In a significant shift within the women’s health tech sector, Willow, the San Francisco-based pioneer of wearable breast pumps, has acquired key assets from UK-based Elvie. The move comes as Elvie enters administration, marking a pivotal moment in an industry that has seen over $5 billion in funding over the past five years but now faces consolidation pressures.
Elvie, founded in London, initially gained traction with its smart Kegel trainer before expanding into breast pumps, postpartum care products, and connected baby gear like bassinets. Despite raising $186 million from investors such as Octopus Ventures and BlackRock, the company struggled to sustain its operations amid a tightening market. Willow, which has secured approximately $254 million in equity and debt funding, will absorb Elvie’s product lines and team, though some roles may be phased out during the transition.
Willow CEO Sarah O’Leary emphasized the strategic nature of the acquisition, noting that the deal followed months of negotiations as Elvie’s financial runway dwindled. While terms remain undisclosed, the acquisition resolves prior legal disputes between the two companies, including a patent infringement lawsuit filed by Willow against Elvie in 2022.
The challenges facing women’s health startups are multifaceted. Despite the sector’s projected $60 billion valuation this year, companies grapple with market saturation, price competition, and limited exit opportunities. Hardware-focused ventures, in particular, face hurdles in scaling profitably. O’Leary highlighted Willow’s ambition to lead consolidation efforts, positioning the company as a platform for future growth in femtech.
This acquisition underscores broader trends in the industry, where innovation—spurred by advancements in cloud technology and connected devices—has collided with economic realities. As consumer demand for women-centric health solutions grows, Willow aims to demonstrate that femtech can evolve beyond niche products into sustainable, profitable enterprises. The company plans to explore additional fundraising later this year to support its expanded vision.
