British femtech company gets €37.5M investment for women's technology

Elvie is a health and lifestyle start-up company that develops technology exclusively for women. They are only six years old, but have already procured the largest investment in femtech to date.

Victoria Wystepek
Victoria Wystepek NewsMavens, Europe
British femtech company gets €37.5M investment for women's technology - NewsMavens
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Why this story matters:

Venture capitalist firms Octopus Ventures and Impact Ventures UK funded the €37.5 million Series B investment through private equity group IPGL. The funding will go toward the innovation and development of new technologies which will improve the lives of women, from periods to pregnancy to menopause.

Elvie’s first product, the Elvie Trainer, debuted in 2015. The app is paired with a Kegel trainer guiding women through five-minute exercises to strengthen their pelvic floor.

They also created the Elvie Pump, a silent, cordless, and wearable breast pump. The product debuted in 2018 and has won several awards. It is still so popular to date that it remains sold out on Elvie’s website.

Elvie is filling the demand for better women's healthcare products. The company commissioned a survey which found that only 32% of women believe technology is designed for women. 70% described look, feel, and tone as shortcomings in women’s technology.

Lead financier Michael Spencer stated, “The female health sector has historically been underserved by technology…Women’s health and wellness should not be a niche market…” 

Elvie is a pioneer in developing women-centered technology, and as CEO Tania Boler remarked, "This financing will enable us to continue innovating, while driving global scalability to meet customer needs.” 

Details from the story:

  • Elvie Trainer is also the first at-home biofeedback device for UK women. It has been recommended by over 1,000 health professionals. 
  • The Elvie Pump’s demand is so great that tens of thousands of women are on the waitlist for the product. 
  • The company’s annual revenue run-rate has tripled over six months and is expected to grow five times more by the end of 2019.
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