Elvie Raises £9.6m in Funding for Expansion and Innovation

UK-based women's health tech company Elvie has recently secured £9.6m in funding, according to Companies House filings. This round, which Elvie confirmed to Sifted, was raised from existing investors and brings the company's total funding to $136m since its launch in 2013. Elvie, Europe's best-funded femtech startup, plans to use the funds to continue innovating and developing its technology products, expand in key markets, and strengthen its operations and infrastructure. The company has previously received reimbursement from the UK's NHS for its pelvic floor trainer, and has established a presence in the US, China, and several European countries. Elvie's revenue growth slowed slightly in 2022, as turnovers rose to £78m and losses increased to £29m. To focus on profitability, Elvie restructured its business by withdrawing from China and reducing its workforce.

Key Takeaways

• UK-based femtech startup Elvie raises £9.6m, confirmed by the company.
• Elvie has now raised $136m since its launch in 2013 from investors like BlackRock and Octopus Ventures.
• New funding will support innovation, development, and expansion in key markets for Elvie's smart technology products.
• Elvie is Europe's best-funded femtech startup, with period app Flo being the next-best-funded company in the sector.
• Elvie has had its pelvic floor trainer reimbursed by the UK's NHS and has expanded to the US, China, Germany, Spain, and the Netherlands.

Analysis

The £9.6m funding for UK-based Elvie, a women's health tech company, will bolster innovation, development, and expansion in key markets. Existing investors, including BlackRock and Octopus Ventures, provided the funds, bringing Elvie's total funding to $136m since its 2013 launch. This investment indicates continued confidence in Elvie's smart technology products, particularly as it focuses on profitability and market expansion. Elvie, Europe's best-funded femtech startup, has seen revenue growth, but notable losses in 2022. As a result, the company downsized and withdrew from China. Indirectly, this funding may influence other femtech companies, like period app Flo, and inspire increased investment in the sector, promoting innovation within women's health technology.

Did You Know?

• Femtech: Femtech is a portmanteau of "female" and "technology." It refers to software, diagnostics, products, and services that use technology to improve women's health. Femtech includes solutions for fertility, pregnancy, menstruation, menopause, and sexual health, among others. Femtech has gained popularity in recent years due to the growing awareness of women's health and wellness issues, as well as advances in sensor technology, mobile apps, and telemedicine.
• NHS: NHS stands for the National Health Service, which is the publicly funded healthcare system in the United Kingdom. It provides free healthcare services to all UK residents and includes hospitals, clinics, and other healthcare facilities. The NHS is funded through general taxes and National Insurance contributions.