“Disruptive” London femtech firm secures £58m investment for global expansion
A London-based femtech firm has announced a £58m Series C funding round in its quest to improve women’s lives through smarter technology.
Elvie, the global health and lifestyle brand founded in 2013 by Tania Boler, redesigns existing medical devices in women’s health into sleek consumer products that can be used at home.
The funding round was led by BGF, with further investment from funds and accounts managed by BlackRock Private Equity Partners and a consortium including Hiro Capital and Westerly Winds, plus existing investors Octopus Ventures and IPGL.
The Series C funds will be used to invest in three areas: innovation and the development of new best-in-class products and services for women, continued expansion into new and existing markets, and strengthening Elvie’s operations and infrastructure ready for the next phase of high-speed growth.
The launch of Elvie’s four products has seen the business almost doubled in 2020 despite widespread Covid disruption - and is on track to double again in 2021.
The company launched 10 new markets across EU and Asia in the last 12 months and continues to see rapid sales growth in the US.
Tania Boler, founder and CEO, Elvie, said: “Elvie has already revolutionized every category it has entered – but we know that we have barely scratched the surface of what is possible for women’s tech.
“This further investment, alongside the wealth of expertise our new Board members bring, place Elvie in pole position to capitalise on the $50 billion femtech opportunity – and that’s only the beginning.
“We won’t stop until we have fulfilled our ambition to create the go-to destination for women’s health at all life stages; providing sophisticated, accurate and personalised solutions.”
Daina Spedding, investor at BGF, added: “We admire Elvie’s vision, strong track record and R&D capability which have brought a tangible positive impact on women’s lives. We are very excited to back Tania and her exceptional team to supercharge new product innovation and continued growth worldwide.”
Persefoni Noulika, director, BlackRock Private Equity Partners, commented, “We are pleased to support Tania and Elvie’s management team and help continue the company’s strong growth momentum.”
Cherry Freeman, general partner at Hiro Capital said: “Hiro invests in brilliant, ethical creators building the next generation of games, fitness technology and digital wellness - Tania’s vision is a perfect fit with our values as a fund.”
The femtech industry is expected to become a $50bn market by 2025.
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