Period-tracking startup Flo recently raised $50 million in funding. Photo credit: Flo
Period-tracking app Flo is now valued at $800 million, after closing a recent funding round. The startup recently raised a $50 million series B round, led by VNV Global and Target Global.
The London-based company, which was founded in 2016, claims its period-tracking app has drummed up 200 million users. It also has features for tracking a pregnancy, and makes predictions related to users’ cycles.
But the company has also faced some challenges related to its privacy practices. Earlier this year, Flo settled a lawsuit from the Federal Trade Commission after it allegedly shared information about users who were on their period or were trying to get pregnant. Between 2016 and 2019, Flo reportedly shared this information with Google’s and Facebook’s analytics divisions, as well as other marketing and analytics firms.
Per the terms of the settlement, Flo must get an independent review of its privacy practices, seek deletion of the data it improperly shared with third parties, and get users’ consent before sharing their health information.
Flo currently brings in most of its revenue from subscriptions, and the startup’s goal is to reach a $100 million annual run rate by the end of the year. As of August, it had 1.5 million subscribers.
It also recently began offering its services to companies as an employee benefit, though it did not share the names of any clients. According to a spokesperson, it’s still in the early stages of conversations with potential employers.
Flo plans to use the new funds to add more insights and symptom patterns, and make several new hires. It currently has more than 30 openings in engineering and 11 in medical and science.
Other fertility-tracking startups have also seen an influx of funding. Investors recently poured funds into fertility benefits companies Maven and Carrot Fertility, and LabCorp recently bought fertility-tracking company Ovia.
