London, UK September 9, 2021 — Flo, #1 OB-GYN-recommended app for period and cycle tracking1, today announced it closed $50M in a Series B financing, bringing the total capital raised to $65 million and company valuation to $800M. 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 AppStore in 20202, 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.
“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 subscribers’ base 4 times reaching 1.5M in August 2021. By the end of 2021 Flo aims to reach $100M Annual Run Rate. Flo’s business model is purely subscription-based. 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 provides curated cycle tracking and predictions, personalized health insights, and real-time health alerts based on tracked symptoms in an easy-to-use interface. Over 1 billion menstrual cycles have been tracked within the app, and 95% of users say Flo contributed to their overall well-being3. To date, 27.7 million women got pregnant while using Flo. With over 200M of Flo users, every tenth woman between ages 15 to 49 in the world manages her cycle using the app4.
“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.”
For more information on Flo’s mission, please visit Flo.health. Join the conversation by following @FloTracker on Instagram, Facebook, and Twitter.
Flo is the most popular women’s health app globally; it is #1 OB-GYN-recommended app for period and cycle tracking based on the survey among US OB-GYNs. Over 200 million people have downloaded Flo, and 43 million people use it on a monthly basis. With over 100+ medical experts, Flo supports women during their entire reproductive lives and provides curated cycle and ovulation tracking, personalized health insights, expert tips, and a private community for women to share their questions and concerns. Flo prioritizes safety and keeps a sharp focus on being the most trusted digital source for women's health information. Flo health app is available in more than 20 languages on iOS and Android. For more information, please visit Flo.health.
ABOUT VNV GLOBAL
VNV Global is an investment company with the business concept of using experience, expertise and a widespread network to identify and invest in assets with considerable potential for value appreciation. The company has a special focus on online marketplaces and businesses with strong network effects. The common shares of VNV Global are listed on Nasdaq Stockholm, Mid Cap segment, with the ticker VNV. For more information on VNV Global, visit www.vnv.global.
ABOUT TARGET GLOBAL
Target Global is an international investment firm headquartered in Berlin, with more than €2bn in assets under management. With investing offices in London, Tel Aviv and Barcelona, we connect the key European startup ecosystems and leverage the unique DNA of each of our target geographies, across our global network. Target Global invests across multiple stages, investing in fast-growing tech companies, targeting trillion € markets. The Target Global portfolio includes companies such as Auto1, Docplanner, Delivery Hero, Rapyd, TravelPerk, WeFox and Zego. More about Target Global: www.targetglobal.vc.