- Largest funding round in female-led consumer #femtech startup to date
- Elvie tapping into 700% annual growth in connected healthtech devices
- Funds to be used to expand into 25 new markets, double the team and launch 2nd disruptive health and wellness product
London/New York, March 22nd 2017 - Elvie, the female-led British company dedicated to developing smarter technology for women’s health and lifestyle, announces today that it has raised £5 million from ctopus Ventures and with a participation from female focused VC AllBrigh. Previous investors include Google Maps founder ars Rasmussen, iCAP founder Michael Spence, icole Junkermann founder of NJF Capital, and Lulu founder lexandra Chon. Elvie will use the funds to roll out into 25 additional countries across America, Europe and Asia-Pacific, as well as launch a second device, all before the end of 2017.
Elvie's first pioneering product, which went to market in October 2015, has already been touted as a 'game changer'1 in the women’s health arena. he category-defining and award winning pelvic floor exercise tracker and app is recommended by professionals across the health and wellness space, including at the Portland Hospital in the UK and at Mount Sinai in the US. t is currently distributed at arge retailers such as mazon, John Lewis in the UK and e-tailers Goop and Violet Grey in the US and boasts celebrity fans including Gwyneth Paltrow, January Jones and more recently Khloe Kardashian.
Launched in 2013 by nia Boler and Alex Asseily (Jawbone Founder), the company became breakeven within six months and is currently growing its customer base 50% quarter on quarter. Today, Elvie operates across 59 countries and in 2016, it generated $1 million in revenue from direct sales alon. lvie’s ambition is to become the world’s number one health tech brand for women, by offering new intelligent and connected tools to improve women’s health at a global scale.
The market for Elvie’s first product is significant; 1 in 3 women experience pelvic floor problems at some point in their lives, and the figure among pregnant women and new mothers is even higher, reaching up to 80%. The NAFC (National Association for Continence) estimates that 200 million people around the world suffer from various forms of urinary incontinence and this number is likely to continue to grow with the ageing population. Elvie’s proprietary data shows that 8 in 10 users of their Kegel tracker and app reported improvements to their pelvic floor strength, with over half of them reporting a significant change in less than two weeks. Elvie’s second product, which the company will launch before the end of the year, is aimed specifically at new mothers, a $1.2 billion dollar market.
Tania Boler, Co-Founder and CEO of Elvie says, “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. The combined backing from Octopus and AllBright is a huge mark of credibility for Elvie. Octopus is the leading consumer tech investor in the UK and we’re proud to partner with such an experienced investor with strong expertise in taking British brands to the U.S. Elvie and AllBright share the same mission of advocating for female-led technology. Together we are committed to push the boundaries of innovation applied to women’s issues.”
Simon King, Investment Manager at Octopus Ventures says: “ith ealth and lifestyle mobile apps growing at an estimated 700% per year, we’ve only just scratched the surface of how intelligent technology can improve people’s health. Elvie is addressing an unrivalled market for women’s personal health and has already established itself as the leader in this category. In particular, Octopus focuses on backing unusually talented teams - and Tania and her team are exceptional. We’re thrilled to accompany them in this new phase of growth, rolling out in new geographies and extending the reach of what connected hardware can do for women’s personal health.”
Anna Jones, Co-Founder of AllBright says: “llBright backs visionary female entrepreneurs, and we’re delighted to be supporting Elvie in the company’s next stage of growth. Elvie is already spearheading a massive consumer shift towards female-focused technology by addressing real life problems with smart technology. The company is well-positioned to become a leader across femtech and healthtech and we will work alongside Elvie to provide the help and guidance needed to scale and succeed. ”
Elvie received £2.4 million ($3 million) in funding in previous seed rounds, as well as a further £1.2 million ($1.5 millio) from several government grant. In addition to its rapid growth and profitability, Elvie has already received 12 awards for innovation and design, including Innovator of the Year for Tania Boler at the 2016 everywoman in Technology Awards. Elvie will use their talent for transforming medical technology and expertise into effective and well-loved consumer products to disrupt an established market with their second product.
Launched in 2013 by Tania Boler and Alex Asseily, lvie is a female-led British company dedicated to developing smarter technology for women. Elvie takes a holistic view, embracing women's physical, health and emotional changes by building extraordinary products that give women the freedom to live happier and healthier lives.
