Women’s health tech brand, Elvie, tops up Series C to $97M – TechCrunch

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Elvie, the ladies’s health tech pioneer behind a related breast pump and smart pelvic ground exerciser, has topped up a Series C which it introduced earlier this summer season (July) — including an extra £12.7m to deliver the whole 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 lots rarer than they're now. Merchandise designed for (and infrequently by) ladies have gained lots of momentum over this era as female-led startups have blazed a path and proven there’s a sizeable marketplace for femtech — main investors to slow clock on to the opportunity too.

Analysts now venture the femtech trade will develop into a $50 billion market by 2025.

Elvie says the Series C extension contains funds sponsored by the co-founders of Blume Fairness – a PE agency that focuses on the meals and health 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 Series C was led by BGF and BlackRock alongside current traders together with Octopus Ventures.

The Series C will likely be used to drive for extra progress by means of geographical growth (together with getting into new markets) and diversifying its product portfolio to goal different “key phases” in ladies’s lives, it stated.

Meaning it’ll be forking out on R&D to assist product growth — related {hardware} that blends bodily gadgetry with software 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 connected kegel trainer, and a wearable breast pump (plus two non-electric pumps).

The place the corporate goes subsequent by way of product will likely be an attention-grabbing one to watch.

Commenting in a press release, Tania Boler, CEO and founder, stated: “Elvie is prepared for the following part of our progress. We now have 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 purpose is to create “the go-to vacation spot for girls’s health in any respect life phases” — promoting “refined, correct and personalised options” to its goal feminine client.

Elvie doesn’t get away product gross sales however it advised us its pump enterprise has doubled within the US over the past 12 months — including that they're the very best single breast pump SKU income driver on Amazon within the US.

The corporate additionally touts “robust” progress for its European enterprise — at 139% YoY. Whereas, within the UK market, it says it’s seen an extra +31% progress YoY over the past 12 months.

Source : TechCrunch