Reproductive health company Clue – known for its pioneering cycle tracking app – is adding €7M in funding to support further growth and product developement. The company had raised €16M to support the roll-out of Clue Birth Control, its FDA-cleared digital contraceptive back in December 2021, and has since also launched a fertility focused product, Clue Conceive. More recently in January 2023 the company reportedly laid off 31 employees reducing its workforce by 25%.
This latest funding round is led by existing investors, Balderton Capital and Union Square Ventures. The new funds will be used to scale Clue’s digital family planning offering, expand the product portfolio to other underserved life stages like menopause, and continue research efforts to close the gender data gap. Clue is also announcing the launch of its first-ever community investment round. Founded in 2012, Clue had raised €43.8M prior to this round, bringing its total funding to €50.8M.
Today – according to data shared by the company – 11 million people in 190 countries rely on the Clue app every month, to better understand their own menstrual cycle patterns and learn about their reproductive health. While basic period tracking features are available for free, the premium subscription called “Clue Plus” offers subscribers additional evidence-based features and advanced insights. Subscribers also have access to modes like Clue Conceive, the CE-marked Clue feature to accompany users on their conception journey.
Clue co-CEO Audrey Tsang shares: “So many of us still end up hacking our own solutions to health needs. Despite making up half the world’s population, the most common female health conditions still go unrecognized, under-researched, and underserved. We constantly hear from our community that they feel their experiences are unheard or dismissed – except in Clue. We created Clue because health empowerment starts with better understanding your body. Having the language, and data, to describe your experience and advocate for yourself has a profound impact. The fact that it still takes an average of seven years to get an endometriosis diagnosis is just one example of how much work there still is to do in this space. We believe Clue is uniquely positioned to lead the change that’s needed, at scale, by leveraging our technology, deep community insights, and research to create empathetic, effective, and accessible solutions for the most frequently experienced challenges in female health.”
Clue co-CEO Carrie Walter adds: “Clue has always been supported by some of the world’s leading investors, who understand that empowering women with knowledge and data to take charge of their reproductive health is a huge opportunity. Not just an opportunity to build a strong and sustainable business, but also for overdue social change. Today, we’re taking that one step further, by being the first menstrual and reproductive health app to invite our community to invest and become co-owners. After all, Clue only exists to serve this community, and because of their trust. So we see this as an exciting chance to connect with them in another way, benefitting from the depth of their engagement and diverse perspectives. We feel it closes an important circle to give Clue users the opportunity to participate in our success, also as investors.”