Flo Health, the world’s largest period and fertility tracking app by user numbers, has secured a significant milestone in the digital health sector. The UK-based startup has raised $200 million from private equity firm General Atlantic, pushing its valuation past $1 billion. This makes Flo the first fully digital female health startup to achieve unicorn status, reflecting investor confidence in the expanding market for fertility and menopause products.
The funding infusion will enable Flo Health to enhance its platform with advanced features, particularly focusing on symptom analysis for the estimated 450 million women globally who experience perimenopausal or menopausal symptoms annually, according to McKinsey.
Chief Executive Dmitry Gurski highlighted the app’s ambition to deliver personalized experiences across diverse demographics, including previously untapped segments like women in perimenopause and menopause. This strategic expansion marks a significant evolution from Flo’s original focus on menstruating users, noted Anna Klepchukova, Flo’s Chief Medical Officer.
Investors are increasingly recognizing the potential of the $36 billion women’s healthcare market, which has historically faced research gaps and underinvestment. Funding for startups in this niche grew by 5% from 2022 to 2023, bucking broader trends in health investment, as observed in Deloitte’s analysis of PitchBook data.
General Atlantic’s Jessie Cai and Tanzeen Syed will join Flo’s board, bringing their expertise from backing prominent tech firms such as Alibaba and Facebook. Flo, founded in Belarus in 2015 by Dmitry and Yuri Gurski and headquartered in London, boasts nearly 5 million paid subscribers and anticipates exceeding $200 million in subscription revenues this year.
The company has also navigated regulatory challenges, including a 2021 investigation by the US Federal Trade Commission over data privacy concerns. Flo introduced an anonymous mode in response to heightened privacy sensitivities following a landmark US Supreme Court ruling on abortion rights, which briefly impacted user engagement but has since rebounded.
Flo’s growing user base, now reaching 70 million monthly active users as of June 2024, underscores its position as a leader in digital health solutions. Competitors like Rosy and Clue are also expanding their services to cater to broader aspects of women’s health, indicating a vibrant and evolving landscape in digital health innovation.
