Elvie Secures $97M in Series C Funding

Elvie Secures Additional Funding in Series C Round

Elvie, a leading innovator in women’s health technology, has augmented its recently announced Series C funding. An additional £12.7 million has been secured, bringing the total raised in this round to £70 million ($97 million).

Company Background and Previous Funding

Founded in 2013 and based in the U.K., Elvie initially raised $6 million in a Series A round in 2017. This was followed by a $42 million Series B in 2019. The company’s growth coincides with the increasing prominence of femtech startups.

The rise of products specifically designed for women, often developed by female-led companies, has demonstrated a significant market opportunity. This has attracted increased investor attention to the femtech sector.

Femtech Market Growth

Industry analysts currently forecast the femtech market to reach a value of $50 billion by 2025. This projection highlights the substantial growth potential within this specialized area of healthcare.

Details of the Series C Extension

The extension of the Series C funding round includes investment from funds sponsored by the co-founders of Blume Equity, a private equity firm specializing in the food and health industries. Further capital also comes from existing investors, including IPGL, Hiro Capital, and Westerly Winds.

Previously, in July, Elvie announced an initial $80 million tranche of the Series C, led by BGF and BlackRock, alongside existing investors such as Octopus Ventures.

Use of Funds

The funds from the Series C round will be allocated to fuel further expansion. This includes entering new geographical markets and broadening the company’s product range to address additional stages in women’s lives.

Investment will be directed towards research and development (R&D) to support the creation of new products. Elvie intends to continue focusing on connected hardware that integrates physical devices with software solutions.

Strengthening operational capabilities and infrastructure is also a priority, preparing the company for continued scaling and growth.

Current Product Portfolio

Currently, Elvie offers four products: a connected Kegel trainer, a wearable breast pump, and two non-electric breast pumps.

The company’s future product development strategy is anticipated to be a key area to observe.

CEO Statement

Tania Boler, CEO and founder of Elvie, stated that the company is prepared for its next phase of growth. She emphasized that Elvie has already disrupted existing market categories.

Boler added that Elvie aims to become the primary resource for women’s health throughout all life stages, providing “sophisticated, accurate and personalised solutions” to its customer base.

Sales Performance

While Elvie does not disclose individual product sales figures, the company reported that its breast pump business has doubled in the U.S. over the past year. They are currently the top revenue-generating single breast pump SKU on Amazon in the U.S.

The company also reported substantial growth in its European business, with a year-over-year increase of 139%. In the U.K. market, Elvie has experienced a further growth of 31% year-over-year over the last 12 months.