Flo Health, one of the most downloaded women’s health apps worldwide, announced it has raised more than €180 million in a Series C investment from General Atlantic. 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, according to the company.
Flo is committed to supporting women at every stage of their health journey, from menstruation to conception, pregnancy, and menopause. With over 120 doctors and health experts, Flo’s 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.
“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. We’re committed to building a better future for female health, where every woman feels understood and supported, regardless of her location or economic status.”
Flo’s partnership with General Atlantic will help position Flo for its next phase of growth, with a focus on expanding into new user segments including perimenopause and menopause, enhancing its tech-driven health insights, and pursuing strategic expansion opportunities.
To support these ambitious goals, Flo intends to increase R&D headcount with investments in top-tier talent across its global offices in Europe and North America. Flo also intends to leverage General Atlantic’s significant expertise in scaling companies at the intersection of consumer technology, healthcare, and subscription business models.
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.
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 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.”
“This investment accelerates Flo’s mission to revolutionize women’s health,” added Anna Klepchukova, Chief Medical Officer of Flo Health. “With women spending 25% 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. With 1 in 4 US women using Flo, our platform is uniquely positioned to bring women’s health into the 21st century, 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. Flo Health was advised by GP Bullhound on their capital raise. The transaction is subject to customary closing conditions.
