Image Source: Scarlet Design Solution
The women’s health tech Elvie pioneer behind a connected breast pump and smart pelvic floor exerciser, has recently topped up a Series C which it announced earlier this summer July adding a further sum of £12.7m to bring the total raised to £70 million.
Elvie was founded in 2013, UK based startup previously raised a $42M Series B in 2019 and a $6M Series A. Product designed for women have gained a lot of attention in short period as female-led startups have blazed a trail and prove that there is a sizeable market available for femtech.
The company says the Series C expansion includes funds sponsored by the co-founders of Blume Equity a PE firm that focuses on the food and health sector plus further money from existing investor IPGL, Hiro Capital and Westerly Winds.
Elvie said that Series C will be used to drive more growth through geographical expansion and diversifying its product portfolio to target other Key stages in women’s life. That means it will be splurging on R&D to support product development connected hardware that blends physical gadgetry with software still looks to be a prominent focus and also on strengthening its ops and infrastructure to prep for further scale.
Image Source: Medium
Elvie sells four products at this level: Its connected Kegel trainer, and two non-electric pumps and a wearable breast pump. Well, where the company goes next in terms of product will be an interesting one to watch.
Tania Boler, CEO and Founder said, Elvie is all set to face our next challenge for company growth. They have already revolutionized the categories they operate in, but she said we know that there was a vast untapped potential to create better technology products and services in new areas. Elvie doesn’t break out product sales but it told us its pump business has doubled in the US over the last 12 months adding that they are the highest single breast pump SKU revenue driver on Amazon in the US.
The company also touts “strong” growth for its European business at 139% YoY. While, in the UK market, it says it’s seen a further +31% growth YoY over the last 12 months.