Disruptive femtech firm, Elvie, extends its Series C funding taking the total to £70m ($97m)
Investment will fund further growth as Elvie becomes a global platform for women’s health needs
Tuesday 7 September 2021
LONDON – 7 September 2021 – Elvie, the global health and lifestyle brand developing iconic products for women, today announces an extension of its Series C funding with a further £12.7m ($17.5m) investment.
This investment is an extension to the initial Series C funding announced in July 2021 – and takes Elvie’s total Series C to £70m ($97m).
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 $50 billion market by 2025 (Frost and Sullivan).
Tania Boler, CEO and Founder of Elvie, said:
“Elvie is ready for the next phase of our growth. We have already revolutionized 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 $50 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, said,
“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.”
For more information, visit www.elvie.com.
Notes to editors
Founded in 2013, Elvie is a British brand developing smarter technology for women.
After realising the lack of support for new mums, CEO Tania Boler brought together a team of world-class engineers, designers and business minds to redesign the existing unattractive and outdated medical devices in women’s health into sleek consumer products that could be used at home.
Elvie now has four products on the market. The first to launch, Elvie Trainer, is an award-winning Kegel trainer and app. Its second product, Elvie Pump, is the world’s first silent, wearable breast pump.
The newest additions to the line-up are Elvie Curve and Elvie Catch; both enhancing the Elvie breastfeeding range. Elvie Curve is a wearable, silicone breast pump that uses natural suction to enable comfort and Elvie Catch is a set of two secure milk collection cups to catch leaks and collect additional milk.
For more information visit elvie.com.
About Blume Equity
Blume Equity (www.BlumeEquity.com) is a growth equity advisory firm focussed on partnering with technology-enabled companies that are transforming our food and health systems.
Co-founded by Eleanor Blagbrough, Michelle Capiod and Clare Murray, Blume Equity partners with entrepreneurs across Europe who are solving some of the biggest challenges of our time to create a more sustainable world.
BGF was set up in 2011 and has invested over £2.5bn in more than 400 companies, making it the most active growth capital investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 16 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2020, Australia did the same, both based on BGF’s approach and funding model. See: www.bgf.co.uk.
Part of BGF’s investment in Elvie comes from its recently launched UK Enterprise Fund established alongside Coutts to provide private clients with access to privately held, disruptive and diverse companies which are revolutionising their industries.