Girls’s well being tech model, Elvie, tops up Sequence C to $97M –

Elvie, the ladies’s well being tech pioneer behind a related breast pump and good pelvic flooring exerciser, has topped up a Sequence C which it introduced earlier this summer time (July) — including an additional £12.7 million to carry the entire raised to £70 million ($97 million).

The 2013-founded, U.Ok.-based startup beforehand raised a $42 million Sequence B in 2019, and a $6 million Sequence A in 2017 — when femtech startups had been rather a lot rarer than they’re now. Merchandise designed for (and sometimes by) ladies have gained plenty of momentum over this era as female-led startups have blazed a path and proven there’s a sizeable marketplace for femtech — main traders to gradual clock on to the chance too.

Analysts now undertaking the femtech business will turn out to be a $50 billion market by 2025.

Elvie says the Sequence C extension consists of funds sponsored by the co-founders of Blume Fairness — a PE agency that focuses on the meals and well being sectors — plus additional capital from present traders IPGL, Hiro Capital and Westerly Winds.

In July, when it introduced the sooner ($80 million) tranche of the elevate, Elvie stated the Sequence C was led by BGF and BlackRock alongside present traders together with Octopus Ventures.

The Sequence C might be used to drive extra progress via geographical enlargement (together with coming into new markets) and diversifying its product portfolio to focus on different “key levels” in ladies’s lives, it stated.

Which means it’ll be forking out on R&D to assist product growth — related {hardware} that blends bodily gadgetry with software program nonetheless appears to be like to be a robust focus — and in addition on strengthening its ops and infrastructure to prep for additional scale.

Elvie sells 4 merchandise at this stage: Its related Kegel coach, and a wearable breast pump (plus two non-electric pumps).

The place the corporate goes subsequent by way of product might be an fascinating one to observe.

Commenting in an announcement, Tania Boler, CEO and founder, stated: “Elvie is prepared for the following part of our progress. We’ve already revolutionized the classes we function in, however we all know that there’s huge untapped potential to create higher technology services and products for girls in new areas.”

She added that Elvie’s objective is to create “the go-to vacation spot for girls’s well being in any respect life levels” — promoting “subtle, correct and personalised options” to its goal feminine shopper.

Elvie doesn’t escape product gross sales but it surely informed us its pump enterprise has doubled within the U.S. during the last 12 months — including that they’re the very best single breast pump SKU income driver on Amazon within the U.S.

The corporate additionally touts “sturdy” progress for its European enterprise — at 139% YoY. Whereas, within the U.Ok. market, it says it’s seen an additional +31% progress YoY during the last 12 months.

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