Leading听FemTech听Elvie听has raised听拢58m in Series C funding.听听
Founded听in 2013 by CEO Tania Boler, the firm develops products to improve the lives of women.听
Its products include听Elvie听Trainer,听an app-connected Kegel trainer that helps women strengthen their pelvic floor and听Elvie听Pump, the world鈥檚 first silent wearable breast pump.听听
In October听2020, the company brought to market two new breastfeeding products,听Elvie听Catch and听Elvie听Curve.听听
Since听the launch of听Elvie听Pump on the catwalk of London Fashion Week in September 2018,听Elvie听has experienced hyper-growth. The business grew 6x in 2019, almost doubled in 2020 despite widespread Covid disruption – and is on track to double again in 2021.听听
The company听launched 10 new markets across EU and Asia in the last 12 months and continues to see rapid sales growth in the US, the world鈥檚 biggest breast pump market.听
CEO and founder Tania Boler
The funding round was led by BGF, with further investment from funds and accounts managed by BlackRock Private Equity Partners听and a consortium including Hiro Capital and Westerly Winds, plus existing investors Octopus Ventures and IPGL.听听
鈥淓lvie has already revolutionised every category it has entered 鈥� but we know that we have barely scratched the surface of what is possible for women鈥檚 tech,鈥� said CEO and founder Tania听Boler.听听听
鈥淭his听further investment, alongside the wealth of expertise our new Board members bring, place听Elvie听in pole position to capitalise on the $50 billion听FemTech听opportunity 鈥� and that鈥檚 only the beginning.听
鈥淲e听won鈥檛 stop until we have fulfilled our ambition to create the go-to destination for women鈥檚 health at all life stages; providing sophisticated, accurate and personalised solutions.鈥�听
To听bolster the existing senior team in the fast-growing听FemTech听market investors Daina Spedding, BGF, and Persefoni Noulika, BlackRock, will join the Elvie board. This follows the recent hire of Sarah Highfield, who joined as COO and CFO in September 2020 and听was previously CFO of Costa Coffee.听
Spedding, investor at BGF, said: 鈥淏GF is delighted to lead this funding round into听Elvie, which we regard as the best-in-class innovator in the听FemTech听sector with strong underlying market dynamics and truly global reach.听听
鈥淎s an all-female BGF deal team, and听leading investor in female-led scaleups, we admire听Elvie鈥檚听vision, strong track record and R&D capability which have brought a tangible positive impact on women鈥檚 lives.听听
鈥淲e are very excited to back Tania and her exceptional team to supercharge new product innovation听and continued growth worldwide.鈥�听
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Noulika, Director听at听BlackRock Private Equity Partners,听added:听鈥淓lvie听has established itself as a brand innovator within the women鈥檚 health and wellness space and has already commercialised two听breakthrough, patented and FDA-approved devices.听听
鈥淲e are pleased to听support Tania and听Elvie鈥檚听management team and help continue the company鈥檚 strong growth momentum.鈥�听