London-based healthtech company Flo Health has announced that it raised more than $200 million in a Series C investment from global growth investor General Atlantic to revolutionise women’s health.
This funding propelled Flo’s valuation beyond $1 billion, making it the first purely digital consumer women’s health app to achieve unicorn status, the company said.
“Reaching unicorn status is a significant milestone for Flo and the entire femtech industry,” said Dmitry Gurski, co-founder and CEO of Flo Health.
“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,” he added.
The funding will also 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, the company plans to increase R&D headcount with investments in top-tier talent across its global offices in Europe and North America.
“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,” said Jessie Cai, Principal at General Atlantic.
In addition, Anna Klepchukova, Chief Medical Officer of Flo Health said that with 1 in 4 US women using Flo, “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 of June 2024, the healthtech firm supported nearly 70 million monthly active users and close to 5 million paid subscribers.
According to the company, this growth was further reflected in Flo’s gross bookings for 2024, which are expected to exceed $200 million this year – about a 50 per cent year-over-year increase.