Leading women's health app sets new benchmark
in rapidly expanding femtech industry
LONDON, July 30,
2024 /PRNewswire/ -- Flo Health, the #1
downloaded women's health app worldwide,1
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.
"Reaching unicorn status is a significant
milestone for Flo. Now, we're a leader in a global movement to make
women's health a priority everywhere," said Dmitry Gurski, co-founder and CEO of Flo
Health.
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. 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.
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. Flo also intends to leverage General Atlantic's
significant expertise in scaling companies at the intersection of
consumer technology, healthcare, and subscription business
models.
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.
"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. This initiative provides free access to Flo
Premium across 66 countries, including India, Indonesia, and Nigeria, with nearly 16 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. This investment from
General Atlantic will help propel Flo Health's growth as we
continue normalizing conversations about women's health, improving
health literacy, and raising awareness of women's health issues
worldwide, especially in underserved regions. "
Jessie Cai, Principal at General
Atlantic, commented, "We have been lucky enough to watch the Flo
team over the past five years build a beloved, mission-critical app
for women globally, and now we have the fortunate opportunity to
partner with Dmitry and his team. We are excited about their big
vision and the innovation ahead for the broader women's health and
wellness ecosystem. We believe Flo is a category leader and look
forward to leveraging our deep expertise across disruptive consumer
technology and subscription platforms to support the company's
continued growth."
"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 the #1 OB-GYN-recommended
cycle tracking app, Flo empowers users with tailored health
insights, enabling better-informed conversations with healthcare
providers. We serve as a tool for preventive care and health
education, helping our users recognize potential issues early and
encouraging proactive healthcare management. With 1 in 4 US women
using Flo6, our platform is uniquely
positioned to bring women's health into the 21st century, all while
maintaining the highest standards of medical credibility, data
privacy, and user trust."
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.
About Flo Health: Flo Health is the leading app in
the Health & Fitness category; it is the #1 OB-GYN-recommended
app for period and cycle tracking based on a 2021 survey among 500
US OB-GYNs. As of June 2024, the
company supports nearly 70 million monthly active users (MAUs) and
close to 5 million paid subscribers. With over 120 medical experts,
Flo is committed to supporting women at every stage of their health
journey, from menstruation to conception, pregnancy, and
menopause. It provides curated cycle and ovulation tracking,
tailored health insights, daily bite-sized visual content, and a
private community for users to share their questions and concerns.
As part of its mission to build a better future for female health,
Flo's Pass it on Project aims to improve health literacy by
providing up to 1 billion women in need with free access to Flo
Premium. Flo prioritizes safety and focuses on being the most
trusted digital source for women's health information. Flo Health's
Anonymous Mode feature was recognized as one of TIME's Best
Inventions 2023 and also named a finalist for Fast Company's 2023
World Changing Ideas Awards in the Rapid Response category as part
of the company's commitment to privacy. For more information,
please visit https://flo.health.
About General Atlantic: General Atlantic is a leading
global growth investor with more than four decades of experience
providing capital and strategic support for over 520 growth
companies throughout its history. Established in 1980 to partner
with visionary entrepreneurs and deliver lasting impact, the firm
combines a collaborative global approach, sector-specific
expertise, a long-term investment horizon, and a deep understanding
of growth drivers to partner with great entrepreneurs and
management teams to scale innovative businesses around the world.
General Atlantic has approximately $84
billion in assets under management inclusive of all products
as of March 31, 2024, and more than
300 investment professionals based in New
York, Amsterdam,
Beijing, Hong Kong, Jakarta, London, Mexico
City, Miami, Mumbai, Munich, San
Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General
Atlantic, please visit: www.generalatlantic.com.
Media Contacts:
Flo Health
Denae Thibault
d_thibault@flo.health
General Atlantic
Emily Japlon & Sara Widmann
media@generalatlantic.com
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/
5https://www.mckinsey.com/mhi/our-insights/closing-the-womens-health-gap-a-1-trillion-dollar-opportunity-to-improve-lives-and-economies
6based on the number of yearly active users
and US female population by UN World Population Prospects,
2024.
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SOURCE Flo Health UK Limited