US FemTech Market Leader Flo Health Completes $12M Series A; Scores $200M Valuation
REDWOOD CITY, Calif., Oct. 11, 2018 /PRNewswire/ -- Fast growing FemTech start-up Flo Health today announced that it has completed a Series A Extension round. This brings Flo's total Series A funding to $12 million, with a $200 million valuation. The funding round is led by Mangrove Capital Partners, an early backer of Skype and Wix, with participation from existing investors Flint Capital and Haxus.
"We are delighted to invest in Flo, the leading women's health mobile application," said David Waroquier, Partner at Mangrove. "We believe strongly in the company's vision and ambitious plans. The team shows impressive capabilities in using the power of data to interact with their users and in achieving superior retention rates, rarely seen in other app solutions."
The freshly raised funds will be used to fuel Flo's next growth phase and product improvement. Flo's goal is to become the most recognized female product with 100 million monthly active users. The spotlight will be placed on providing a highly personalized experience for every user based on their age, health goals, overall physical condition. With different in-app modes, Flo encompasses solutions for girls and women at every stage of life - from the onset of menstruation to preparation for pregnancy and motherhood to menopause. Flo's neural networks and proprietary AI-based algorithms will not only improve cycle predictions, but also detect disturbing symptoms and proactively help the user cope with them by advising when to see a doctor or providing relevant health insights. Another ambition is to develop the world's biggest women's community, where users can share and discuss their most intimate concerns anonymously, and get advice and support.
"Women's health is a top priority for all of us at Flo," acknowledges Anna Klepchukova, Chief Science Officer at Flo. "It is a unique honor to create a product that can be of value to hundreds of millions of women worldwide. We will make every effort to prove we are worth this big mission."
Launched in October 2015, Flo has been downloaded over 60 million times, with 22 million users using the app monthly. The company managed to more than double these numbers in one year. This makes Flo number 1 female health product by active audience in the USA1. Currently, the user base grows by 4,5 million installs per month. Over 4 million women got pregnant with Flo so far, and the number keeps growing by 500,000 each month.
"We see how Flo helps women of all ages transform their lifestyle, become healthier and happier. My wife is a keen user," stated Andrew Gershfeld, company's Board member and Partner at Flint Capital. "We believe Flo will continue to lead the innovation, science and user experience in the HealthTech domain. We are honored to continue supporting Flo team on this journey."
Currently, Flo team counts 100+ specialists, 70% are women. Flo combines engineering excellence and medical expertise to create a trusted digital health solution that accompanies users along the entire journey of the reproductive cycle. Today, Flo gets support and advice from leading experts in obstetrics, gynecology and reproductive medicine.
Besides product development, the money will help grow the team, as well as establish new scientific and research partnerships with leading associations and medical universities to advance women's health.
About Flo Health
Flo Health is the developer of Flo, a women's health product that encompasses solutions for girls and women at every stage of their life (start of menstruation, cycle tracking, preparation for conception, pregnancy, early motherhood, menopause).
Flo prioritizes safety and keeps a sharp focus on being the most trusted digital source for women's health information. Flo intensively uses data science and AI to deliver the most personalized content and services available. Flo period tracker is currently available in 22 languages on iOS and Android. 60% of users are located in the US and Europe. For more information, please visit flo.health.
About Mangrove Capital Partners
Mangrove Capital Partners has invested in over 100 companies and today manages near $1Bn in venture funding. With a startup focused strategy, the company invests heavily in early-stage businesses all over the world. Among the most successful investments are Wix currently valued at $6 billion, and Skype, which was bought in 2005 by eBay for $3.1 billion, as well as RedPoints, WalkMe, Freedompop, Letgo, StoreKing and K Health. For more information about Mangrove, please visit mangrove.vc.
About Flint Capital
Flint Capital is an international venture capital fund established by IT entrepreneurs with the primary mission of discovering and supporting bold-thinking founders and their teams from Israel and the US and Europe across a number of industries. Flint capital leads funding rounds at the Seed, Series A and Series B stages, focusing on companies that have the potential to disrupt their respective industries. Flint Capital has an extensive expertise in artificial intelligence and machine learning. Previously Flint Capital has supported the following Ai/ML companies: WalkMe, Socure, YouAPPI, CyberX, Epistema, Findo. Flint Capital has had several significant exits amongst portfolio companies, including Lending Club and Blazemeter, with current investments in dozens of industry-leading companies. Flint Capital is Headquartered in Boston and has offices in San Francisco and Tel Aviv. For more information, please visit flintcap.com.
Haxus is a team of serial entrepreneurs focused on artificial intelligence startups at the seed and pre-seed stage. Partner's portfolio includes MSQRD (acquired by Facebook), AIMATTER (acquired by Google), several AR startups. Health & Wellness portfolio is represented by Flo and some new products. For more information, please visit haxus.com.
1 According to App Annie analytics
SOURCE Flo Health