Last week Flo officially closed $50M in a Series B financing. The funding round was co-led by VNV Global and Target Global and now values the company at $800M.
Dmitry Gurski, CEO and Co-founder said “This is a huge milestone for Flo. It seems like just yesterday we were just starting to build the app, and now here we are with a company valuation of $800M.”
We caught up with the Flo team to ask them how the latest raise will impact their company and the FemTech market.
For those who don’t know, who are Flo?
Flo is the world’s leading one-stop health app for women during their entire reproductive life cycle: from first periods to menopause, from pregnancy to young mums. We’re living in a time where women’s health is severely under-researched, underfunded, and often overlooked, which generally leads to women and people who menstruate feeling poorly educated on the matter.
We’re living in a time where women’s health is severely under-researched, underfunded, and often overlooked
Flo helps its users to understand the meaning behind their bodies’ signals and engages them to take a proactive role in their wellbeing and management of their overall health.
The app provides users with accurate cycle predictions and insights, and a wealth of science-backed and at the same time user-friendly content. In order to uniquely meet the needs of our users, we use data science and AI to deliver the most personalised cycle predictions available for each individual and offer a wealth of resources, including Our Period Tracking and Cycle Predictions, Health Assistant, Health Insights, Community and Health Report.
Flo is developed together with over 100 scientists, doctors and health experts that ensure that both app content and functionality are medically credible.
What’s Flo’s Vision?
We believe knowledge is the ultimate source of empowerment for women around the world. Flo aims to reshape the industry at large by democratising access to trusted and relevant health information from a secure community of experts, helping millions of users understand their unique signs and symptoms and use this knowledge to take care of their overall health more efficiently.
This is reflected in our mission, which is to significantly improve the health and wellbeing of women, girls and everyone who menstruates worldwide. As we look to the future, our vision is for every girl, woman and person who menstruates to use Flo on a daily basis, learning more about their health and feeling more empowered as a result.
We will continue to develop our product in a way that helps our users leverage their deeply personalised health insights
With this as our foundation, we will continue to develop our product in a way that helps our users leverage their deeply personalised health insights so that they can proactively manage their overall health and appropriately advocate for themselves when they feel their symptoms are being overlooked.
In the long run, we will also continue evolving the expertise as a proactive care solution, as well as add new complementary areas, such as telehealth, DTC, or employee benefits. As a recent example, this year we’ve introduced Flo as a benefit to US employers to better support women in the workplace with the resources they need to thrive both physically and mentally.
Where is FemTech Going?
A decade ago, the FemTech industry attracted just $23 million in venture capital investments. By 2019, investment jumped to nearly $600 million. While the growth is evident, it is not skyrocketing in comparison to the broader health & fitness category.
There will also be more top of the funnel market growth as founders and VCs will see successful examples in the industry.
We are currently observing that the FemTech market is maturing, as there are more and bigger funding rounds. We’ve also noticed the signs of upcoming consolidations and M&A deals, so there will be more public companies that will integrate various subdomains. On top of that, I also feel there will appear more products for the audiences whose needs are underserved at present, such as menopausing women. There will also be more top of the funnel market growth as founders and VCs will see successful examples in the industry.
What’s the Future for Flo?
At Flo, our goal with everything we do, and this funding, in particular, is to showcase what FemTech can accomplish and that it is worth investing in. As for Flo specifically, our ultimate goal is to empower and educate girls, women and people who menstruate through every reproductive stage.
Everything we do is to showcase what FemTech can accomplish and that it is worth investing in
As a business, we aim to define the category, ensure a successful IPO with over 10B valuation and reach $500M annual revenue. In terms of the category, the success for us will be when we dominate a broader market through network effects.
What are the underrepresented regions in the space?
Flo is used in over 200 countries across the globe and is committed to democratising access to credible health information no matter where our users are located. At the same time, there are of course some regions that are less represented in the cycle care space.
A recent example: Flo has partnered with the Alliance for Women’s African Reproductive Research Data in an effort to leverage data science to solve problems impacting the female reproductive system that are especially relevant to those on the African continent. The Alliance has teamed with scientists and organisations from the United States, Europe and Asia to develop databases designed to train African researchers in the field of applied data science while creating a sustainable and productive research environment.
With thanks to Flo.