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Flo Health joins unicorn club after raising over USD 200 mln – Unicorns Lithuania

Flo Health, a women’s health app developer having an office in Lithuania, said on Tuesday it had raised more than 200 million US dollars (185 million euros) and reached a valuation of over 1 billion US dollars (925 million euros).

Gintare Verbickaite-Baciuliene, CEO of Unicorns Lithuania, a Lithuanian startup association, stressed that the unicorn status reached by the company was good news for Lithuania and the country’s startup ecosystem.

“We are determined to celebrate this achievement as our own and congratulate Lithuania on having helped raise the country’s fourth unicorn,” she said in a press release.

Flo Health’s office in Vilnius employs more than 230 of its almost 500-strong staff. Flo Health opened its office in Lithuania in 2020.

Verbickaite-Baciuliene noted that last year the company paid 6.56 million euros in taxes to the Lithuanian budget, while the average salary in the company exceeded 5,800 euros in the first quarter of this year.

The company, which was founded by Belarusian brothers Dmitry and Yuri Gurski, has its official headquarters in London.

Startups that reach a valuation of 1 billion US dollars at the time of a venture capital fundraising or a sale transaction are known as unicorns.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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