Clue, the global period tracker and fertility app, has closed a $20 million Series B funding round led by venture capital firm Nokia Growth Partners (NGP). Existing investors Union Square Ventures (USV), Mosaic Ventures, Brigitte Mohn and Christophe Maire, as well as new investors Giving Wings and Fabrice Grinda, also participated in the round.
The new funds will be used to continue developing the Clue app and provide its user base of more than five million women with smarter and deeper insights into their menstrual health. The investment will also be used to expand the Berlin-based team and accelerate growth in the US, Clue’s primary market, where more than one million of its users live.
With the support of NGP’s global network, the funding will also help develop Clue’s presence in other markets around the world. The latest fundraising round takes the total investment into the company, which launched in 2013, up to $30 million.
Ida Tin, CEO and co-founder of Clue, said:
“I feel as strongly as ever that Clue’s mission is to keep female health and its advancement at the top of the global agenda and I am thrilled to partner with a prestigious circle of investors who share our vision.
“Healthcare is already going digital, just look at the 60% of smartphone users in the US using their devices to manage health. Female health is also driving this. And when you consider that more than half of the world’s population is female, you realise how enormous the market potential and opportunity for Femtech companies is to truly make an impact.”
Clue applies machine learning to data relating to the female cycle, providing users with an accurate way to predict their periods, fertile windows and premenstrual syndrome (PMS), informing them when they are the most or least likely to get pregnant.
The Clue app is available on both Google Play and the App Store. Learn more about the company by visiting its website here.