Flo – developer of an AI-powered menstrual cycle, mood, and pregnancy tracking app for women – closed a $50 million Series B financing round, bringing the company’s valuation to $800 million.
VNV Global and Target Global led the round. Including the latest funding round, London-based Flo has raised a total of $65 million to date.
Flo said it plans to use the funds to improve personalization and give users more advanced insights into their cycles and symptoms. The company also plans to hire employees across product, engineering, research and development, data science, and medical roles.
According to the company, its app uses machine learning to offer users “curated” cycle tracking and predictions, personalized health insights, and real-time health alerts – based on tracked symptoms, with data fed in by its sizeable user base. The app started out as a period tracker; Flo now touts its app as a proactive, preventative healthcare tool for women – connecting them to “science-backed content, expert-led courses, and accurate cycle predictions.”
“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.
Cath Everett added: “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 currently brings in most of its revenue from subscriptions, and the startup plans to reach a $100 million annual run rate by the end of the year. As of August, it had 1.5 million subscribers for its app.
“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.”
mHealth Apps raised a record $1.6 billion in venture funding in 1H 2021, a 100% increase year-over-year, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report.
Fertility, Apps, Flo