Headquartered in London, UK, the company currently operates in 59 countries and is growing 50% quarter on quarter. The first product is an award-winning tracker and app fro the pelvic floor.
Elvie - Love being a women. For more information visit www.elvie.com/
Tania Boler: BIO Elvie co-founder and CEO
Tania Boler, the founder and CEO of Elvie, has devoted her life to challenging taboo women’s issues.
Passionate about changing neglected areas of women’s health, aunched the first-ever UN Curriculum on Sexuality Education. She also has a PhD in HIV and teenage pregnancy in South Africa and has worked with various charities in Africa, promoting research into maternal and reproductive health. ll of these projects work towards Tania’s vision of enhancing physical and emotional well-being for women and leading candid conversations about intimate issues that women face on a daily basis.
In 2013, she founded Elvie, her first mission was taking on the pelvic floor; the most important but most neglected muscle group in a women's body. Tania realized that the field lacked technological innovation, and most of what was on the market at that time did not appeal to women or was simply ineffective. Tania partnered with Alex Asseily, co-founder of Jawbone, and set out to design a connected tech product that actually helped women with these commonplace pelvic floor issues. Building her team of world-class engineers, designers and business minds, Tania brought Elvie’s pelvic floor exercise tracker from conception to consumer in two years, a phenomenally fast turnaround for hardware.
About Octopus Ventures
Octopus Ventures is a London and New York based venture capital firm, focused on identifying unusually talented entrepreneurs. In recent years we have been fortunate to back the founding teams of over 60 companies, including Conversocial, graze.com, LoveFiLM, Property Partner, Secret Escapes, Sofar Sounds, Swiftkey, Swoon Editions, Uniplaces, tails.com, Zoopla Property Group and Zynstra.
We can invest from £250,000 to £25 million in a first round of funding and will look to follow in subsequent rounds. We are proud to be known as one of the most entrepreneur friendly investors in Europe and a significant part of our portfolio consists of referrals from teams we have already invested in or serial entrepreneurs who we have previously backed.
Octopus Ventures is part of the Octopus group. Octopus is a fast-growing UK fund management business with leading positions in several specialist sectors including property finance, healthcare, energy and smaller company investing. Founded in 2000, Octopus manages more than £6 billion of funds on behalf of 50,000 investors.
AllBright is the first of its kind: a platform for female founders and business leaders, founded by an experienced management team with extensive start-up, investment and portfolio management expertise and backed by an outstanding Advisory Board and Angel Network.
With decades of experience and expertise across multiple sectors, the AllBright team identifies, discovers and nurtures companies founded and led by the UK’s most impressive female founders.
Investing across the spectrum of seed and venture, AllBright delivers a unique alternative to funding businesses: combining sophisticated and tax efficient angel backing with access to an interested crowd, thus creating a powerful combination of expert support and consumer engagement.
AllBright creates an ecosystem to deliver successful outcomes for founders and investors by providing capital, vital networks and the knowledge platform required to deliver growth.
AllBright was founded in late 2016 by Debbie Wosskow, serial entrepreneur and CEO at Love Home Swap and Anna Jones, CEO at Hearst Magazines UK and is headquartered in London, UK.
Notes to Editors
Elvie’s pelvic floor exercise tracker s a small pebbled-shaped pod that connects to an app via bluetooth. Using a patented system of force and motion sensors, the device guides women through various fun five minute workouts using groundbreaking real-time biofeedback which helps users do the exercise correctly. Elvie’s pelvic floor exercise tracker’s features:
100% waterproof, made of medical grade silicone, custom sizing
Battery life of two months
Induction charging when the device is in its case – no wires, no cords
Seamless design with no exposed parts
Low Energy Bluetooth technology to sync with your smartphone
Pricing & Availability & Usage
Elvie’s pelvic floor exercise tracker is available for $199/£149/€199 at www.elvie.com and recommended 3 times a week minimum for best results.
Boler was named as a Porter Magazine Woman of the Year 2016, won Innovator of the Year at the FDM Everywoman in Technology awards 2016 and has been touted as a Game-Changer in the JWTIntelligence 2016 One to Watch, all while running the widely successful business. The product itself is also recipient of prestigious awards such as the Red Dot Design Award 2016, Mother & Baby Pregnancy product of the year nominee 2016, the AXA Health R&D award 2015, and Best Business start-up at the Wearable show 2015.