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FemTech startup Elvie gets $6m in round led by Octopus Ventures

Tania Boler, Elvie

Elvie, a UK company developing smart health devices for women, has raised $6m in a round led by Octopus Ventures.

AllBright, a female focused venture capital investor, also participated in the round.

The firm is known for its pelvic floor exercise tracker, which helps women do kegel exercises.

Elvie will use the funds to expand across 25 countries worldwide and to launch a second device before the end of this year.

Tania Boler, co-founder and CEO of Elvie, said the company’s mission was to establish itself as a leader in FemTech, by improving women’s health and wellness using technology.

“The combined backing from Octopus and AllBright is a huge mark of credibility for Elvie. Octopus is the leading consumer tech investor in the UK and we’re proud to partner with such an experienced investor with strong expertise in taking British brands to the U.S.

“Elvie and AllBright share the same mission of advocating for female-led technology. Together we are committed to push the boundaries of innovation applied to women’s issues,” Boler added.

The news comes after the startup raised $2.4m in various Seed rounds and an additional $1.5m from several government grants.

Previous investors in the firm include Google Maps founder Lars Rasmussen; iCAP founder Michael Spencer; Nicole Junkermann, founder of NJF Capital; and dating intelligence app Lulu’s founder Alexandra Chong.

Currently, Elvie is operating in 59 countries and claims to have generated $1m in revenue from direct sales last year.

Simon King, investment manager at Octopus Ventures, said: “With health and lifestyle mobile apps growing at an estimated 700% per year, we’ve only just scratched the surface of how intelligent technology can improve people’s health.

“Elvie is addressing an unrivalled market for women’s personal health and has already established itself as the leader in this category. In particular, Octopus focuses on backing unusually talented teams – and Tania and her team are exceptional,” concluded King.