London-Based Femtech Flo Health Reaches Unicorn Status with €182M Investment

Flo Health, a London-based women's health app, has announced a significant milestone. On Tuesday, the company revealed it had secured over $200 million (approximately €182 million) in a Series C funding round led by General Atlantic, pushing its valuation beyond the $1 billion mark. This achievement makes Flo Health the first purely digital consumer women’s health app to attain unicorn status.

As part of the investment deal, Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic, and Jessie Cai will join Flo Health's Board of Directors. Anna Klepchukova, Chief Medical Officer of Flo Health, stated that the investment will "accelerate Flo’s mission to revolutionize women’s health." She highlighted the disparity in health outcomes between men and women, noting, "Women spend 25 percent more of their lives in poor health compared to men. We’re committed to changing this unacceptable status quo." Flo Health aims to empower its users with tailored health insights, enhancing their interactions with healthcare providers and serving as a tool for preventive care and health education.

Flo Health plans to leverage its partnership with General Atlantic to fuel its next growth phase, which includes expanding into new user segments, enhancing tech-driven health insights, and pursuing strategic expansion opportunities. To support these ambitions, Flo will increase its R&D headcount and utilize General Atlantic’s expertise in scaling companies at the intersection of consumer technology, healthcare, and subscription business models.

As of June 2024, Flo Health boasts nearly 70 million monthly active users (MAUs) and close to 5 million paid subscribers. The company's rapid growth is evident in its projected gross bookings for 2024, expected to exceed $200 million, marking an approximate 50 percent year-over-year increase.

Led by Dmitry Gurski, Flo Health is dedicated to building a better future for female health. The company supports women throughout their health journey, from menstruation to conception, pregnancy, and menopause. With over 120 doctors and health experts on board, Flo's all-in-one platform offers curated cycle and ovulation tracking. Users can monitor over 70 symptoms and access features designed to enhance their understanding and management of their health.

Flo also provides users with personalized health insights, expert tips, daily bite-sized visual content, and access to a private digital discussion community focused on health and wellness-related topics. As part of its mission, Flo’s "Pass it on Project" aims to improve health literacy by providing up to 1 billion women with free access to Flo Premium. Dmitry Gurski emphasized the importance of this initiative, stating, "When we started Flo, we identified a huge gap in women’s health services. Now, we’re a leader in a global movement to make women’s health a priority everywhere." Flo’s pro-social program has already benefited nearly 12 million women across 66 countries, including India, Indonesia, and Nigeria.

General Atlantic is a global growth investor with over four decades of experience, providing capital and strategic support to more than 520 growth companies. As of March 31, 2024, General Atlantic manages approximately $84 billion in assets across all products, with more than 300 investment professionals. Jessie Cai, Principal at General Atlantic, expressed excitement about the partnership, noting, "We have been lucky enough to watch the Flo team over the past five years build a beloved, mission-critical app for women globally. We believe Flo is a category leader and look forward to leveraging our deep expertise across disruptive consumer technology and subscription platforms to support the company’s continued growth."

The investment from General Atlantic is poised to propel Flo Health’s growth as it continues to normalize conversations about women’s health, improve health literacy, and raise awareness of women’s health issues worldwide, especially in underserved regions. This significant funding round marks a new chapter for Flo Health as it aims to further its impact on global women's health.