Berlin-based Clue, a female health tracking app, has raised $20 million in a Series B round led by Nokia Growth Partners with participation from Union Square Ventures (USV), Mosaic Ventures, Brigitte Mohn and Christophe Maire, Giving Wings, and FJ Labs.
The new funds will be used further to develop the app, expand its Berlin team, and to boost the company’s presence in Europe and markets like the US – its primary market – as well as India, and China.
Currently more than five million women globally are using the app, which applies machine learning to menstrual cycle data to provide a means of predicting periods, fertile windows, and PMS. It recently added a feature called Clue Connect for sharing this data with partners, family, and friends.
“I feel as strongly as ever that Clue’s mission is to keep female health and its advancement at the top of the global agenda,” said Clue’s Danish-born CEO and co-founder Ida Tin.
She cited the growth of digital healthcare solutions, especially in the US, as a big opportunity.
“Female health is also driving this,” she added. “And when you consider that more than half of the world’s population is female, you realize how enormous the market potential and opportunity for Femtech companies is to truly make an impact.”
This Series B round brings Clue’s total financing to $30 million and since launching in 2013, it has built research partnerships, Stanford University, Columbia University, the University of Washington and the University of Oxford, as well as appointing a medical board of specialists from UCLA and Stanford University to guide the app’s development.