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 £12.7 million to bring the total raised to £70 million ($97 million).
The 2013-founded, U.K.-based startup previously raised a $42 million Series B in 2019, and a $6 million 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 ($80 million) 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 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 that blends physical gadgetry with software still looks to be a strong focus — and also on strengthening its ops and infrastructure to prep for further scale.
Where the company goes next in terms of product will be an interesting one to watch.
Commenting in a statement, Tania Boler, CEO and founder, said: “Elvie is ready for the next phase of our growth. We have already revolutionized the categories we operate in, but we know that there is vast untapped potential to create better technology products and services for women in new areas.”
She added that Elvie’s goal is to create “the go-to destination for women’s health at all life stages” — selling “sophisticated, accurate and personalised solutions” to its target female consumer.
Elvie doesn’t break out product sales but it told us its pump business has doubled in the U.S. over the last 12 months — adding that they are the highest single breast pump SKU revenue driver on Amazon in the U.S.
The company also touts “strong” growth for its European business — at 139% YoY. While, in the U.K. market, it says it’s seen a further +31% growth YoY over the last 12 months.