Leading women’s health app sets new standards in the rapidly expanding femtech industry
London, UK July 30, 2024 – Flo Health, the #1 most downloaded women’s health app worldwide1announced it has raised over $200 million in Series C funding from General Atlantic, one of the world’s leading growth investors. The minority investment values Flo at over $1 billion and makes it the first fully digital consumer women’s health app.2 Achieve unicorn status.
Flo is committed to supporting every stage of women’s health, from menstruation to conception, pregnancy and menopause. With over 120 physicians and health experts, Flo’s all-in-one platform offers curated cycle and ovulation tracking. Users can monitor over 70 symptoms and access a range of features designed to better understand and manage their health. Flo also provides users with customized 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 allows users to educate and empower their partners with scientific insights on menstrual and reproductive health. Additionally, Flo’s award-winning “anonymous mode”3 The feature, recognized as one of Time magazine’s Best Inventions of 2023, was created to further protect sensitive information about reproductive health.
Flo’s partnership with General Atlantic will lead Flo into its next phase of growth, focused on expanding into new user segments including perimenopause and menopause, enhancing technology-driven health insights, and pursuing strategic expansion opportunities. To support these ambitious goals, Flo plans to increase its R&D headcount by investing in top talent across its global offices in Europe and North America. Flo also plans to leverage General Atlantic’s significant expertise in scaling companies at the intersection of consumer technology, healthcare, and subscription business models.
The milestone strengthens Flow’s position as a pioneer in the rapidly expanding femtech market, which is predicted to grow from a niche sector that attracted little venture capital a decade ago to a $60 billion industry by 2027.FourFlo has experienced significant growth after more than eight years of continuous expansion. As of June 2024, the company supports approximately 70 million monthly active users (MAUs) and approximately 5 million paid subscribers. This rapid growth is also reflected in Flo’s total bookings in 2024, which are expected to exceed $200 million this year, an increase of approximately 50% year over year.
“Achieving 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 saw a huge gap in women’s health services. Now we are leaders in a global movement to prioritize women’s health everywhere. We’ve already helped hundreds of millions of women, and our goal is to reach 1 billion women through our global social impact programs. This effort has provided free access to Flo Premium in 66 countries, including India, Indonesia, and Nigeria, and has already benefited nearly 1.2 million women. We are committed to building a better future for women’s health, where all women feel understood and supported, regardless of location or economic situation. This investment from General Atlantic will help fuel Flo Health’s growth as we continue to normalize conversations about women’s health, improve health literacy, and raise awareness of women’s health issues around the world, especially in underserved regions.”
Jesse Cai, Principal at General Atlantic, commented, “We’ve been fortunate to watch the Flo team over the past five years as they build a mission-critical app loved by women around the world, and now we have the fortunate opportunity to partner with Dmitry and his team. We are excited about their big vision and innovation for the entire women’s health and wellness ecosystem. We believe Flo is a leader in the space, and we look forward to leveraging our deep expertise in disruptive consumer technology and subscription platforms to support the company’s continued growth.”
“This investment accelerates Flow’s mission to revolutionize women’s health,” said Anna Klepcukova, chief medical officer at Flow Health. “Women spend 25% more time in unhealthy conditions than men,FiveAt Flo, we are committed to changing this unacceptable status quo. As the #1 cycle tracking app recommended by OB-GYNs, Flo provides users with tailored health information to enable more informed conversations with their healthcare professionals. We serve as a preventive care and health education tool, helping users recognize potential issues early and encouraging proactive healthcare management. 1 in 4 women in the U.S. uses Flo.6Our platform is uniquely positioned to bring women’s health into the 21st century while upholding the highest standards of medical reliability, data privacy and user trust.”
As part of the transaction, Tanzeen Syed and Jessie Cai, managing directors and heads of consumer internet and technology at General Atlantic, will join Flo’s board of directors.
Flo Health was advised by GP Bullhound on the recapitalization. The transaction is subject to customary closing conditions.
[1] Number of downloads worldwide, Google Play and AppStore, SensorTower, (as of July 17, 2024)
[2] According to Pitchbook’s FemTech Market Map (as of July 19, 2024), it is measured by the number of companies developing apps that offer digital consumer FemTech services and are valued at $1 billion or more.
[3] https://time.com/collection/best-inventions-2023/6323147/flo-anonymous-mode/
[4] https://healthcaretransformers.com/digital-health/current-trends/growing-femtech-market/
[5] https://www.mckinsey.com/mhi/our-insights/closed-the-womens-health-gap-a-1-trillion-dollar-opportunity-to-improve-lives-and-economies
[6] Based on annual active users and U.S. female population according to the United Nations World Population Prospects 2024.
about Flo Health: Flo Health is the top app in the health and fitness category. It is ranked #1 as an obstetrician-gynecologist-recommended app for tracking periods and cycles, according to a 2021 survey of 500 U.S. obstetricians-gynecologists. As of June 2024, the company supports approximately 70 million monthly active users (MAUs) and approximately 5 million paid subscribers. With over 120 medical experts, Flo is committed to supporting women at every stage of their women’s health, from menstruation to conception, pregnancy and menopause. It offers curated cycle and ovulation tracking, customized health insights, daily bite-sized visual content, and a private community where users can share their questions and concerns. As part of its mission to build a better future for women’s health, Flo’s Pass it on project aims to improve health literacy by providing up to 1 billion women with free access to Flo Premium. Flo prioritizes safety and is focused 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 of 2023 and was also named a finalist in the Rapid Action category for Fast Company’s 2023 World Changing Ideas Awards as part of the company’s commitment to privacy. To learn more, visit https://flo.health.
About General AtlanticGeneral Atlantic is a leading global growth investor that has provided capital and strategic support to more than 520 growing companies for more than 40 years. Founded in 1980 to partner with visionary entrepreneurs to create lasting impact, the firm combines a collaborative global approach, sector-specific expertise, long-term investment horizon and deep understanding of growth drivers to partner with exceptional entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has approximately $84 billion in assets under management, including all products, as of March 31, 2024 and has more than 300 investment professionals located 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 about General Atlantic, please visit www.generalatlantic.com.
