Flo Health, a healthcare app designed for women, has partnered with General Atlantic in a $200 million (£156 million) investment deal, propelling it to unicorn status.

Launched in 2016, the Flo platform monitors symptoms related to menstruation, conception, pregnancy and menopause, while offering health insights, expert tips and a digital community to discuss health topics.

The app has since been downloaded more than 100 million times, and as of 2024, supports nearly 70 million monthly active users. With this investment, Flo plans on expanding into new user segments, including perimenopause and menopause, and enhancing its tech-driven health insights.

“Reaching unicorn status is a significant milestone for Flo and the entire femtech industry,” said Dmitry Gurski, co-founder and CEO of Flo Health. 

“This investment from General Atlantic 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.”

While Flo Health is the latest UK tech unicorn, other British businesses have already hit this milestone within the past few months.

London based text-to-speech startup Eleven-Labs made news in January with a £63 million Series B investment. The company develops AI audio models that generate realistic, versatile and contextually aware speech, voices and sound effects across multiple languages, with plans to expand into new product development.

Another company to have made the list is Quantinuum, a quantum computing firm formed in 2021 through a merger between Cambridge Quantum Computing, a UK-based company, and Honeywell Quantum Solutions in the US. 

The company aims to use quantum physics to achieve breakthroughs in drug discovery, healthcare, materials science, cybersecurity, energy transformation, and climate change.

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Quantinuum received over £233 million in funding in January, with a valuation of £3.9 billion. The firm has since inked deals with Singapore’s National Quantum Office and Agency for Science, Technology and Research to collaborate on quantum computing use cases.

In May, London based driving software startup Wayve raised £840 million in the largest-ever venture investment for a European AI firm. Using ’embodied AI’ software, Wayve is developing technology for the next generation of self-driving vehicles that could facilitate automated vehicles learning from and interacting with a real-world environment. 

More Scottish based startups might soon be crossing the unicorn threshold, with £5 million of Scottish Government investment recently being announced to grow and nurture high-growth businesses and entrepreneurs in the region.