Elvie, the ladies’s well being tech pioneer behind a linked breast pump and good pelvic flooring exerciser, has topped up a Collection C which it introduced earlier this summer season (July) — including an additional £12.7m to convey the entire raised to £70 million ($97m).
The 2013-founded, UK-based startup beforehand raised a $42M Collection B in 2019, and a $6M Collection A in 2017 — when femtech startups had been rather a lot rarer than they’re now. Merchandise designed for (and infrequently by) ladies have gained a variety 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 mission the femtech business will develop into a $50 billion market by 2025.
Elvie says the Collection 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 current traders IPGL, Hiro Capital and Westerly Winds.
In July, when it introduced the sooner ($80M) tranche of the increase, Elvie stated the Collection C was led by BGF and BlackRock alongside current traders together with Octopus Ventures.
The Collection C shall be used to drive for extra development 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.
Meaning it’ll be forking out on R&D to help product improvement — linked that blends bodily gadgetry with software program nonetheless seems 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).
The place the corporate goes subsequent when it comes to product shall be an attention-grabbing one to look at.
Commenting in an announcement, Tania Boler, CEO and founder, stated: “Elvie is prepared for the following part of our development. We’ve already revolutionized the classes we function in, however we all know that there’s huge untapped potential to create higher expertise 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 “refined, correct and personalised options” to its goal feminine client.
Elvie doesn’t escape product gross sales however it informed us its pump enterprise has doubled within the US over the past 12 months — including that they’re the best single breast pump SKU income driver on Amazon within the US.
The corporate additionally touts “sturdy” development for its European enterprise — at 139% YoY. Whereas, within the UK market, it says it’s seen an additional +31% development YoY over the past 12 months.