The pelvic floor trainer developer has raised what could be the world’s biggest femtech round to date
Women matter. Unfortunately, this statement hasn’t been true in tech since the 1960s when roughly 90% of all coders were female. The situation has changed since then with men taking over the digital sector to the point where attempts to diversify the industry have sparked backlashes like ex-Google employee James Damore’s anti-feminist treatise.
Nevertheless, women are now increasingly leaning in to claim their spot within the tech sector. As a result, female founders have launched startups targeting other women’s needs in areas like sextech and femtech where male entrepreneurs haven’t dared or lacked the imagination to venture. And as a result, they’re yielding impressive returns in these untapped markets.
One of these companies is London-based Elvie, the femtech scaleup that just raised a massive $42m series B round. The round, which is being hailed as the biggest round invested into a femtech company yet, puts the grand total invested in the startup to $53.8m. The new cash injection was led by private holding company IPGL and supported by VC firms Octopus Ventures and Impact Ventures UK.
Launched in 201 3, Elvie made a name for itself with the Elvie Trainer, an app-connected Kegel trainer that helps women strengthen their pelvic floor through fun, five-minute workouts with real time biofeedback. Since then the company has expanded its product line with the Elvie Pump, the world’s first silent wearable breast pump.
Elvie aims to use the influx of capital to boost Elvie’s research and development efforts, as well as growing brand awareness and distribution for its products across the Americas, Europe and Asia.
Commenting on the round, Tania Boler, CEO and co-founder at Elvie, said: “Whether it’s menstruation, pregnancy or menopause, women’s bodies have been shrouded in taboo for centuries. We know so many issues of womanhood can be improved by technology and there is so much potential in this space.”
Hopefully, this round will inspire more female founders to take the leap and begin their own entrepreneurial journeys.