Paris-based Essence, an app which elevates the performance of female employees by optimizing their schedule according to the hormonal cycle, oversubscribed the angel round and closed it out at over €500K
The round was led by a majority of female investors, including the Berkeley SkyDeck Fund, Davidovs VC, Growing Well Partners, and prominent angels Eugenia Dunaeva, Ksenia Kapoor, Jana Gashkova, Elena Enache, Elena Zhigalina, and Konstantin Siniushin. The funds will be used to enhance the Essence App, attract new customers, and research the connection between productivity and the menstrual cycle.
A UK study found that more than two-thirds of women have bad work experiences due to periods, and over 90% of women and people with cycles suffer from cycle-related pain, which deteriorates the quality of their work life and performance. But they’re not telling anyone about it due to the stigma associated with menstruation at work and in society as a whole.
The Essence App leverages science and AI to boost the performance and well-being of women in the workforce by up to 33% by optimizing schedules, fitness routines, and diets according to each phase of the hormonal cycle. By reshaping corporate culture and offering personalized expert recommendations, Essence aims to help companies attract and retain diverse talent while fostering inclusive workplaces.
Elina Vale, Co-Founder & CEO of the Essence App, said: “Femtech is a highly undervalued and impact-oriented market and half of the world’s population are potential users, menstrual health is a missing puzzle piece in improving women’s well-being. Cycle-related symptoms are still a real struggle for hundreds of millions. The Essence App offers a valuable digital tool for companies, helping businesses adjust their work environments and provide tailored support to those who need it.”
The Essence App is on a mission to empower half of the world’s workforce by helping companies create more equitable corporate environments and provide tailored support to women and people with menstrual cycles. Their approach has garnered support from investors, especially female investors, who are passionate about inclusive healthcare solutions and joining efforts to serve working women.
Rosana Rabines, impact investor and Managing Partner of GWP Impact, a global family office, stated “We are thrilled to be working with a team who brings world-class expertise, a responsible, data-driven approach, and relentless energy to address menstrual well-being.”
Caroline Winnett, executive director at Berkeley SkyDeck mentioned: “It’s about time someone developed a technology to optimize women’s work productivity based on their cycles. SkyDeck chose Essence for our program because we knew that they were the startup that would relentlessly devote themselves to building this much-needed platform.”
Eugenia Dunaeva, angel investor and former partnerships lead at Meta and Expedia Group, sees Essence as a transformative force. “With a subscription-based B2B approach, Essence is poised to achieve an impressive ARR both in the US and EMEA, spearheading a transformative change in this space.”
Essence advisor and angel investor Ksenia Kapoor, who has more than 10 years of experience in the US employee benefits market, emphasizes the importance of creating an equitable work environment. “Today we often talk about equality for women in the workplace, but that’s not enough. The Essence App is an actionable step towards creating a support system to help women get closer to where they want to be in terms of well-being.”
Essence declares menstrual health as the new mental health in corporate settings. Similar to the prioritization of mental health, Essence envisions a parallel shift, already evident in countries like Spain and the UK, recognizing menstrual health as a crucial aspect of overall well-being.
The Essence App’s B2B subscription model sets it apart in the femtech space. Essence is currently collaborating with forward-thinking companies committed to empowering people with cycles at work. The platform aims to achieve an ARR of $1 million within the next 18 months.
Read the orginal article: https://www.eu-startups.com/2024/02/paris-based-the-essence-app-secures-over-e500k-to-tackle-menstrual-health-disparities-in-the-workplace/
