Octopus Ventures has led a $6 million series A round in London-headquartered Elvie. The round also saw a participation from female-focused VC AllBright.
A female-led company, Elvie, is focused on inventing smarter technology for women’s health and lifestyle. It had rolled out its first product, a connected kegel exerciser, in October 2015 which is recommended by professionals across the health and wellness space.
It now plans to utilize funds to launch into another 25 countries spanning America, Europe, and Asia-Pacific, and also unveil a second device, before the end of this year.
The company became break even within six months of its inception in 2013 and currently, boasts a wide user base increasing by 50% quarter on quarter.
Founded by Tania Boler and Alex Asseily, it operates across 59 countries and generated $1 million in revenue from direct sales last year. It aims to become the world’s number one health tech brand for women, by offering new intelligent and connected tools to improve women’s health at a global scale.
According to a report, one in every three women experience the pelvic floor problems at some point in their lives. The statistics are even more among pregnant ladies and new mothers, with the number reaching up to 80%.
While the National Association for Continence estimates that about 200 million people from across the world suffer from various forms of urinary incontinence and this number is likely to continue to grow with the aging population. Simon King, Investment Manager at Octopus Ventures mentions,
Elvie is addressing an unrivaled market for women’s personal health and has already established itself as the leader in this category.
Elvie’s data shows that every 8 in 10 users of their Kegel tracker reported improvements to their pelvic floor strength, with over half of them, observed a significant change in less than two weeks. Elvie’s second product is aimed specifically at new mothers which itself is a $1.2 billion dollar market. Tania Boler, Co-Founder, and CEO of Elvie said,
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.
Elvie has raised $3 million (£2.4 million) in previous seed rounds, as well and $1.5 million (£1.2 million) from several government grants. Its backers include Google Maps founder Lars Rasmussen, iCAP founder Michael Spencer, Nicole Junkermann founder of NJF Capital, and Lulu founder Alexandra Chong.
