Women’s health app Flo Health has secured $200m from growth investor General Atlantic, making it the first fully digital consumer women’s health app to be valued beyond $1bn.
This marks a significant milestone for the femtech industry, which has historically seen a lack of innovation and funding due to low awareness and investment. Investment in women’s health increased by 350% between 2020 and 2023, highlighting the growing interest in the market in recent years.
The UK-based app is designed primarily for tracking menstrual cycles and ovulation. It offers features such as period tracking, cycle predictions, and ovulation calendars, helping users monitor their reproductive health. Flo provides insights into symptoms, lifestyle patterns, and overall well-being through personalised health reports and reminders. The app also includes educational resources and a community feature for sharing experiences and gaining support.
Flo now plans to tap into the perimenopause and menopause space, using its partnership with General Atlantic to drive the next growth phase. According to the company, it plans to increase its R&D team with top talent in Europe and North America.
Flo’s co-founder and CEO Dmitry Gurski said: “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.”
London-headquartered Flo said it has nearly 70 million monthly active users (MAUs) and close to five million paid subscribers last month. The company expects revenues to exceed $200m this year – a 50% year-over-year increase.
“This investment from General Atlantic will help propel Flo Health’s growth as we continue normalising conversations about women's health, improving health literacy, and raising awareness of women's health issues worldwide, especially in underserved regions,” added Gurski.
As well as apps tailored to female health, wearable devices are also pushing the boundaries of what can be achieved in the femtech market.
In November 2023, Finland-based smart ring company Oura partnered with another period tracking and reproductive health app, dubbed Clue, to integrate the biometric data collected by the Oura Ring into the Clue app. The Oura ring can be used to track body temperature throughout the menstrual cycle.
GlobalData forecasts that the global wearable technology market will grow from $99.5bn in 2022 to $290.6bn in 2030.
