Latest finance builds on grants from Innovate UK, to help fuel Chiaro's global expansion plans and new product development.
A funding round by ‘fem-tech’ business Chiaro has attracted £4.8 million of external investment. This is to support the development of 3 more smart products addressing female health and wellbeing and help it expand into 25 countries.
Joining the round are Octopus Ventures, a leading tech investor and Allbright, a venture capital fund that invests in female entrepreneurs, amongst others. It brings Chiaro’s total capital to £9.6 million.
Tania Boler, chief executive and co-founder, said:
Women and consumer tech have never been a very exciting space for investors. There’s been an assumption that women aren’t early adopters of tech, which we’re trying to prove isn’t correct.
Now is an exciting moment for tech for women. There’s a big feminist movement and a paradigm shift in technology and health.
Elvie is a kegel exercise tracker for the pelvic floor. Weakened pelvic floor muscles can cause more than half of all women’s bladder, sex or prolapse problems. Women can use their smartphones to find out how to strengthen their muscles and monitor progress.
Within 6 months of the device going on sale Chiaro was making a profit. Last year the company reported direct sales of £800,000. It has recently struck deals with major retailers including John Lewis and Amazon.
Chiaro is part of Tech City UK’s Upscale programme of 33 most promising startups. It has also received celebrity attention, with its product having featured on Gwyneth Paltrow’s Goop website and been included in high-profile gift bags at the Academy Awards.
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