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Elby, one of the UK’s most fett and women-led startups, was bought by a US rival who had been pursuing legal action against the “femtech” group.
The London-based group, backed by investors, including British billionaire Michael Spencer, was acquired on Friday from advance management by California-based Willow. The Elvie brand and products continue through the US Group.
The company is trapped in a lawsuit launched by Willow in 2023, claiming patent infringement for many designs.
According to those familiar with the event, FTI Consulting was appointed to oversee the Pre-C administration.
One investor said the company’s fate is a further indication of how difficult it will be to expand its promising high-tech business in the UK.
“If you have serious, incentive US supporters, you won’t be able to win in their market.
Founded in 2013 by Tania Boler, Elvie has developed leading brands of women’s technology products, including silent, wireless breast milk pumps. Women’s Health Startups are featured as examples of the success of a group backed by a VC of women in the UK.
Elvie products are available in European countries, and most recently promoted the latest app-controlled “smart” baby bouncers at the CES conference held in Las Vegas in January. Elbbi’s first product in 2015 was a pelvic floor trainer.
The startup raised $150 million by 2021 from a variety of investors, including BlackRock. Former ICAP boss and former Conservative treasurer Spencer also invested millions of pounds in startups in early funding rounds through privately invested vehicles IPGL.
However, investors told FT, which is expected to be wiped out through Prepack Administration.
FTI Consulting oversaw the management of Chiaro Technology Limited, which was traded as Elvie, and completed the sale of its business and assets to Willow.
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Sarah O’Leary continues to be Willow’s CEO, with Elby’s headquarters moving to California to join Willow. We have begun a consultation process for the redundancy caused by the administration.
O’Leary told the Financial Times: “This is an exciting opportunity to bring together two leaders in this category and allow us to better compete for the promises of what our product platform is beginning to build.”
Elby has often tried to challenge public preconceived notions, including campaigns for placing huge breasts in major London buildings and pelvic floor movements, and terrorizing public breastfeeding.
O’Leary said the transaction will expand global distribution and bring its product portfolio into “a connected, cohesive platform for women’s health.”
“We’ve been working hard to get the better of our customers,” said Karim Abdel-Ghaffar Plaza, director of Elby. “This transition marks a major change for the company, but we are pleased to continue our journey under Willow’s guidance, the much-loved Elbbi brand with iconic products and innovation.”
