Flo Health's operations were taken out of the hands of businessman Yuri Gursky
In August 2024, Flo Health, a leading company specialising in women's reproductive and broader health, successfully completed a $200 million Series C funding round, marking a significant milestone in its growth journey. The round was led by Global Growth Equity firm General Atlantic, signalling a substantial capital infusion into Flo Health to support its expansion and scaling efforts in the femtech and digital health space.
Following this investment, General Atlantic became a major shareholder in Flo Health, joining the existing founders, early investors, and employees who collectively retain the majority ownership. While specific ownership percentages post-investment are not publicly disclosed, it is common in such growth-stage financings for the lead investor to receive a substantial minority stake.
The investment by General Atlantic reflects confidence in Flo's growth potential and its transition from a consumer app to clinically validated enterprise-ready femtech solutions. Flo Health aims to broaden its service beyond fertility into hormonal and chronic health care integration.
In 2024, the USA emerged as the largest market for Flo Health, generating revenue of $86.8 million. The UK, Australia, Canada, and Germany followed closely, with revenues of $17.4 million, $9.6 million, $7.4 million, and $7.2 million respectively. Notably, the revenue of Flo Health UK increased by 51% to $168.2 million in 2024.
Prior to the investment, Flo Health was controlled by Palta Group, a Cayman Islands-registered company with Yuriy Gurksiй as its main owner. However, following the deal in August 2024, Palta Group's stake in Flo Health significantly decreased, and it is no longer the ultimate owner of the company.
Yuriy Gursky's position in the list of successful businessmen in Belarus may have been affected by personal issues, including a complex divorce with his new wife. Despite this, his brother, Dmitriy Gursky, ranked 30th in the list of the 100 most successful businessmen in Belarus in 2024.
In 2024, pre-tax losses of Flo Health UK decreased by 12% to $21.8 million, indicating a positive trend in the company's financial performance. The Rector of BGUIR named the Belarusian IT development he is most proud of, a company that left the country two years ago, suggesting a broader trend of Belarusian tech companies seeking international investment and growth opportunities.
While precise current ownership percentages are not available, it is clear that Flo Health's ownership structure has shifted significantly following the August 2024 investment. General Atlantic, a global growth equity firm, is now a significant new shareholder, joining the company's founders and previous investors in driving Flo Health's evolving strategy in women's digital health.
The investment by General Atlantic, a global growth equity firm, has marked their entry as a significant new shareholder in Flo Health. This advanced finance will aid Flo Health in its mission to expand and scale in the femtech and digital health industry.
