On Our Radar: Deals we are paying attention to for their impact on industry.
Get with it, bro culture. Femtech is thriving and able to generate cash big time.
The women’s health company Elvie announced on April 2, that it has raised its third financing round, a $42 million series B financing, spearheaded by IPGL, to underwrite the release of new products and raise the profile of existing products across the U.S., Canada, Europe and Asia. Other participants in the round were Octopus Ventures and Impact Ventures U.K.
To date, the six-year-old London-based business has created the silent wearable breast pump, for which there is a waiting list, and the smart pelvic floor exerciser, which helps women build up their pelvic floor with five-minute workouts and real-time biofeedback. The company’s long-range goal is to create products for a woman at every stage of her life.
Elvie is far from the only company in the femtech space, which has historically been underfunded. PitchBook estimates that startups in this sector received less than $100 million total as of 2013. But that is starting to change. In 2018, $400 million flowed to femtech businesses.
Women’s wellness brand Cora also announced on Tuesday that it had closed a $7.5 million investment. NextGen Jane raised $9 million in a round announced on Monday to use the blood from tampons to examine markers for endometriosis.
The global women’s health market is expected to surpass $51 billion within six years, according to a report by Grand View Research. The study found that the increasing population of older women and favorable government policies are key growth drivers of the sector.
Later for the bros, as it’s evident that Elvie and others tapping this customer base have the potential for a robust future.
Michelle Lodge is a New York-based writer whose work has appeared in Time, Fortune, Barron's, the Miami Herald, the British Medical Journal as well as on CNBC.com.