus two non-electric pumps).
Where the corporate goes subsequent when it comes to product can be an attention-grabbing one to look at.
Commenting in a press release, Tania Boler, CEO and founder, stated: “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.”
She added that Elvie’s objective is to create “the go-to destination for women’s health at all life stages” — promoting “sophisticated, accurate and personalised solutions” to its goal feminine client.
Elvie doesn’t escape product gross sales however it advised us its pump enterprise has doubled within the US during the last 12 months — including that they’re the very best single breast pump SKU income driver on Amazon within the US.
The firm additionally touts “strong” development for its European enterprise — at 139% YoY. While, within the UK market, it says it’s seen an additional +31% development YoY during the last 12 months.
