Cycle tracking startup Flo recently raised $50 million in funding.Photo Credit: Flo
After completing the latest round of financing, the period tracking app Flo is now valued at US$800 million. The startup recently raised $50 million in Series B financing, led by VNV Global and Target Global.
The London-based company was founded in 2016 and claims that its period tracking app has attracted 200 million users. It also has the function of tracking pregnancy and making predictions based on the user’s cycle.
But the company also faces some challenges related to its privacy practices.Earlier this year, Flo Settled the lawsuit The Federal Trade Commission allegedly shared information about users who were menstruating or trying to become pregnant. According to reports, between 2016 and 2019, Flo shared this information with the analytics departments of Google and Facebook and other marketing and analytics companies.
According to the terms of the settlement, Flo must conduct an independent review of its privacy practices, seek to delete data improperly shared with third parties, and obtain user consent before sharing its health information.
Most of Flo’s current revenue comes from subscriptions, and the startup’s goal is to reach an annual operating rate of $100 million by the end of the year. As of August, it has 1.5 million subscribers.
It plans to use the new funds to add more insights and symptom patterns, and to recruit several new employees. Flo currently has more than 30 vacancies in the engineering field and 11 vacancies in the medical and scientific fields.
Other fertility tracking startups have also seen an influx of funds.Investors have recently injected capital into a maternity benefit company Marvin with Carrot Fertility, And LabCorp Recently acquired fertility tracking company Ovia.
