British startup Flo, an app for period and cycle tracking, today announced it closed approx €42.2 million in a Series B financing, bringing the total capital raised to approx. €54.8 million and company valuation to around €675 million. VNV Global and Target Global both led the round, with previous investments in Babylon Health, Lyft, Delivery Hero, and Bird. As the most downloaded health app in 2020, Flo will use the latest funding to enhance personalization and provide users with advanced cycle insights and symptom patterns to help them effectively manage and proactively improve their overall health.
Flo was co-founded in 2015 by Belarusian co-founders Dmitry Gurski, and Yuri Gurski. Flo provides curated cycle tracking and predictions, personalized health insights, and real-time health alerts based on tracked symptoms in an easy-to-use interface.
So far, over 1 billion menstrual cycles have been tracked within the app, and 95% of users say Flo contributed to their overall well-being. To date, 27.7 million women got pregnant while using Flo. With over 200 million Flo users, every tenth woman between ages 15 to 49 in the world manages her cycle using the app (6,857 users, active during 6 months, Flo internal survey, Aug 2020).
“Too often, people encounter misinformation when searching on the internet for signs and symptoms of conditions, especially when it comes to taboo topics such as menstrual and sexual health,” said VP of Product, Cath Everett. “Our users often come to Flo for period or ovulation tracking, and stay for the wealth of science-backed content, expert-led courses and accurate cycle predictions. We’re fortunate to partner with the top universities and conduct cutting-edge medical research. With this funding, we’ll be able to further democratize access to credible health information, helping people better understand their unique signs and symptoms on an even larger scale.”
Flo will also use the funding to fuel the company’s continued headcount growth as it targets top talent across product, engineering, R&D, data science and medical roles. Headquartered in London and with a footprint across Europe and the US, the employee base has more than doubled in the last two years to 350, with the growth trend set to continue.
With a community of over 200 million users, coming from all corners of the world, Flo has gained significant traction. In the last twelve months, Flo has experienced hyper-growth: the app has increased its active subscriber base 4 times reaching 1.5 million in August 2021. By the end of 2021 Flo aims to reach around €84 million Annual Run Rate. Flo’s business model is purely subscription-based, and the company recently introduced Flo as a benefit to US employers to better support women in the workplace with the resources they need to thrive — physically and mentally.
“Flo is a category-defining company in the femtech industry,” said Alexander Frolov, CEO and Co-founder of Target Global. “As of this year, we’re just starting to see a shift in startups addressing specific female health conditions – but there are very few companies that are addressing the root causes of these conditions. Flo’s proactive platform is ahead of the curve, and has raised the bar for what consumers should expect from consumer health apps.”
“Flo’s long-term value and impact on its users is truly unmatched in the industry,” said Per Brilioth, CEO of VNV Global. “With its deep medical expertise and advanced product, Flo is addressing a critical gap in preventative care, an area that has been neglected for far too long. Flo’s strong position in this space and already impressive user base make the company well-positioned to continue to be a pioneer and true market leader over the coming years. We couldn’t be more thrilled to contribute to the next stage of its evolution.”