‘Femtech’ firm Elvie clinches $6m Series A
Company that counts Gwyneth Paltrow, January Jones and Khloe Kardashian as fans will use funding to expand into 25 new territories
Elvie, a female technology (femtech) company that develops health and lifestlye technology for women, has secured a $6m Series A from octopus Ventures, with participation from female-focused venture capital (VC) firm AllBright.
Launched in 2013 by Tania Boler and Alex Asseily, Elvie’s first product is a Kegel tracker that helps women improve their pelvic floor strength to combat problems such as urinary incontinence. Available at retailers such as Amazon and John Lewis, Gwyneth Paltrow, January Jones and Khloe Kardashian are all said to be fans.
The company, which operates across 59 countries, says that it managed to break even within six months and is currently growing its customer base 50% every quarter.
The finance will be used to fuel expansion into 25 new countries across the US, Europe and the Asian-Pacific region, as well as to launch a second product before the end of 2017.
Boler commented: “Our mission is to become the leader in femtech by improving the health and wellness of women everywhere and at all stages of their life through smarter technology.
“The combined backing from Octopus and AllBright is a huge mark of credibility for Elvie. Octopus is the leading consumer tech investor in the UK and we’re proud to partner with such an experienced investor with strong expertise in taking British brands to the US.”
Simon King, investment manager at Octopus Ventures, said: “Elvie is addressing an unrivalled market for women’s personal health and has already established itself as the leader in this category.
“In particular, Octopus focuses on backing unusually talented teams – and Boler and her team are exceptional. We’re thrilled to accompany them in this new phase of growth, rolling out in new geographies and extending the reach of what connected hardware can do for women’s personal health.”