London-based Elvie is a healthtech startup developing smart technology for women. Founded in 2014, Elvie’s first product, Elvie Trainer, is an award-winning app-connected Kegel trainer that helps women strengthen their pelvic floor using fun, five-minute workouts. Last year, the femtech company launched its second product, Elvie Pump, the world’s first silent, wearable breast pump.
Elvie has now announced a €37.5 million Series B round led by IPGL and supported by Octopus Ventures and Impact Ventures UK, in the largest investment in a femtech startup to date. The new round of financing will accelerate Elvie’s research and development efforts, as well as growing brand awareness and distribution for the Elvie Pump and Elvie Trainer across the Americas, Europe and Asia.
Since most healthcare products and solutions are designed, developed, and delivered by men, there has been a massive gap in the consumer technology market for women. Only 32% of women surveyed believe technology is designed for them, with 70% of women citing look, feel, and tone as key shortcomings. To address this, Elvie is working to create solutions to the issues that matter most to women, including pregnancy, childbirth, periods, and menopause.
“Whether it’s menstruation, pregnancy or menopause, women’s bodies have been shrouded in taboo for centuries. We know so many issues of womanhood can be improved by technology, and there is so much potential in this space,” said Tania Boler, CEO of Elvie. “We are delighted to have the support of Michael Spencer on our journey to create extraordinary products that improve women’s lives. This financing will enable us to continue innovating, while driving global scalability to meet customer needs.”
“From seed to today’s ground-breaking fundraise, Octopus Ventures is proud to be investing in a company successfully helping women take back control over their bodies and lives,” said Simon King, principle at Octopus Ventures. “Elvie’s pioneering technology places femtech at the forefront of women’s health and wellness, with the largest femtech fundraise in history.”
“The female-health sector has historically been underserved by technology and there are very few companies addressing women’s health challenges,” said Michael Spencer of IPGL. “Women’s health and wellness should not be a niche market and Elvie is pioneering smarter technology for women with a mission to improve women’s health outcomes globally.”
Elvie’s progress has been widely recognized by many independent experts, with Elvie Trainer winning more than 12 awards for innovation and design. Additionally, the Elvie Pump has been awarded six accolades, including a 2018 International Design Award and IoT Breakthrough Wearable Device of the Year Award, while also being named a Consumer Electronics Show 2019 Innovation Honoree and Babylist Best of Baby Tech 2019. Working in partnership with the NHS, Elvie Trainer is also the first at-home biofeedback device available for UK patients.
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