Women鈥檚 health app Flo Health has raised more than 拢156m ($200m) in a Series C investment from General Atlantic, a leading global growth investor.
The minority investment propels Flo鈥檚 valuation beyond $1 billion, making it the first purely digital consumer women鈥檚 health app聽to achieve unicorn status.
Flo is committed to supporting women at every stage of their health journey, from menstruation to conception, pregnancy, and menopause.
With over 120 doctors and health experts, Flo鈥檚 all-in-one platform offers curated cycle and ovulation tracking. Users can monitor over 70 symptoms and access various features designed to enhance their understanding and management of their health.
Flo also provides users with tailored health insights, expert tips, daily bite-sized visual content, and access to a private digital discussion community focused on health and wellness-related topics.
In 2023, Flo launched 鈥楩lo for Partners鈥�, which enables users to educate and empower their partners with scientific insights into their menstrual and reproductive health.
Flo鈥檚 partnership with General Atlantic will help position Flo for its next phase of growth, with a focus on expanding into new user segments including perimenopause and menopause, enhancing its tech-driven health insights, and pursuing strategic expansion opportunities.
To support these ambitious goals, Flo intends to increase R&D headcount with investments in top-tier talent across its global offices in Europe and North America.
Flo also intends to leverage General Atlantic鈥檚 significant expertise in scaling companies at the intersection of consumer technology, healthcare, and subscription business models.
This milestone bolsters Flo鈥檚 position as a frontrunner in the rapidly expanding FemTech market, which has evolved from a niche sector attracting minimal venture capital a decade ago, to a projected $60 billion industry by 2027.
Flo鈥檚 growth has been significant, after more than eight years of continuous expansion. As of June 2024, the company supports nearly 70 million monthly active users (MAUs) and close to 5 million paid subscribers.
This rapid growth is further reflected in Flo鈥檚 gross bookings for 2024, which are expected to exceed $200 million this year 鈥� an approximately 50 per cent year-over-year increase.
Dmitry Gurski, co-founder and CEO of Flo Health, said: 鈥淩eaching unicorn status is a significant milestone for Flo and the entire FemTech industry.
鈥淲hen we started Flo, we identified a huge gap in women鈥檚 health services. Now, we鈥檙e a leader in a global movement to make women鈥檚 health a priority everywhere.
鈥淲e鈥檙e already helping hundreds of millions of women, and our goal is to reach 1 billion women through our global pro-social program. This initiative provides free access to Flo Premium across 66 countries, including India, Indonesia, and Nigeria, with nearly 1;2 million women already benefiting.
鈥淲e鈥檙e committed to building a better future for female health, where every woman feels understood and supported, regardless of her location or economic status.
鈥淭his investment from General Atlantic will help propel Flo Health鈥檚 growth as we continue normalizing conversations about women鈥檚 health, improving health literacy, and raising awareness of women鈥檚 health issues worldwide, especially in underserved regions.鈥�
Jessie Cai, principal at General Atlantic, commented: 鈥淲e have been lucky enough to watch the Flo team over the past five years build a beloved, mission-critical app for women globally, and now we have the fortunate opportunity to partner with Dmitry and his team.
鈥淲e are excited about their big vision and the innovation ahead for the broader women鈥檚 health and wellness ecosystem. We believe Flo is a category leader and look forward to leveraging our deep expertise across disruptive consumer technology and subscription platforms to support the company鈥檚 continued growth.鈥�
Anna Klepchukova, chief medical officer of Flo Health, said: 鈥淭his investment accelerates Flo鈥檚 mission to revolutionise women鈥檚 health.
鈥淲ith women spending 25 per cent more of their lives in poor health compared to men, we鈥檙e committed to changing this unacceptable status quo.
鈥淲e serve as a tool for preventive care and health education, helping our users recognise potential issues early and encouraging proactive healthcare management. With 1 in 4 US women using Flo6, our platform is uniquely positioned to bring women鈥檚 health into the 21st century, all while maintaining the highest standards of medical credibility, data privacy, and user trust.鈥�
As part of the transaction, Tanzeen Syed, managing director and head of consumer ionternet and technology at General Atlantic, and Jessie Cai, will join Flo鈥檚 Board of Directors.
Flo Health was advised by GP Bullhound on their capital raise.
Eric Crowley, partner at GP Bullhound, said: 鈥淔lo Health has created a digital health assistant to support women as they navigate their own personal health journey. This landmark deal underscores the tremendous potential within the FemTech sector and highlights Flo Health’s unique position as a pioneer in digital women鈥檚 health.
鈥淟everaging our unique expertise in the consumer subscription software space and global investor network, we are thrilled to have played a small role in Flo’s journey. We are confident that Flo Health will continue to lead the charge in revolutionising women鈥檚 health globally.鈥