Ground-breaking London-based femtech business Elvie, founded and led by women to create innovative technology-based solutions to women’s health needs, has bolstered its relationship with HSBC UK to support its significant international growth plans.
Elvie has secured an eight-figure funding package to continue its rapid growth in its existing product categories, support new product development using smarter technology to solve female health challenges in new areas, and continue to expand into new markets.
The funding package was arranged through HSBC UK’s new Growth Lending proposition, a £250m pot which is available to support IP-rich high-growth scale-ups. As part of the credit underwriting process for the Growth Lending initiative, applicants have to use Inngot’s online valuation tool Sollomon to identify and value their IP and intangible assets.
HSBC points out that UK scale-ups are the fastest growth area in the economy, contributing 33% of GDP, according to the ONS. Tech firms make up 30% of UK scale-ups, and the new proposition was created to help them grow.
Speaking about the Elvie partnership, James Cundy, managing director, head of mid-market corporate banking & structured finance, HSBC UK, says: “Elvie is a shining example of why we created the Growth Lending proposition – not only is it a highly successful, high growth, ambitious and promising business but it is managed by an exceptionally talented team. It makes me proud that HSBC UK is partnering with such an inspirational – and aspirational – company that is doing genuinely exciting and revolutionary work for women on a global scale.”
When the High Growth proposition launched in June 2022, HSBC made it clear that because high growth tech scale-ups generally own few tangible assets but are rich in intellectual property and intangible assets, IP evaluation would be integral to the credit assessment process.