Former Conservative Party treasurer Michael Spencer is reportedly leading a funding round for female health start-up Elvie.
Spencer’s private investment vehicle IPGL is backing the company with an investment worth around £20m, Sky reported this evening.
Elvie, which last year partnered with the NHS to develop a kegel exerciser product, raised $6m (£4.6m) in 2017 from supporters including Spencer and European venture capital firm Octopus Ventures.
This month it placed giant inflatable breasts on London rooftops in a marketing campaign to encourage women to feel confident breastfeeding in public.
The health company is undertaking a wider fundraising which could be finalised this week to fuel its expansion. IPGL’s backing would be part of this.
Spencer has poured millions into tech companies in recent years since selling Nex Group, his financial infrastructure firm, for £3.9bn.
Tania Boler, who co-founded the London-based Elvie in 2013 with wearable tech entrepreneur Alex Asseily, has described its focus as femtech.
The firm’s partnership with the NHS last summer made its smart pelvic floor exercise device freely available nationwide at the point-of-contact healthcare service.
Late last year, veteran investor Spencer invested $52.7m in insurance startup Singapore Life, in a deal that gave him command over the company.
IPGL acquired a 33.8 per cent stake in the startup from Chong Sing Holdings, a Hong Kong-based financial group, bringing his total stake to 63.2 per cent.
The deal saw the Singaporean life insurance firm, which began operating in 2017, valued at $156m.