UK femtech pioneer Elvie, once hailed as a trailblazer in women’s health tech, has entered administration as of March 2025. The collapse marks the end of a 12-year journey marked by rapid growth, ambitious expansion, and costly missteps. Elvie’s assets have now been acquired by U.S.-based rival Willow, signaling a major shakeup in the increasingly competitive femtech market.
Founded in 2013 by Tania Boler, Elvie became widely recognized for its discreet, wearable breast pumps and smart pelvic floor trainers. Its lineup—featuring devices like the Elvie Pump, Elvie Trainer, and breastfeeding aids such as the Elvie Stride—targeted women’s health needs across every life stage, from postpartum recovery to menopause.
Despite raising more than $186 million from backers like BlackRock, Octopus Ventures, and Blume Equity, Elvie’s downfall illustrates how hardware-focused health startups remain vulnerable to financial instability, even with significant capital behind them. At its peak, the company reached a $241 million valuation. But scaling too fast and failing to rein in costs ultimately led to its undoing.
Elvie’s revenue soared from £37 million in 2020 to £78 million in 2022, yet its losses kept pace—growing from £22 million to £29 million in the same period. Even after pulling out of weaker markets like China and refocusing on North America and Europe, the financial bleeding continued.
Elvie faced the classic challenges that plague hardware startups. Manufacturing was expensive, profit margins were thin, and global supply chains were unpredictable—especially during disruptions like the COVID-19 pandemic. These hurdles persisted even with a robust fundraising history.
Adding to the pressure, the femtech market has evolved rapidly. With AI-powered solutions and digital platforms taking center stage, Elvie—still heavily reliant on physical products—struggled to stay competitive. Its core revenue continued to depend on breast pump sales, even as it sought to diversify into menopause care.
Brexit further complicated operations for UK-based femtech startups. Since 2021, UK medtech component imports from the EU have dropped by 32%, forcing Elvie to depend on Chinese suppliers with long lead times. The company also lost access to Horizon Europe’s €95 billion research funding—critical for innovation, considering most of Elvie’s patents were born from EU-UK collaborations.
Legal battles added another layer of strain. Willow, its direct competitor, had previously sued Elvie over patent infringements tied to wearable pump technology. As financial woes mounted and IP disputes drained resources, Elvie was pushed closer to the edge.
Despite raising £70 million in Series C funding in 2021, Elvie ran out of runway by early 2025. The broader funding landscape hasn’t been kind to female-led healthtech ventures. Just 2% of global venture capital goes to women-led startups—a figure that continues to hobble promising companies like Elvie.
Global expansion proved difficult to sustain. A London investor noted that had Elvie been a U.S. company, it would have likely secured more robust IP protection and the growth capital needed to compete effectively in the massive North American femtech market.
In the end, Willow stepped in and acquired Elvie’s assets following administration, creating what may be the first significant consolidation in femtech hardware. Both companies were early innovators in wearable pump technology—now a dominant product category in the U.S., making up 57% of the market.
Willow intends to integrate Elvie’s offerings into a broader maternal health platform, reflecting a trend toward fewer, stronger players in the industry. However, not all of Elvie’s team will be transitioning. Around 170 employees at its London and Bristol offices are now exiting, marking a notable talent loss for the UK’s femtech ecosystem.
Willow CEO Sarah O’Leary positioned the acquisition as a strategic leap forward. “We’re now better positioned to realize the potential of our shared vision for maternal health technology,” she said. The move signals a broader shift in femtech—from a fragmented field of niche players to a more consolidated market with global ambitions.
Looking ahead, the femtech market is projected to reach $177 billion by 2032. For UK-based players to thrive, there’s a clear need for more equitable funding, stronger NHS-startup collaboration, and supportive policy reform. Elvie’s rise and fall should serve as a wake-up call. Despite the innovation and unmet needs in women’s health, sustainable success in this space demands more than capital—it requires structural support, gender-inclusive investment practices, and long-term vision.
