Today, we heard exciting news at the Slush stage as the leading female health tracking app, Clue, announced that Nokia Growth Partners (NGP) is leading a $20 million Series B funding round in the company, along with existing investors, Union Square Ventures (USV), Mosaic Ventures, Brigitte Mohn and Christophe Maire, and additional new investors, Giving Wings and FJ Labs .
These exciting news were heard during the panel session “Connected Health: How Digital Healthcare Empowers Individuals?”. On the stage were Risto Siilasmaa, Chairman of Nokia Corporation, Bo Ilsoe, Managing Partner at NGP, Ina Fried, Senior Editor at Recode, Marcus Gners, COO at Lifesum and Ida Tin, CEO and Co-founder of Clue.
The new funds will be invested into ongoing development of the Clue app, giving its global active user base of more than five million women smarter and deeper insights into their menstrual health. The investment will also be used to expand the Berlin-based team, and accelerate growth in the US, Clue’s primary market, where more than one million users live. With the support of NGP’s global network, the funding will also help develop Clue’s presence in other markets around the world.
Clue’s latest fundraising round takes total investment into the company, which launched in 2013, up to $30 million. The investment signals a tipping point for the emerging Femtech market of businesses addressing female health needs through technology.
“I feel as strongly as ever that Clue’s mission is to keep female health and its advancement at the top of the global agenda,” said Clue’s Danish-born CEO and co-founder Ida Tin, “and I am thrilled to partner with a prestigious circle of investors who share our vision. Healthcare is already going digital, just look at the 60% of smartphone users in the US using their devices to manage health. Female health is also driving this. And when you consider that more than half of the world’s population is female, you realize how enormous the market potential and opportunity for Femtech companies is to truly make an impact.”
“We believe the widespread adoption of mobile and wearables will transform healthcare,” said Walter Masalin of NGP. “Technology has given digital healthcare companies a way to collect and analyze data, while providing users with the tools to get deeper understanding and more control of their health. Clue is part of that transformation and we are privileged to lead Clue’s Series B funding round and support the company’s global ambitions.”
In the 13 months since Clue’s Series A funding round, the company’s user base has grown by 163%, research partnerships have been established with Stanford University, Columbia University, the University of Washington and the University of Oxford, and a Medical Board of leading specialists from UCLA and Stanford University has been appointed to guide the ongoing development of the Clue app.
In 2016 Clue was voted the top free menstrual tracking app in a study released by the journal Obstetrics & Gynecology, Best Health Startup in the The Europas Startup Conference and Awards, “Editors’ Choice” app in the Google Play Store and is currently ranked as the #1 female health app in the US on iOS.
Photo: Esa-Pekka Mattila