Perelel, a women’s health company, announced the acquisition of LOOM, a women’s educational health platform, on Wednesday. The terms of the deal were not disclosed. LOOM’s founder, Erica Chidi, will join Perelel as a strategic advisor.
Background on LOOM
LOOM was co-founded by Erica Chidi in 2017 as an in-person experience providing women with reproductive and sexual health education. By 2020, the platform had expanded to an online subscription-based digital platform offering courses, content, and community support to women. In 2019, LOOM raised a total of $6.5 million from investors like Slow Ventures, Founders Fund, actress Tessa Thompson, and Goop founder Gwyneth Paltrow.
"I was like the 34th Black woman to raise over a million dollars in venture capital," Chidi recalled to TechCrunch. "At the time, there was just a new interest in women’s health." She also mentioned that she didn’t expect to raise nearly $3 million in three months back in late 2019.
Perelel and Its Growth
Alex Taylor, Dr. Banafsheh Bayati, and Victoria Thain Gioia launched Perelel in 2020 with the goal of offering clinically-backed vitamins to support women’s hormonal health. The company has seen significant growth, with its product portfolio increasing by 50% year-over-year. Since its launch, Perelel has sold over 48 million capsules, with overall growth reaching more than 120% year-over-year.
However, Perelel declined to disclose revenue figures. In February, the company closed a $6 million Series A led by Unilever. Thain Gioia, who is co-CEO alongside Taylor, remembers Perelel’s pre-launch when investors were asking them about the size of the women’s health market for fertility, pregnancy, and postpartum.
"The positive of today is that, at least from the investor community, they’re actually realizing that women’s health is a huge underserved opportunity for all of us to tackle," Thain Gioia told TechCrunch.
Women’s Health Market Growth
The topic of women’s health has been in the spotlight over the past few years, particularly since the Supreme Court overturned national access to abortion in the U.S. A 2023 report by Silicon Valley Bank found that there has been a significant increase in funding for women’s health startups.
In addition, Perelel and LOOM are not the only companies in this space. Other notable companies include Clue, Maven Clinic, and Nurx.
Erica Chidi’s Future Plans
As for Erica Chidi’s future plans, she will be joining Perelel as a strategic advisor. "I’m excited to join Perelel and contribute my expertise to the company’s mission of improving women’s health," Chidi said in a statement.
Perelel’s acquisition of LOOM is expected to further strengthen the company’s position in the women’s health market. With the combined resources and expertise, Perelel is poised for continued growth and success.
Conclusion
The acquisition of LOOM by Perelel marks an exciting new chapter for both companies. As the demand for women’s health solutions continues to grow, Perelel and LOOM are well-positioned to meet this need. With Erica Chidi joining as a strategic advisor, Perelel will have access to her expertise in women’s health education and advocacy.
As the market for women’s health products and services continues to evolve, it will be interesting to see how Perelel and LOOM continue to innovate and push boundaries in this space.
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