Femtech health app Flo has become the latest UK tech unicorn, securing £156 million in its Series C round at a valuation exceeding £780 million. The funding round came entirely from New York-headquartered private equity firm General Atlantic, which is an investor in companies including Uber and AirBnB.
Launched in London back in 2016, Flo addresses every stage of a woman’s health goals as the platform monitors symptoms associated with menstruation, conception, pregnancy and menopause.
The app offers health insights, tips from experts, and a digital community to discuss health topics. Since its launch, the app has been downloaded more than 100 million times, becoming one of the most popular health apps available. Flo says it has 70 milliuon monthy active users and close to 5 million paid subscribers as of June 2024. About 50% of those are based in the US, with the remaining half split evenly between the UK and EU.
The company’s goal is to reach one billion users globally with a new initiative to offer free access to the app’s premium tier in 66 countries, including India, Indonesia and Nigeria.
Dmitry Gurski, co-founder and CEO of Flo Health, said: “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 isn’t the only London-headquartered startup to achieve unicorn valuation in 2024. Other unicorns include AI voice cloning startup ElevenLabs, autonomous vehicle software developer Wayve, and Cambridge-based quantum computing firm Quantinuum.
