Flo Health, an English femtech startup that has developed an app used daily by millions of women worldwide, is the first femtech to reach unicorn status.
The company, founded by two twin brothers from Belarus, recently received a $200 million investment from General Atlantic, in a round that pushed its valuation over a billion dollars.
Flo is expected to generate $200 million in revenue this year, almost 50% higher than in 2023.
The app helps monitor 70 symptoms, but is primarily used by women who want to track their menstrual and ovulation cycles. The features are particularly useful for women seeking in vitro fertilization.
The Flo team “built an essential and beloved app for its users worldwide,” said Jessie Cai, the General Atlantic VP responsible for the investment, to Brazil Journal.
She believes Flo has a massive potential market: “Their product is relevant to practically all women – that is, half of the world’s population.”
Flo has surpassed 70 million active users, with 5 million subscribing to the paid service. The company claims to have helped 35 million women conceive.
Based in London, the startup was founded nearly ten years ago by twin brothers from Belarus, Dmitry and Yuri Gurski.
In 2016, the brothers managed to attract their first $1 million in seed capital. The following year, they received another investment of $5 million – including participation from Russian supermodel Natalia Vodianova.
New rounds came in the following years, and in 2021 the company was valued at $800 million after raising $50 million in a Series B.
Now, the company will use the funds injected by General Atlantic to continue financing its expansion into new markets. Two GA executives will join Flo’s board.
A new focus of the platform is on women entering menopause or early menopause.
In addition to its calculators and health monitoring tools, the platform has developed a community where users exchange information and clarify doubts. A multidisciplinary board ensures the scientific quality of the content.
Flo has accumulated a vast database from the information shared by its users – over 1 billion menstrual cycles have been monitored. However, the company states that it does not sell this information to third parties or use it for targeted advertising.
Femtechs are attracting investors and gaining scale.
According to PitchBook data, startups in this segment raised $4.4 billion between 2021 and 2023.
Meanwhile, research firm Emergen Research estimates that annual revenue for femtechs will reach $60 billion by 2027, maintaining an average annual growth rate close to 16%. In 2019, this market was worth less than $20 billion.
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Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
