Elvie, a global health and lifestyle brand developing products for women, has extended its Series C funding with a further GBP12.7 million (USD17.5 million) investment.
This investment – an extension to the initial Series C funding announced in July 2021 – takes Elvie’s total Series C to GBP70 million (USD97 million).
Founded in 2013 by CEO Tania Boler, Elvie brings together a team of world-class engineers, designers and business minds to develop extraordinary products that improve women’s lives – revolutionising categories which had been overlooked for many years, including breast pumps and pelvic floor health.
The Series C extension includes funds sponsored by the co-founders of Blume Equity – which supports the scale up of purpose-driven companies across the food and health sectors – alongside further capital from existing investors IPGL, Hiro Capital and Westerly Winds.
The new investment will further Elvie’s ambitious plans to continue its hyper-growth through geographical expansion and diversifying its product portfolio into other key life stages – to become a global platform for women’s health needs.
Elvie’s Series C fundraising round was led by growth capital investor BGF – and Blume Equity joins a growing list of investors which also include funds and accounts managed by BlackRock Private Equity Partners (BlackRock), Octopus Ventures, IPGL, Hiro Capital and Westerly Winds.
The Series C capital will be used to invest in three key areas: innovation and the development of new best-in-class products and services for women, continued expansion into new and existing markets, and strengthening Elvie’s operations and infrastructure ready for the next phase of rapid growth.
The femtech industry is expected to become a USD50 billion market by 2025 (Frost and Sullivan).
Tania Boler, CEO and Founder of Elvie, says: “Elvie is ready for the next phase of our growth. We have already revolutionised the categories we operate in, but we know that there is vast untapped potential to create better technology products and services for women in new areas.
“The significant scale of this final Series C funding close, alongside the wealth of expertise our new investors and recent senior hires bring, place Elvie in pole position to capitalise on the USD50 billion femtech opportunity – and that’s only the beginning.
“Ultimately, our goal is to create the go-to destination for women’s health at all life stages; providing sophisticated, accurate and personalised solutions.”
In addition to the Series C round, Elvie has expanded its senior team, including promoting Aoife Nally to Chief Marketing Officer. Michael Harris also joins as the VP of Healthcare US, and Kate Clark joins as General Manager for Europe & Asia, both with a wealth of experience to drive Elvie’s continued growth journey.
Eleanor Blagbrough, a Co-Founder at Blume Equity, says: “We are excited to partner with the Elvie team to further accelerate growth and empower women around the world. Elvie is a true tech innovator, disrupting under-innovated markets at the intersection of health and food. Its focus and mission fit strongly with Blume Equity, and we look forward to providing hands-on value-add through our sector and sustainability expertise. As a female-owned firm, we are particularly delighted to join forces with Tania as she and her team continue to transform the femtech market.”
