New British unicorn: London-based femtech Flo Health secures €182M from General Atlantic

London-based Flo Health, a women’s health app, announced on Tuesday, that it has raised more than $200M (approximately €182M) in a Series C funding round from General Atlantic at a valuation of over $1B.

Consequently, Flo Health becomes the first purely digital consumer women’s health app to achieve unicorn status. 

As a part of the transaction, Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic, and Jessie Cai, will join Flo’s Board of Directors.

“This investment accelerates Flo’s mission to revolutionize women’s health,” says Anna Klepchukova, Chief Medical Officer of Flo Health.

“With women spending 25 per cent more of their lives in poor health compared to men, we’re committed to changing this unacceptable status quo. As the #1 OB-GYN-recommended cycle tracking app, Flo empowers users with tailored health insights, enabling better-informed conversations with healthcare providers. We serve as a tool for preventive care and health education, helping our users recognize potential issues early and encouraging proactive healthcare management,” adds Klepchukova.

Joining hands with General Atlantic

Flo Health has partnered with General Atlantic to fuel its next phase of growth, expanding into new user segments, enhancing tech-driven health insights, and pursuing strategic expansion opportunities.

To support these goals, Flo will increase R&D headcount and leverage General Atlantic’s expertise in scaling companies at the intersection of consumer technology, healthcare, and subscription business models.

As of June 2024, the company supports nearly 70M monthly active users (MAUs) and close to 5M paid subscribers.

The company’s rapid growth is evident in Flo’s gross bookings for 2024, which are projected to exceed $200M this year, marking an approximate 50 per cent year-over-year increase.

Flo Health: Building a better future for female health

Led by Dmitry Gurski, Flo Health is on a mission to build a better future for female health.

The company aims to support women at every stage of their health journey, from menstruation to conception, pregnancy, and menopause.

With over 120 doctors and health experts, Flo’s all-in-one platform offers curated cycle and ovulation tracking.

Users can monitor over 70 symptoms and access various features designed to enhance their understanding and management of their health.

Flo also provides users with tailored health insights, expert tips, daily bite-sized visual content, and access to a private digital discussion community focused on health and wellness-related topics.

As part of its mission to build a better future for female health, Flo’s Pass it on Project aims to improve health literacy by providing up to 1 billion women in need with free access to Flo Premium.

“Reaching unicorn status is a significant milestone for Flo and the entire femtech industry,” says Dmitry Gurski, co-founder and CEO of Flo Health.

“When we started Flo, we identified a huge gap in women’s health services. Now, we’re a leader in a global movement to make women’s health a priority everywhere. We’re already helping hundreds of millions of women, and our goal is to reach 1 billion women through our global pro-social program. This initiative provides free access to Flo Premium across 66 countries, including India, Indonesia, and Nigeria, with nearly 12 million women already benefiting,” continues Gurski.  

“This investment from General Atlantic will help propel Flo Health’s growth as we continue normalizing conversations about women’s health, improving health literacy, and raising awareness of women’s health issues worldwide, especially in underserved regions,” Gurski concludes.

The investor

General Atlantic is a global growth investor with more than four decades of experience providing capital and strategic support for over 520 growth companies throughout its history.

The company partners with visionary entrepreneurs and delivers lasting impact.

General Atlantic has approximately $84B in assets under management inclusive of all products as of March 31, 2024, and more than 300 investment professionals.

Jessie Cai, Principal at General Atlantic, comments, “We have been lucky enough to watch the Flo team over the past five years build a beloved, mission-critical app for women globally, and now we have the fortunate opportunity to partner with Dmitry and his team. We are excited about their big vision and the innovation ahead for the broader women’s health and wellness ecosystem. We believe Flo is a category leader and look forward to leveraging our deep expertise across disruptive consumer technology and subscription platforms to support the company’s continued growth.”