Category: Octopus Ventures

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

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...)

Legl gets $7M to help law firms upgrade to digital workflows

B2B SaaS startup Legl has bagged $7M in Series A funding led by Octopus Ventures for its platform for law firms which offers tools to streamline core business processes such as customer onboarding, due diligence and payments.

Existing investors Backed, Samaipata and First Round Capital, and angels including Carlos Gonzalez-Cadenas (ex CPO and COO GoCardless), Al Giles (ex CRO of legal business Axiom) and Hayden Brown (CEO of Upwork), also participated in the round.

The UK startup was founded just over a year ago by Julia Salasky, a lawyer by background, who previously founded the public interest legal crowdsourcing campaign platform, CrowdJustice.

Legl says it’s now working with around 100 UK-based law firms, including around a dozen of the top 200. The Series A will be used to expand Legl’s team and grow its UK user base as well as for further development of the product.

Salasky tells TechCrunch she spotted the opportunity to build a platform to help law firms digitize their business processes through the experience of working with law firms at CrowdJustice.

“There have been a few big shifts toward digital [in the legal sector], which we were able to first spot through our work with hundreds of law firms at CrowdJustice. One is the growing expectation of clients, both individuals and businesses, that they should have a good, digital experience as they do with the other service providers they interact with,” she says, discussing the opportunity she saw to help law firms digitise business processes.

“The second (Read more...)