Willow, a creator of wearable breast pumps, announced this week it has raised an additional $55 million in its Series C funding round.
The round was led by long-standing investors NEA, Meritech Capital Partners and Lightstone Ventures, as well as new lenders, including Perceptive Advisors.
WHAT IT DOES
To date, Willow has released three generations of its smart, in-bra breast pump. The latest iteration includes features that adjust the speed and rhythm of suction to match user preferences.
The Generation 3 also comes with an app that provides step-by-step onboarding and personalized pumping tips.
Included in the breast pumping kit are two hands-free pumps that fit into the user’s bra, two custom-fit flanges, two Flextubes that securely carry milk from breast to bag during pumping, a set of 24 bags for milk, cleaning brushes and a charger.
WHAT IT’S FOR
With the new funding, Willow says it will continue developing its breast pump technology to come out with new versions of its product.
"While parents and families navigate these unprecedented times, Willow has helped more moms than ever balance motherhood with all of their other responsibilities," said Willow CEO Laura Chambers in a statement. "Particularly because of the pandemic, moms are increasingly appreciating the freedom that comes with Willow's life-changing technology. With this new round of capital, we are excited to invest in continued product innovation and market expansion to support our growth and ultimately help moms along the way."
This funding follows a busy year for Willow. In June, the company hired Laura Chambers as its new CEO. She joined Willow after working as a manager at eBay and then Airbnb.
Also this year, Willow reported a 140% increase in revenue growth year-over-year from 2018 to 2019, supported by a 120% growth in its mom user base YoY.
The femtech market is expected to grow tremendously within the near future. In fact, Frost and Sullivan estimates a market potential of $50 billion by 2025.
With that evaluation comes a slew of competing products, including Elvie’s smart pump. The company completed a funding round worth $42 million last year to expand research and development as well as growing brand awareness in new markets.
Elsewhere in the femtech market is FitTrack, which recently launched a new smart scale designed for moms-to-be called Beebo. Hoag Memorial Hospital Presbyterian and BehaVR are also working on developing tech for mothers with their NurtureVR, a virtual reality program that supplies prenatal education, pain management, mindfulness strategies and support after giving birth.