Tuesday 7 September 2021 2:00 pm

Fem-tech keen investors pile £70m into British BlackRock-backed Elvie

Women’s health technology firm Elvie has raised a total £70m in its latest capital rally, as investors are increasingly eyeing fem-tech as a more viable investment avenue.

Investors piled an additional £12.7m into the fem-tech firm’s BlackRock-led Series C, after the company bagged some £30.4m in Series B funding back in 2019.

The latest fundraiser, which began in July, was also co-led by BGF and Octopus Ventures.

Elvie, which creates breast pumps and smart pelvic floor exercisers, has reaped the benefits of the mounting momentum behind female-led startups and demand for products designed for, and by, women.

The company reported a 31 per cent lift to year on year growth in its UK market over the past year, while its wider European market has seen a surge of 139 per cent year on year.

“Elvie is ready for the next phase of our growth. We have already revolutionized the categories we operate in, but we know that there is vast untapped potential to create better technology products and services for women in new areas,” CEO and founder, Tania Boler, said in a statement.

The extra bout of funding is set to be dished out on research and development (R&D), alongside measures to further scale the company.