Elvie, the women’s health tech colonist behind a connected tit gush and smart-alecky pelvic floor exerciser, has topped up a Series C which it announced earlier this summer( July) — supplementing a further PS1 2.7 m to produce the total caused to PS70 million ($ 97 m ).
The 2013 -founded, UK-based startup previously fostered a $42 M Series B in 2019, and a$ 6M Series A in 2017 — when femtech startups were a lot rarer than they are now. Products designed for( and often by) maidens have gained a lot of momentum over the said period as female-led startups have blazed a trail and shown there’s a sizeable busines for femtech — extending 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 expansion includes monies sponsored by the co-founders of Blume Equity- a PE firm that focuses on the menu and health sectors- plus further capital from existing investors IPGL, Hiro Capital and Westerly Winds.
In July, where reference is announced the earlier ($ 80 M) tranche of the make, Elvie indicated by the Series C was led by BGF and BlackRock alongside existing investors including Octopus Ventures.
The Series C enables us to drive for more rise through geographical stretch( including entering brand-new markets) and diversifying its make portfolio to target other ” key theatres” in women’s lives, it said.
That symbolizes it’ll be sprinkling out on R& D to support product development — connected hardware that mixtures physical gadgetry with software still glances 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 benefactor, said: “Elvie is ready for the next phase of our growth. We have already changed the two categories we are moving in, but we know that there is vast untapped possible to create better engineering products and services for women in new localities .”
She added that Elvie’s goal is to create” the go-to destination for women’s health at all life stages” — selling” intelligent, accurate and personalised mixtures” to its target girl consumer.
Elvie doesn’t break out product sales but it told us its run business has doubled in the US over the last 12 months — adding that they are the highest single breast spout SKU revenue driver on Amazon in the US.
The company too brags “strong” increment for its European business — at 139% YoY. While, in the UK market, it says it’s seen a further +31% swelling YoY over the past 12 months.
Read more: feedproxy.google.com