Home Business NewsBusiness This femtech startup has just raised £5m

This femtech startup has just raised £5m

by LLB Reporter
24th Mar 17 12:45 pm

Heard of Elvie?

​Elvie,​the female-led British company dedicated to developing smarter technology for women’s health and lifestyle, has raised £5m from​ Octopus Ventures and with a participation from female focused VC AllBright​. Previous investors include Google Maps founder ​Lars Rasmussen,​ iCAP founderMichael Spencer​,​Nicole Junkermann founder of NJF Capital, and Lulu founder ​Alexandra Chong​. Elvie will use the funds to roll out into 25 additional countries across America, Europe and Asia-Pacific, as well as launch a second device, all before the end of 2017.

Elvie’s first pioneering product, which went to market in October 2015, has already been touted as a ‘game changer’1 in the women’s health arena. ​The category-defining and award winning pelvic floor exercise tracker and app is recommended by professionals across the health and wellness space, including at the Portland Hospital in the UK and at Mount Sinai in the US. ​It is currently distributed at ​large retailers such as​Amazon,​ John Lewis in the UK and e-tailers Goopand Violet Grey in the US and boasts celebrity fans including Gwyneth Paltrow, January Jones and more recently Khloe Kardashian.

Launched in 2013 by T​ania Boler and Alex Asseily (Jawbone Founder), the company became breakeven within six months and is currently growing its customer base 50% quarter on quarter. Today, Elvie operates across 59 countries and in 2016, it generated $1 million in revenue from direct sales alone​. ​Elvie’s ambition is 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.

Tania Boler, co-founder and CEO of Elvie says,​ “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. 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.”

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