stablished femtech firm Elvie revealed on Tuesday that it has secured £58 million in a Series C funding round from big-name investors including BGF and Zoopla-backer Octopus Ventures.
The Farringdon-based brand, founded in 2013 by Oxford and Stanford-educated reproductive health expert Tania Boler, proved a hit in its first year when sales of its eponymous pelvic-floor trainer saw sales hit $1 million. The product is now available on the NHS.
Elvie, which develops tech in-house and also sells a silent breast pump, saw sales nearly double in 2020 despite the pandemic. It has expanded into 10 new markets around the world over the past 12 months.
The firm, which had already raised more than £33 million ahead of its Series C, made a major hire last year when it took on former Costa Coffee finance chief, Sarah Highfield, as COO and CFO.
Elvie said on Tuesday that the new cash will be used to invest in innovation, continued expansion, and company infrastructure.
READ MOREFTSE 100 forecast to open lower as host of companies report IG rides investment boom, but who really wins?Gold rush and demand for David Bowie coins boosts Royal MintBRANDPOST | PAID CONTENTClosing the digital skills gap is key to unlocking London’s recoveryBoler, who completed a PhD in reproductive health and spent 12 years working on sexuality education before launching her startup, 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.
“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.”
