Elvie, the health and lifestyle brand developing smarter technology for women, has announced a $42m Series B led by IPGL and supported by Octopus Ventures and Impact Ventures UK.
The new round of financing will accelerate Elvie’s research and development efforts, as well as growing brand awareness and distribution for Elvie Pump and Elvie Trainer across the Americas, Europe and Asia.
Founded in 2014, 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.
“This financing will enable us to continue innovating, while driving global scalability to meet customer needs.”
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.
“From seed to today’s ground-breaking fundraise, Octopus Ventures is proud to be investing in a company successfully helping women take back control over their bodies and lives,” said Simon King, principle at Octopus Ventures.
“Elvie’s pioneering technology places femtech at the forefront of women’s health and wellness, with the largest femtech fundraise in history. This not only reflects the enormous talent of the Elvie team, but also highlights the growing momentum within this emerging sector.”