FemTech firm Elvie to double headcount after record $42m funding
The CEO of fast-growing FemTech firm Elvie plans to double its workforce following a record $42 million investment round.
Tania Boler says the London company will grow headcount from 45 to 80 by the end of the year after securing the largest ever female tech funding round.
Elvie is a health and lifestyle brand developing smarter technology for women such as breast pumps and pelvic trainers.
It will now accelerate research and development efforts, as well as grow the brand to distribute their products across America, Europe and Asia.
“Elvie is experiencing unprecedented growth,” Boler told BusinessCloud. “Elvie's annual revenue run-rate has tripled over the past six months and is expected to grow by another 5x by the end of the year.
"We’re currently a team of 45 growing to 80 by the end of the year.
“This new investment will help us invest more in R&D to bring additional disruptive innovation to market, expand our team with more top tier talent so that we can solve more problems for women, and scale our distribution into more markets.
“Our ambition is to become the go-to destination for women’s health. We’re planning a suite of connected tech products to support women on everything from menstruation to menopause, starting with new mums.
"This is a moment where women are going through so much change yet there isn’t much in terms of technology innovation to support them."
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. Tens of thousands of women are currently on the waiting list to order the pump.
The round was supported by IPGL, Octopus Ventures and Impact Ventures UK.
“We are delighted to have the support of [IPGL CEO] Michael Spencer on our journey to create extraordinary products that improve women’s lives," Boler said.
“This financing will enable us to continue innovating, while driving global scalability to meet customer needs.”