FemTech firm Elvie has raised $42 million investment, the largest female tech investment to date.
The health and lifestyle brand developing smarter technology for women has been supported by IPGL, Octopus Ventures and Impact Ventures UK.
The firm aims to accelerate research and development efforts, as well as grow the brand to distribute their products across America, Europe and Asia.
Founded in 2014, Elvie’s first product, Elvie Trainer, is an award-winning app-connected Kegel trainer that helps women strengthen their pelvic floor.
Last year, the FemTech company launched its second product, Elvie Pump, the world’s first silent wearable breast pump.
“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,” said Tania Boler, CEO, Elvie.
“We are delighted to have the support of [IPGL CEO] Michael Spencer on our journey to create extraordinary products that improve women’s lives.
“This financing will enable us to continue innovating, while driving global scalability to meet customer needs.”
Elvie’s annual revenue run-rate has tripled over the past six months and is expected to grow by another five times by the end of the year.
Their pump has been a consumer favourite since it disruptive launch, with tens of thousands of women currently on the waiting list to order.
“From seed to today’s ground-breaking fundraise, Octopus Ventures is proud to be investing in a company successfully helping women take back control over their bodies and lives,” said Simon King, principle at Octopus Ventures.
“Elvie’s pioneering technology places FemTech at the forefront of women’s health and wellness, with the largest fem-tech fundraise in history.
“This not only reflects the enormous talent of the Elvie team, but also highlights the growing momentum within this emerging sector.”