💸 Flo Health Inc. has just raised $200M led by General Atlantic at a valuation of $1Billion+, making it one of just a few femtech unicorns & the first femtech unicorn in Europe 🦄
🤯 Many women in femtech are both amazed & outraged: Flo Health Inc.'s founders are men, most of the senior leadership are men, and the managing director from General Atlantic who led the investment is…shock…also a man.
🖊 As Sifted pointed out last year, even in femtech, it still pays to be a male founder.
🚀 I support many female founders in the femtech space and see firsthand how they struggle to raise money. A quote from one of Flo Health Inc.'s co-founders in TechCrunch really hits home:
“I saw the challenges women face in healthcare and realised there was a critically underserved gap in the women’s health market.”
🤔 Sounds familiar? It should - I've heard the same thing from countless female founders who are told their market is ‘niche’ or ‘nice to have,’ or that they need a male co-founder to be taken seriously.
💰 It's not that we don't need men in women’s health - we absolutely do. We need all the smart and creative minds in femtech. But let’s face it: despite all the female founder office hours and support initiatives, money talks. And $200Million just went to an all-male founding team running a femtech company.
📈 The success of Flo Health Inc. demonstrates there IS a more than enough product-market fit, the market IS big enough, there IS a strong use case, there ARE enough customers. This should hopefully help female founders as evidence to provide in their pitches. It should also help other growth investors to see that the numbers DO add up in femtech.
🚺 We need more female-founded startups in women’s health & more investors who believe that women can lead this market.
🏦 Just last week, one of my private banks offered me the chance to invest $1Million in Kindbody, a U.S.-based Femtech Unicorn with a female founder. Given this news, I’m definitely giving this deal a much closer look!
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👩🏽⚕️ Follow me Dr Fiona Pathiraja-Møller for more posts about investing in healthtech.
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CMO at OVUM
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