„Success is the sum of your attempts“, Dmitry Gurski, the founder of Flo Health, once said. This quote, which might just sound like a motivational saying on a calendar, is actually backed by Gurski's own experience. The period-tracking app from the British start-up is already the third attempt by the entrepreneur and his twin brother Yuri to create such an application.

Their efforts have now set new standards. Launched in 2016, the app, which assists women with cycle tracking and pregnancy planning, has become the most downloaded women’s health app globally according to Sensor Tower. Flo Health has also achieved unicorn status, becoming the first in its category to do so. Following a Series-C funding round with over 200 million dollar invested by General Atlantic, Flo Health’s valuation has surpassed 1 billion dollars. „Although we do not have concrete plans for an IPO at this moment, this funding expands our scope for future opportunities“, Gurski told Börsen-Zeitung.

Flo generates revenue through premium subscriptions offering additional features and content beyond the free version. In 2023, revenue increased by 40% to over 140 million dollars, and profitability was reached in Q4, though details were not provided.

Gurski and his brother's persistence in the women's health sector stems from the market’s previous underrepresentation. „We saw a need for a more comprehensive product that goes beyond basic period tracking functions“, the founder told Unicorns Lithuania a year ago. Unicorns Lithuania is a start-up association in Lithuania, where many tech companies are now based, and where Flo Health operates its largest office. The entrepreneur, who also co-founded a book publishing company with his brother, attributes his perseverance to his university years when he worked full-time alongside his studies. His degree in pharmacy from Belarusian State University also contributed to his „scientific mindset“.

However, Flo did not enter an entirely uncompetitive market. By 2016, Clue, another period-tracking app, had been around for three years. Clue’s co-founder, Ida Tin, is credited with coining the term „Femtech“, referring to technologies that support women's health. In recent years, interest from venture capital investors in such technologies has generally increased, leading to a rise in the number of providers. In addition to Flo and Clue, app providers now include Ovy from Hamburg and MyNFP from Tübingen.

From Gurski’s perspective, there is still significant room for growth in Femtech investments. „We firmly believe that women’s health has been overlooked, undervalued, and underfunded for far too long“, he says. To this day, Femtech companies receive only 3% of the total capital invested in digital health firms.

Just as the CEO has persistently pursued his goal of launching a Femtech start-up, he remains committed to the project. „My focus remains 100% on Flo Health and on implementing the next growth phase of the company“, he replies when asked if he is considering starting another venture.

The fact that the first app-based Femtech unicorn was started by two men has reignited the long-standing debate about gender equity in the start-up scene, via LinkedIn. „If this doesn’t show what’s wrong in the ecosystem, then I don’t know what does“, wrote Anna-Sophie Hartvigsen from the Danish financial education platform Female Invest. The venture capital industry is globally known for being heavily male-dominated, with female founders historically receiving only a fraction of the invested capital. On the other hand, Kinga Stanisławska, co-founder of the initiative „European Women in VC“ and a board member of the European Innovation Council, welcomed the fact that funding has now brought women’s health back into the spotlight for investors.

Gurski is aware of the gender gap in the start-up world. He describes the situation as „sad“ and notes that change is happening „incredibly slowly“. For his product, he relies primarily on feedback from female users, with whom he speaks daily, as he mentioned in an interview with the online magazine „EU-Startups.“