London-based healthtech startup, Elvie, which develops smarter technology for women, today announced a $42 million (€37.5 million) Series B led by IPGL and supported by Octopus Ventures and Impact Ventures UK. As per the company press release, the new round of financing will accelerate Elvie’s research and development efforts, as well as growing brand awareness and distribution for its products including Elvie Pump and Elvie Trainer across the Americas, Europe and Asia.
Elvie Trainer and Elvie Pump
Founded in 2013, Elvie’s first product, Elvie Trainer, is an award-winning app-connected Kegel trainer that helps women strengthen their pelvic floor using fun, five-minute workouts with real-time biofeedback. Last year, the femtech company launched its second innovation, Elvie Pump, the world’s first silent wearable breast pump, which creates an entirely new pumping experience that offers women complete freedom and mobility.
“Whether it’s menstruation, pregnancy or menopause, women’s bodies have been shrouded in taboo for centuries. We know so many issues of womanhood can be improved by technology, and there is so much potential in this space,” said Tania Boler, CEO, Elvie. “We are delighted to have the support of Michael Spencer on our journey to create extraordinary products that improve women’s lives. This financing will enable us to continue innovating, while driving global scalability to meet customer needs.”
Focussing on women-oriented market
With most healthcare products and solutions designed, developed, and delivered by men, there has been a massive gap in the consumer technology market for solutions to tackle common issues women face. Only 32% of women surveyed believe technology is designed for them, with 70% of women citing look, feel, and tone as key shortcomings. To address this, Elvie is working to create solutions to the issues that matter most to women – from pregnancy and childbirth, to periods and menopause.
“The female-health sector has historically been underserved by technology and there are very few companies addressing women’s health challenges,” said Michael Spencer. “Women’s health and wellness should not be a niche market and Elvie is pioneering smarter technology for women with a mission to improve women’s health outcomes globally.”
As consumer demand dramatically increases for better women’s healthcare, Elvie is experiencing unprecedented growth. Elvie’s annual revenue run-rate has tripled over the past six months and is expected to grow by another 5x by the end of the year. Elvie Pump has been a consumer favourite since its disruptive launch, with tens of thousands of women currently on the waitlist to order.
Elvie’s progress has been widely recognized by many independent experts, with Elvie Trainer winning more than 12 awards for innovation and design. Additionally, Elvie Pump has been awarded six accolades, including a 2018 International Design Award and IoT Breakthrough Wearable Device of the Year Award, while also being named a Consumer Electronics Show 2019 Innovation Honoree and Babylist Best of Baby Tech 2019. Working in partnership with the NHS, Elvie Trainer is also the first at- home biofeedback device available for UK patients.
Founded in 2013, Elvie is a British brand developing smarter technology for women. Elvie creates extraordinary products to improve the health and lives of women everywhere and at all stages of life.
Launched in October 2015, Elvie Trainer took the wellness industry by storm, with more than 12 awards for innovation and design, including a prestigious Red Dot Award. Elvie Trainer is recommended by more than 1,000 health professionals worldwide to enhance pelvic floor muscle training compliance, technique and outcomes.
On the other hand, Elvie Pump received international praise following its unveiling on the catwalk at London Fashion Week and at the Consumer Electronics Show (CES) in Las Vegas where it scooped four awards.
— Press release
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