UK femtech Elvie secures £ 58million in funding for smart breast pumps and more
The femtech industry is expected to grow into a $ 50 billion market by 2025. To capitalize on this growth, London-based Elvie, a leading femtech start-up that develops iconic and smart products for women, has raised £ 58million in a Series C funding round.
Future growth projects
The investment round was led by BGF along with other investment funds and accounts managed by BlackRock Private Equity Partners (“BlackRock”) and a consortium comprising Hiro Capital and Westerly Winds. In addition, existing investors Octopus Ventures and IPGL participated in the round.
Series C funds will be used to invest in three key areas, including innovation and development of new leading products and services for women, continued expansion into new and existing markets, and strengthening of operations and of Elvie’s infrastructure ready for the next phase. of high speed growth.
In addition, the company will strengthen the existing senior team by adding Daina Spedding, BGF and Persefoni Noulika, BlackRock to its board of directors. This follows the recent hiring of Sarah Highfield, who joined as COO and CFO in September 2020.
Tania Boler, CEO and Founder of Elvie, said: “Elvie has already revolutionized every category she has entered, but we know we’ve barely scratched the surface of what’s possible for female tech. This additional investment, along with the wealth of expertise brought in by our new board members, puts Elvie in pole position to capitalize on the $ 50 billion femtech opportunity – and that’s just the start.
Daina Spedding, Investor at BGF, said: “BGF is delighted to lead this funding round to Elvie, who we consider to be the best-in-class innovator in the femtech industry with strong underlying market momentum and truly reach. global. As an all-female BGF transaction team and leading investor in female-led scale-ups, we admire Elvie’s vision, strong track record and R&D capability which has had a tangible positive impact on the business. women’s lives. We are very happy to support Tania and her exceptional team to drive new product innovation and continued growth around the world.
Persefoni Noulika, Director of BlackRock Private Equity Partners, said: “Elvie has established itself as an innovative brand in the field of women’s health and wellness and has already marketed two revolutionary, patented and FDA approved devices. . We are delighted to support Tania and the management team of Elvie and help continue the strong growth momentum of the company.
Cherry Freeman, General Partner at Hiro Capital said: “We are delighted to invest in Elvie in partnership with Westerly Winds, alongside BlackRock and BGF. Tania is an extraordinary and passionate entrepreneur who has built one of the world’s leading femtech innovators. Hiro invests in bright and ethical creators who are building the next generation of games, fitness technology and digital wellness. Tania’s vision fits perfectly with our values as a fund.
Growth during a pandemic
Elvie, the femtech startup was created in 2013 by Tania Boler. She develops extraordinary products that improve the lives of women and revolutionize categories that have been forgotten for many years. Its products include an award-winning Kegel trainer connected to an app, the Elvie Trainer and the world’s first quiet portable breast pump – Elvie Pump.
The company has launched two new breastfeeding products: Elvie Catch and Elvie Curve. Since launching Elvie Pump on the London Fashion Week catwalk in 2018, Elvie has experienced hyper-growth. The activity was multiplied by 6 in 2019 and doubled in 2020 despite the generalized disruptions of the Covid. In addition, it is set to double again this year.
Elvie has launched in 10 new markets across the EU and Asia in the past 12 months and continues to experience rapid sales growth in the United States, the world’s largest breast pump market. In addition, Elvie Pump achieved the No. 1 position in its category in the US and UK.
Notably, Elvie will continue to strengthen its leadership in the breast pump category while simultaneously expanding its product portfolio in other key life stages to become a global platform for all women’s health needs.