Elvie, the women’s health tech pioneer behind a connected breast pump and smart pelvic floor exerciser, has topped up a Series C which it announced earlier this summer (July) — adding a further £12.7m to bring the total raised to £70 million ($97m).
The 2013-founded, UK-based startup previously raised a $42M Series B in 2019, and a $6M Series A in 2017 — when femtech startups were a lot rarer than they are now. Products designed for (and often by) women have gained a lot of momentum over this period as female-led startups have blazed a trail and shown there’s a sizeable market for femtech — leading investors to slow clock on to the opportunity too.
Analysts now project the femtech industry will become a $50 billion market by 2025.
Elvie says the Series C extension includes funds sponsored by the co-founders of Blume Equity – a PE firm that focuses on the food and health sectors – plus further capital from existing investors IPGL, Hiro Capital and Westerly Winds.
In July, when it announced the earlier ($80M) tranche of the raise, Elvie said the Series C was led by BGF and BlackRock alongside existing investors including Octopus Ventures.
The Series C will be used to drive for more growth through geographical expansion (including entering new markets) and diversifying its product portfolio to target other “key stages” in women’s lives, it said.
That means it’ll be splashing out on R&D to support product development — connected hardware (Read more...)