‘Femtech’ startup Elvie has raised £5m with backing from Octopus and AllBright
London-based connected healthtech startup, Elvie, has announced the closure of its seven-figure Series A round as it eyes expansion into new markets.
The tech firm, which has developed a pelvic floor exercise tracker and app, has raised £5m in a round led by Octopus Ventures with contribution from the female founder-focused venture capital firm AllBright.
Currently available at major retailers including Amazon and John Lewis, Elvie’s exercise tracking device has found some high-profile celebrity fans in the shape of Gwyneth Paltrow and January Jones, and the firm is now planning on launching a second device before the end of 2017.
The device itself is marketed directly to females due to the prevalence of pelvic problems amongst the world’s women, with one in three suffering pelvic floor issues at some point in their lives, a figure which is even higher for those who are pregnant or new mothers.
As well as supporting the launch of its new health and wellness product, Elvie is also gearing up to launch in 25 new markets, including countries in America, Europe and Asia-Pacific, and has plans to double the size of its team in the coming month.
Tania Boler, Co-Founder and CEO of Elvie said the startup hopes to become the world leader in ‘femtech’ by utilising smart technology to improve health and wellness for women across the world.
She commented:âÂÂ “The combined backing from Octopus and AllBright is a huge mark of credibility for Elvie. Octopus is the leading consumer tech investor in the UK and we’re proud to partner with such an experienced investor with strong expertise in taking British brands to the U.S. Elvie and AllBright share the same mission of advocating for female-led technology.
“Together we are committed to push the boundaries of innovation applied to women’s issues.”
Founded in 2013 by Boler and Co-FOunder Alex Asseily, the brand currently operates in 59 countries and has generated $1m in revenue from direct sales alone, as well as swelling its customer base by 50% quarter on quarter.
Anna Jones, Co-Founder of AllBright believes that Elvie is poised to become a leader in the healthtech sphere in the coming years owing to its female-focused technolgy
She said: “AllBright backs visionary female entrepreneurs, and we’re delighted to be supporting Elvie in the company’s next stage of growth. Elvie is already spearheading a massive consumer shift towards female-focused technology by addressing real life problems with smart technology.
“The company is well-positioned to become a leader across femtech and healthtech and we will work alongside Elvie to provide the help and guidance needed to scale and succeed.â”
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