Flo Health raises over $200M, becomes first femtech unicorn

Women’s health app Flo Health has raised more than $200M in a Series C investment from General Atlantic, bringing its funding to over $275 million.

This minority investment propels Flo's valuation beyond $1 billion, making it the first purely digital consumer women’s health app to achieve unicorn status. 

Flo supports women at every stage of their health journey, from menstruation to conception, pregnancy, and menopause. With over 120 doctors and health experts, the all-in-one platform offers curated cycle and ovulation tracking. Users can monitor over 70 symptoms and access various features designed to enhance their understanding and management of their health. 

Flo also provides users with tailored health insights, expert tips, daily bite-sized visual content, and access to a private digital discussion community focused on health and wellness-related topics. 

In 2023, Flo launched ‘Flo for Partners’, which enables users to educate and empower their partners with scientific insights into their menstrual and reproductive health. 

Flo's growth has been significant, after more than eight years of continuous expansion. As of June 2024, the company supports nearly 70 million monthly active users (MAUs) and close to 5 million paid subscribers. This rapid growth is further reflected in Flo's gross bookings for 2024, which are expected to exceed $200 million this year – an approximately 50% year-over-year increase. 

"Reaching unicorn status is a significant milestone for Flo and the entire femtech industry," said Dmitry Gurski, co-founder and CEO of Flo Health. 

"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. 

This investment from General Atlantic will help propel Flo Health’s growth as we continue normalising conversations about women's health, improving health literacy, and raising awareness of women's health issues worldwide, especially in underserved regions.”

Jessie Cai, Principal at General Atlantic, commented:

 “We have been lucky enough to watch the Flo team over the past five years build a beloved, mission-critical app for women globally, and now we have the fortunate opportunity to partner with Dmitry and his team. 

We are excited about their big vision and the innovation ahead for the broader women’s health and wellness ecosystem.”

"This investment accelerates Flo's mission to revolutionise women's health," said Anna Klepchukova, Chief Medical Officer of Flo Health. 

"With women spending 25 per cent more of their lives in poor health compared to men, we're committed to changing this unacceptable status quo."

As the #1 OB-GYN-recommended cycle tracking app, Flo empowers users with tailored health insights, enabling better-informed conversations with healthcare providers. 

We serve as a tool for preventive care and health education, helping our users recognise potential issues early and encouraging proactive healthcare management, all while maintaining the highest standards of medical credibility, data privacy, and user trust."

As part of the transaction, Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic, and Jessie Cai, will join Flo's Board of Directors.

With this new funding, Flo plans to expand into new user segments including perimenopause and menopause, enhance its tech-driven health insights, and pursue strategic expansion opportunities.

Flo also intends to leverage General Atlantic’s significant expertise in scaling companies at the intersection of consumer technology, healthcare, and subscription business models.  

Lead image: Flo Health. Photo: uncredited.