Breast pump startup Willow acquires assets of Elvie as UK women’s health pioneer moves into administration

Tech Crunch - Mar 28th, 2025

Willow, a San Francisco-based startup known for its wearable breast pumps, is acquiring Elvie, a London startup that began with a smart Kegel trainer and expanded into products for new mothers. The deal marks a significant consolidation in the femtech industry, as Elvie has entered administration after raising over $186 million with a valuation of $241 million. Willow, having raised approximately $254 million, aims to absorb Elvie's existing business and team, although some employees already have notice periods. This acquisition highlights the challenging landscape for femtech startups, which have raised over $5 billion in the past five years but face limited exit opportunities and competition from cheaper products.

The femtech industry, valued at $60 billion, has grown due to advancements in cloud technology, smartphones, and big data analytics, meeting the demands of a more empowered demographic. Despite these opportunities, the sector struggles with profitability, particularly in hardware startups. Willow's acquisition of Elvie is part of a broader strategy to consolidate and build a comprehensive platform, positioning itself as a major player in the industry. CEO Sarah O’Leary hopes to demonstrate that femtech products are not only innovative but also viable businesses. Willow's challenge will be converting its market presence into sustainable profit over time.

Investment Acquisition Women's Health Startups Willow Elvie Femtech Sarah O'leary

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RATING

7.2

Fair Story

Consider it well-founded

The article provides a detailed and timely account of the merger between Willow and Elvie, two significant players in the femtech industry. It accurately presents key facts and figures, backed by credible sources, though it could benefit from a broader range of perspectives and expert analysis. The article is well-structured and clear, effectively engaging readers interested in technology and women's health. However, its focus on business aspects may limit its appeal to a broader audience. While not particularly controversial, the article touches on important issues facing the femtech sector, such as profitability challenges and market consolidation, which could spark further discussion and debate. Overall, the article is a reliable and informative piece, though it could enhance its impact and engagement by incorporating more diverse viewpoints and interactive elements.

Accuracy

The article provides a detailed account of the merger between Willow and Elvie, two significant players in the femtech industry. It accurately reports on the funding figures, with Willow having raised around $254 million and Elvie more than $186 million. The mention of Elvie's valuation at $241 million, as per PitchBook, is also precise. However, the article states that Elvie is entering administration, which is a critical claim that needs further verification from official financial or legal documents. The statement about the femtech market being estimated at $60 billion this year is a significant claim that would benefit from citation to an industry report or expert analysis to confirm its accuracy.

Balance

The article presents a mostly balanced view of the femtech industry, discussing both the opportunities and challenges faced by companies like Willow and Elvie. It highlights the consolidation trend and the difficulties in achieving profitability, which provides a comprehensive picture of the market dynamics. However, the article could be more balanced by including perspectives from industry experts or analysts who might offer insights into the broader implications of this merger for the femtech sector.

Clarity

The article is well-structured and clearly presents the key facts and developments regarding the Willow-Elvie merger. The language is straightforward, and the narrative follows a logical progression from the introduction of the merger to the discussion of market challenges and opportunities. The use of specific data points and direct quotes aids in comprehension, although a brief explanation of technical terms like 'administration' could enhance clarity for readers unfamiliar with financial jargon.

Source quality

The article references data from PitchBook and includes statements from Willow CEO Sarah O’Leary, which adds credibility. However, it lacks a diverse range of sources, particularly independent analysts or experts who could provide an external perspective on the merger and the femtech market. The reliance on company statements and funding data from a single source may limit the depth of the analysis.

Transparency

The article is transparent about its sources, citing PitchBook for valuation data and attributing quotes to Willow CEO Sarah O’Leary. However, it could improve transparency by providing more context on the methodology behind the $60 billion market estimate and the specific circumstances leading to Elvie's administration. Additionally, disclosing any potential conflicts of interest, such as financial ties between the publication and the companies mentioned, would enhance transparency.