LONDON, United Kingdom — Pioneering startup Elvie has secured a $42 million investment, putting the burgeoning FemTech sector on course to raise $1bn in funding by the end of 2019.
The round of financing, led by IPGL, the former Conservative Party treasurer Michael Spencer’s investment firm, and supported by Octopus Ventures and Impact Ventures UK, will accelerate the British startup’s research and development efforts, as well as grow brand awareness and distribution across the Americas, Europe and Asia.
“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,” commented Tania Boler, Founder & CEO, 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.”
Founded in 2013, Elvie was one of the pioneers of the FemTech movement. Its first product, the Elvie Trainer, an award-winning app-connected Kegel trainer that helps women strengthen their pelvic floor, challenged the status quo and disrupted the male-dominated tech arena.
Following an endorsement by Gwyneth Paltrow’s lifestyle platform Goop, the product sold out within minutes, hitting $1 million in sales by the six-month mark.
In 2017, following a series A round worth $6.5 million, Elvie launched its second innovation, the Elvie Pump, the world’s first silent wearable breast pump, which creates an entirely new pumping experience offering women complete freedom and mobility.
Having sold out within five minutes of the brand’s launch into the US, the product’s popularity has since helped to triple Elvie’s annual revenue, which according to the brand is expected to grow another 5x by the end of the year.
To this day, the pump continues to be a consumer favourite, with tens of thousands of women currently on the waitlist to order — highlighting just how much demand there is for innovation within the women’s healthcare category.
Speaking about the market, Michael Spencer explained: “The female-health sector has historically been underserved by technology and there are very few companies addressing women’s health challenges.”
Adding: “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.”
With the market predicted to reach $50bn (£39bn) in value by 2025, and investment continuing to come in thick and fast, it seems that vision might become a reality sooner than expected.