Elvie, a women’s health tech startup, has reportedly announced that it has added £12.7 million through a Series C funding round, bringing its total raised funds to £70 million ($97 million). The company is known for designing several innovative products, such as the smart pelvic floor exerciser and connected breast pump.
The UK-based startup, established in 2013, secured a Series A funding of $6 million in 2017, during a time when femtech startups were scarce, followed by a Series B funding of $42 million in 2019, reports suggest.
Elvie has apparently revealed that existing investors Hiro Capital, Westerly Winds, and IPGL, along with the co-founders of Blume Equity, a private equity firm focused on the food and health industries, have injected funds into the Series C extension.
In July, Elvie, while announcing the earlier tranche of the raise ($80 million), stated that BlackRock and BGF alongside existing investors, with Octopus Ventures, led the Series C extension.
Evidently, Elvie would utilize the Series C funding to accelerate growth by geographically expanding and entering new markets as well as to diversify its product offerings to target other "key stages" in women's lives.
To that effect, the firm would supposedly fortify its infrastructure and operations to prepare for further scale and invest in R&D activities to advance product development, wherein strong focus remains on developing connected hardware that blends software with physical gadgetry.
Tania Boler, CEO and founder of Elvie, stated that the startup is headed towards the next stage of growth. She further added that, having transformed the current categories of operation, the company realizes to the vast untapped potential to pioneer improved technological products and services for women.
As per reliable sources, Elvie’s pump business in the US has grown twofold over the last year and is the largest single breast pump SKU (stock keeping unit) revenue driver in the country on Amazon. The company also boasts about robust growth of its European division at 139% YoY with a further +31% YoY in the UK market in the last 12 months, as per reports.