Elvie, the developer of femtech hardware including a silent wearable breast pump and a smart pelvic floor exerciser, is one of the boldest startups around.
Led by co-founder and chief executive officer Tania Boler, the London-based business has successfully infiltrated the bro-y community of venture capitalists, which has historically shied away from the “unrelatable” and “niche” sector that is women’s health. Of course, that sector isn’t niche at all, the global women’s health market is expected to be worth $51.3 billion by 2025, but investors have only recently begun to accept that reality.
Elvie is today announcing its third private financing, a $42 million Series B led by IPGL to support the release of four additional women’s health products. Octopus Ventures and Impact Ventures U.K. have also participated in the round.
Six-year-old Elvie is led by Boler and co-founder Alexander Asseily, a hardware vet and co-founder of the consumer electronics business Jawbone, which despite its many struggles, managed to get VCs to cough up hundreds of millions of dollars before it folded. Boler’s expertise in the space — she has a Ph.D. in sexual health — and Asseily’s hardware prowess have undoubtedly lured investors, as has Elvie’s breast pump, launched in September, which boasts a waitlist of thousands of women.
Under Boler’s fearless leadership, Elvie has raised nearly $50 million and started a much-needed conversation around women’s issues, like pelvic floor health and public breastfeeding.