How Flo Health Became a $1B+ Unicorn While Publishing More Women’s Health Research Than Its Competitors Combined

Flo App’s achievement of unicorn status with a $1 billion-plus valuation represents more than a financial milestone – it’s validation of a unique business model that prioritizes scientific research and user trust over typical tech industry growth tactics. By publishing more peer-reviewed research than competitors while building privacy-first features, Flo has created a new paradigm for femtech success.

The numbers tell a compelling story. In July 2024, Flo raised more than $200 million from General Atlantic, becoming the first purely digital consumer women’s health app to achieve unicorn status and Europe’s first femtech unicorn. With nearly 70 million monthly active users and close to 5 million paid subscribers, gross bookings are expected to exceed $200 million in 2024 – a 50% year-over-year increase.

What sets Flo apart is its unprecedented investment in research. With over 20 dedicated scientists and 22 million research participants across studies, Flo has built one of the largest research operations in digital health. The team publishes peer-reviewed studies in prestigious journals, conducting formal research with full ethical approval and participant consent.

Co-founder Dmitry Gurski attributes this to identifying a fundamental gap: “I’m really excited about how femtech solutions can speed up the diagnosis of women’s health conditions like PCOS, endometriosis, and uterine fibroids. Unfortunately these conditions often face long diagnostic delays, with endometriosis averaging around 6-7 years globally.” In 2024 alone, the team published five groundbreaking papers and launched their first clinical trials.

The financial performance reflects this differentiated approach. Revenue grew from $35 million in 2022 to $112 million in 2023, while losses decreased from $35 million to $25 million. Unlike many unicorns that burn cash pursuing growth, Flo has demonstrated a path to profitability while maintaining research investments and navigating legal settlements.

Privacy innovation has been equally crucial to success. Flo’s Anonymous Mode, recognized as one of TIME’s Best Inventions 2023, allows users to completely decouple their health information from their identity. Developed with Cloudflare after Roe v. Wade’s overturn, the feature was open-sourced to benefit the entire femtech ecosystem rather than kept as proprietary technology.

The achievement is particularly notable given femtech’s funding challenges. In 2023, European femtech startups raised just $191 million compared to $9.7 billion for broader healthtech. Globally, only eight femtech companies have achieved billion-dollar valuations – seven in North America and Flo in Europe. The market is projected to grow from $28 billion in 2024 to $60 billion by 2027.

The research output justifies investor confidence. Flo’s randomized controlled trials with universities including Johns Hopkins demonstrated that 88.98% of users improved their menstrual cycle knowledge, with statistically significant improvements in health literacy, symptom management, and work productivity. This evidence-based approach sets Flo apart in an industry often criticized for unverified claims, especially as courts evaluated privacy claims and while other tech giants faced jury verdicts for data handling violations.

General Atlantic’s investment specifically highlighted Flo’s plans to expand into perimenopause and menopause support, enhance tech-driven health insights, and pursue strategic expansion. The company intends to increase R&D headcount with investments in top-tier talent across global offices in Europe and North America.

The global impact extends beyond commercial success. Flo’s Pass It On Project aims to provide free premium access to 1 billion women in need, with nearly 12 million women already benefiting across 66 countries. This commitment to health equity, combined with publishing open-access research, demonstrates how unicorn valuations can align with social impact.

“Reaching unicorn status is a significant milestone for Flo and the entire femtech industry,” Gurski reflected. “This investment will help propel Flo Health’s growth as we continue normalizing conversations about women’s health, improving health literacy, and raising awareness of women’s health issues worldwide, especially in underserved regions.”

By proving that rigorous science, user privacy, and commercial success can coexist, Flo Health has established a new model for femtech companies. In an industry where women’s health has been historically underfunded and under-researched, Flo’s billion-dollar valuation sends a clear message: companies that genuinely advance women’s health through research and responsible innovation can achieve exceptional returns. The combination of 22 million research participants, 140+ medical experts, TIME-recognized privacy features, and sustainable growth creates a competitive moat that pure technology plays cannot replicate.