Flo Health reaches unicorn status after $200M raise

Period-tracking app Flo Health garnered more than $200 million in Series C funding from growth investor General Atlantic, bringing the women's health company to unicorn status, with more than $1 billion in valuation.  

Tanzeen Syed, managing director and head of consumer internet and technology at General Atlantic, and Jessie Cai, principal at General Atlantic, will join Flo's board of directors.

WHAT IT DOES

Flo's app includes period and ovulation tracking, family-building offerings, a week-by-week growth tracker for pregnant women and medical articles with recommendations for improving one's health.

The company said it will use the funds to enhance its technology, grow its workforce in Europe and North America, pursue expansion opportunities, and address new user segments, such as perimenopause and menopause.

The London-based company boasts that it supports nearly 70 million monthly active users and almost five million paid subscribers.

"Reaching unicorn status is a significant milestone for Flo and the entire femtech industry," Dmitry Gurski, cofounder and CEO of Flo Health, said in a statement. 

"We're already helping hundreds of millions of women, and our goal is to reach 1 billion women through our global pro-social program. This initiative provides free access to Flo Premium across 66 countries, including India, Indonesia and Nigeria, with nearly 12 million women already benefiting. 

Gurski said the investment will help accelerate Flo Health's growth as it continues to normalize the conversations about women's health worldwide, especially in underserved regions.

MARKET SNAPSHOT

Flo closed a $50 million Series B financing round led by VNV Global and Target Global in 2021. The company landed a $12 million Series A extension in 2018 and a $5 million Series A in 2017. 

In 2021, Flo settled with the Federal Trade Commission (FTC) regarding a complaint alleging improper disclosure of sensitive user data to third-party marketing and analytics services like Facebook, Google and others.

A year later, the company released an anonymous mode, which allows users to access the app without associating their name, email address and technical identifiers with their health data. 

The company first announced its plans to add an anonymous mode shortly after the Supreme Court's Dobbs decision overturned Roe v. Wade.

Flo partnered with security firm Cloudflare to build the anonymous feature and released a white paper detailing its technical specifications. Anonymous mode was localized into 20 languages.

Other companies offering period tracking and family-building services include femtech company Clue, an app focused on menstrual cycle tracking and reproductive health, and Glow, an app that offers reproductive, pregnancy and postpartum health services. 

Tech giant Apple also offers period tracking features via the Cycle Tracking app on its Apple Watch and its Health App on the iPhone.

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