Elvie, the UK-based femtech company known for its innovative women’s health products, has entered administration as of March 2025. Willow, a San Francisco-based competitor specialising in wearable breast pumps, has acquired Elvie’s assets.
Elvie was founded in 2013 by Tania Boler and gained recognition for its silent wearable breast pumps and smart pelvic floor trainers. The company developed user-friendly technology for women across various life stages, from postpartum care to menopause. Its product line includes the Elvie Pump (a silent wearable breast pump), Elvie Trainer (a Kegel trainer), and breastfeeding accessories like the Elvie Stride and Elvie Stride Plus.
During its 12-year run, Elvie secured over $186 million in funding from prominent investors, including Octopus Ventures, BlackRock, and Blume Equity, reaching a final valuation of $241 million. But what led to its downfall?
Poor financial management often leads to startup failure, and Elvie proved no exception
The company’s annual accounts show impressive revenue growth, with turnover climbing from £37 million in 2020 to £78 million in 2022. However, losses grew even faster, jumping from £22 million in 2021 to £29 million in 2022. Despite scaling operations, Elvie struggled to manage costs and achieve profitability.
The company attempted to restructure by withdrawing from underperforming markets like China and focusing on North America and Europe, but these efforts failed to stabilise its finances. Its reliance on costly innovation and expansion strategies ultimately proved unsustainable.
Elvie’s ambitious plans for rapid growth, particularly its expansion into China, stretched its resources thin without delivering expected returns. Though the company later pivoted to focus on established markets in North America and Europe, this strategic shift came too late to address its mounting financial challenges.
As a hardware-focused business, Elvie faced inherent challenges. Hardware companies must contend with high manufacturing costs, supply chain disruptions (worsened by crises like COVID-19), and slimmer profit margins than software or digital health startups. Even with $186 million in funding, these operational hurdles proved insurmountable.
Intensifying market rivalry and shifting industry dynamics
While growing, the femtech market has become fiercely competitive. By 2025, it is estimated to reach $50 billion, but it’s now crowded with cheaper alternatives and new competitors. Elvie’s products faced strong competition from established players like Willow and more affordable options.
The sector has also shifted toward AI-driven solutions and digital health platforms, drawing attention away from hardware-focused companies like Elvie. While the company attempted to diversify into other life stages, including menopause care, it remained heavily dependent on its breast pump business.
Brexit compounded operational challenges for UK-based femtech companies like Elvie. Since 2021, UK-EU medtech component imports have dropped by 32%, forcing reliance on Chinese micro pump manufacturers with nine-month lead times — severely impacting production schedules. The loss of Horizon Europe funding severed access to €95 billion in R&D collaboration opportunities, a critical setback given that 68% of Elvie’s patents stemmed from EU-UK research partnerships before Brexit.
Legal challenges also plagued Elvie before its acquisition — Willow had sued the company over patent disputes related to wearable breast pump technology.
Scaling globally – one of the bottlenecks
Despite raising substantial funds, including £70 million in Series C funding in 2021, Elvie’s financial runway expired by early 2025. The broader venture capital landscape has been challenging for femtech startups, with limited exit opportunities and persistent gender gaps in funding — only 2% of venture capital went to female-led startups.
Elvie’s struggles highlight broader challenges faced by UK-based startups attempting global expansion. As one investor noted: “If Elvie was a USA business, it would have had protections [over its intellectual property], growth capital and be a decacorn [valued at more than $10bn].”
The lack of US investor support likely hampered Elvie’s ability to compete effectively in North America, the largest femtech market, and protect its intellectual property during disputes.
The result? Acquisition by Willow
Following administration, Willow acquired Elvie’s assets, marking a strategic consolidation in the femtech industry. Both companies pioneered wearable breast pump technology, a sector now commanding 57% of the U.S. breast pump market. Willow plans to integrate Elvie’s products into its portfolio to create a comprehensive maternal health platform, potentially signaling a shift toward market consolidation.
When Elvie entered administration, around 170 people worked at its London and Bristol offices. Some are completing notice periods but won’t transition to Willow, which represents a significant loss of specialised talent in the UK’s femtech ecosystem.
Willow CEO Sarah O’Leary framed this consolidation as an opportunity “to better compete and really realise the promise of what our product platforms have started to build.” This move reflects an industry transition from fragmented startups toward fewer, stronger market leaders.
As Willow incorporates Elvie’s assets into its maternal health platform, this consolidation may herald a shift toward fewer but stronger players in this growing sector. With the femtech industry projected to reach $177 billion by 2032, the future of UK femtech startups holds tremendous potential for growth and innovation.
While increased investment, technological advancement, and policy support create growth opportunities, funding disparities, regulatory hurdles, and societal stigmas remain significant obstacles. For femtech to flourish in the UK, stakeholders must prioritise gender equity in funding, foster NHS-startup collaborations, and advocate for destigmatising women’s health through education and policy reform.
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