Elvie is a U.K.-based, female-led, or “FemTech,” technology startup that develops smarter technology for women’s health and lifestyle.
Recently, Elvie announced that the company had raised £5 million (6.24 million) in a Series A venture funding round led by Octopus Ventures with a participation from female-focused VC AllBright. To date, Elvie has raised over $7.2 million in two funding rounds.
Elvie’s eponymous flagship product, a smart kegel exercise tracker that connects via Bluetooth to mobile devices, addresses a critical area of women’s health and wellness. The application guides users through gamified pelvic floor exercises in real time while tracking biofeedback data from a small, pebbled-shaped pod using a system of force and motion sensors.
The startup’s proprietary data shows that eight in 10 users reported improvements to their pelvic floor strength — with over half reporting a significant change in less than two weeks.
“Our mission is to become the leader in femtech by improving the health and wellness of women everywhere and at all stages of their life through smarter technology,” said Tania Boler, cofounder and CEO of Elvie. “The combined backing from Octopus and AllBright is a huge mark of credibility for Elvie …. Together we are committed to push the boundaries of innovation applied to women’s issues.”
Launched in 2013 by Tania Boler and Jawbone founder Alex Asseily, Elvie broke even in six months, and in 2016, it generated $1 million in revenue from direct sales alone. Elvie is currently growing its customer base by 50 percent quarter on quarter and operates in 59 countries globally.
Elvie will use the funds to roll out into 25 additional markets across America, Europe and the Asia-Pacific region. Additionally, the Series A round will go to the launch of a second device, aimed at the $1.2 billion dollar market of new mothers. Elvie anticipates that both the expansion and new product launch will wrap up before the end of 2017.