Leading the Charge in Women’s Health
Leading women’s health app sets new benchmark in rapidly expanding femtech industry
London, UK July 30, 2024 – Flo Health, the #1 downloaded women’s health app worldwide1, announced it has raised more than $200M in a Series C investment from General Atlantic, a leading global growth investor. This minority investment propels Flo’s valuation beyond $1 billion, making it the first purely digital consumer women’s health app2 to achieve unicorn status.
Supporting Women at Every Stage
Flo is committed to supporting women at every stage of their health journey, from menstruation to conception, pregnancy, and menopause. With over 120 doctors and health experts, Flo’s all-in-one platform offers curated cycle and ovulation tracking. Users can monitor over 70 symptoms and access various features designed to enhance their understanding and management of their health.
Innovative Features and Community Support
Flo also provides users with tailored health insights, expert tips, daily bite-sized visual content, and access to a private digital discussion community focused on health and wellness-related topics. In 2023, Flo launched ‘Flo for Partners’, which enables users to educate and empower their partners with scientific insights into their menstrual and reproductive health. Additionally, Flo’s award-winning ‘Anonymous Mode‘3 feature was recognized as one of Time’s Best Inventions 2023 and was created to further protect sensitive reproductive health information.
Strategic Growth and Future Plans
Flo’s partnership with General Atlantic will help position Flo for its next phase of growth, with a focus on expanding into new user segments including perimenopause and menopause, enhancing its tech-driven health insights, and pursuing strategic expansion opportunities. To support these ambitious goals, Flo intends to increase R&D headcount with investments in top-tier talent across its global offices in Europe and North America.
Market Impact and Future Vision
This milestone bolsters Flo’s position as a frontrunner in the rapidly expanding femtech market, which has evolved from a niche sector attracting minimal venture capital a decade ago, to a projected $60 billion industry by 20274. Flo’s growth has been significant, after more than eight years of continuous expansion. As of June 2024, the company supports nearly 70 million monthly active users (MAUs) and close to 5 million paid subscribers. This rapid growth is further reflected in Flo’s gross bookings for 2024, which are expected to exceed $200 million this year – an approximately 50% year-over-year increase.
Quotes from Leadership
“Reaching unicorn status is a significant milestone for Flo and the entire femtech industry,” said Dmitry Gurski, co-founder and CEO of Flo Health. “When we started Flo, we identified a huge gap in women’s health services. Now, we’re a leader in a global movement to make women’s health a priority everywhere. We’re already helping hundreds of millions of women, and our goal is to reach 1 billion women through our global pro-social program.”
Commitment to Health Equity
This initiative provides free access to Flo Premium across 66 countries, including India, Indonesia, and Nigeria, with nearly 1.2 million women already benefiting. We’re committed to building a better future for female health, where every woman feels understood and supported, regardless of her location or economic status.
Conclusion
“This investment accelerates Flo’s mission to revolutionize women’s health,” said Anna Klepchukova, Chief Medical Officer of Flo Health. “With women spending 25% more of their lives in poor health compared to men5, we’re committed to changing this unacceptable status quo.”
As part of the transaction, Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic, and Jessie Cai, will join Flo’s Board of Directors.
Flo Health was advised by GP Bullhound on their capital raise. The transaction is subject to customary closing conditions.
[1] By total downloads worldwide, Google Play and AppStore, SensorTower, (as of 7/17/2024)
[2] According to Pitchbook, FemTech Market Map (as of 7/19/2024), measured by number of companies that develop apps providing digital consumer femtech services with last known valuation at $1B+
[3] https://time.com/collection/best-inventions-2023/6323147/flo-anonymous-mode/
[4] https://healthcaretransformers.com/digital-health/current-trends/growing-femtech-market/
[5] https://www.mckinsey.com/mhi/our-insights/closing-the-womens-health-gap-a-1-trillion-dollar-opportunity-to-improve-lives-and-economies
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