Elvie, the women’s nicely being tech pioneer behind a associated breast pump and good pelvic flooring exerciser, has topped up a Sequence C which it launched earlier this summer season (July) — together with a further £12.7 million to hold the whole raised to £70 million ($97 million).
The 2013-founded, U.Okay.-based startup beforehand raised a $42 million Sequence B in 2019, and a $6 million Sequence A in 2017 — when femtech startups had been moderately quite a bit rarer than they’re now. Merchandise designed for (and typically by) women have gained loads of momentum over this period as female-led startups have blazed a path and confirmed there’s a sizeable market for femtech — major merchants to gradual clock on to the prospect too.
Analysts now enterprise the femtech enterprise will develop into a $50 billion market by 2025.
Elvie says the Sequence C extension consists of funds sponsored by the co-founders of Blume Equity — a PE company that focuses on the meals and nicely being sectors — plus extra capital from current merchants IPGL, Hiro Capital and Westerly Winds.
In July, when it launched the earlier ($80 million) tranche of the elevate, Elvie acknowledged the Sequence C was led by BGF and BlackRock alongside current merchants along with Octopus Ventures.
The Sequence C may be used to drive further progress by way of geographical enlargement (along with coming into new markets) and diversifying its product portfolio to deal with completely different “key ranges” in women’s lives, it acknowledged.
Which suggests it’ll be forking out on R&D to help product progress — associated {{hardware}} that blends bodily gadgetry with software program program nonetheless seems to be prefer to be a strong focus — and as well as on strengthening its ops and infrastructure to prep for added scale.
Elvie sells 4 merchandise at this stage: Its associated Kegel coach, and a wearable breast pump (plus two non-electric pumps).
The place the company goes subsequent by the use of product may be an fascinating one to watch.
Commenting in an announcement, Tania Boler, CEO and founder, acknowledged: “Elvie is ready for the next a part of our progress. We have already revolutionized the lessons we perform in, nonetheless everyone knows that there is enormous untapped potential to create larger technology providers and merchandise for women in new areas.”
She added that Elvie’s goal is to create “the go-to trip spot for women’s nicely being the least bit life ranges” — selling “delicate, appropriate and personalised choices” to its purpose female shopper.
Elvie doesn’t escape product product sales however it absolutely knowledgeable us its pump enterprise has doubled inside the U.S. over the last 12 months — together with that they are the easiest single breast pump SKU revenue driver on Amazon inside the U.S.
The company moreover touts “sturdy” progress for its European enterprise — at 139% YoY. Whereas, inside the U.Okay. market, it says it’s seen a further +31% progress YoY over the last 12 months.
