Welcome to another deep dive into business growth lessons. In today’s episode, we break down one of the most striking stories in modern entrepreneurship—the rise and fall of Elvie, a femtech pioneer that raised $156 million and built category-defining products, only to collapse in 2025.

This isn’t just a startup failure story—it’s a masterclass in the difference between product success and business sustainability. Elvie proved there was explosive demand for premium women’s health technology, but struggled to build a model that could scale profitably.

What You’ll Learn in This Episode

• How Elvie validated demand for its first product, the Elvie Trainer, in Pilates studios instead of medical channels
• Why the Elvie Pump created an entirely new wearable breast pump category—and sold out in minutes
• The trap of chasing revenue growth without improving unit economics
• The key differences between scaling hardware vs. software businesses
• How Brexit, COVID, and complex supply chains magnified operational challenges
• Why fundraising success depends heavily on market timing, not just innovation
• The risks of international expansion for hardware brands
• How first-mover advantage fades and why operational excellence beats innovation in mature markets

Key Takeaways

1. Product-market fit ≠ business model fit – You need both to survive.
2. Hardware requires different scaling strategies than software – every sale carries costs.
3. Fundraising is cyclical – raise more than you think you need during good times.
4. Expansion multiplies complexity – don’t scale into new markets without a path to profitability.
5. Innovation gets you noticed; execution keeps you alive.

Why This Matters

Elvie’s journey shows that even with world-class products, strong demand, and massive funding, a company can fail if its business model isn’t sustainable. For entrepreneurs, this episode is packed with hard-won lessons about scaling, capital strategy, and balancing innovation with execution.

👉 If you’re building a hardware, femtech, or DTC brand, this episode will help you avoid the same pitfalls.