Pererel, a women's health company, announced Wednesday that it has acquired LOOM, a women's education and health platform, for an undisclosed sum. LOOM founder Erica Chidi will join Pererel as a strategic advisor.
Chidi co-founded LOOM in 2017 as an in-person experience to provide women with educational content about reproductive and sexual health. By 2020, we expanded to an online subscription digital platform, providing courses, content, and community support to women. The company has raised a total of $6.5 million from investors including Slow Ventures and Founders Fund, as well as celebrities including actress Tessa Thompson and Goop founder Gwyneth Paltrow.
“I felt like the 34th Black woman to raise more than $1 million in venture capital,” Chidi recalled to TechCrunch, noting that in late 2019 she would raise nearly $3 million in three months. He added that he wasn't expecting it. At that moment, a new interest in women's health was born. ”
Meanwhile, Alex Taylor, Dr. Banafsheh Bayati, and Victoria Tine Gioia launched Pererel in 2020 to provide clinically-backed vitamins to support women's hormonal health. The company said its product portfolio grew 50% year-on-year, selling more than 48 million capsules since launch, and overall growth reached more than 120% year-over-year, but declined to disclose revenue. It closed a $6 million Series A led by Unilever in February.
In recent years, the topic of women's health has gained sociopolitical attention, particularly since the Supreme Court overturned national access to abortion in the United States.
Pererel Hormone Products, Provided by Pererel
Thane Gioia, co-chief executive officer with Taylor, said investors asked Pererel before it launched how big the women's health market for fertility, pregnancy and postpartum was and expected a return. I remember thinking that there was little chance. “The good thing about today is that at least the investor community is actually realizing that women's health is a huge underserved opportunity for all of us to address,” she told TechCrunch.
While these numbers certainly indicate some healthy growth, all companies in recent years (with the exception of AI) still have some kind of issue with the funding environment. Since 2018, venture capital flowing to women's healthcare companies has increased 314%, compared to a 28% increase for the healthcare sector overall, according to a 2023 report from Silicon Valley Bank. Billions of dollars are flowing into the sector: According to a study by Deloitte, 2% of healthcare venture funding went to women's health companies, reaching $41.2 billion in 2023.
So it was only natural that Pererel and LOOM's paths crossed and Chidi sat down for brunch with Taylor and Tine Gioia earlier this year to discuss the next steps for both companies. Chidi wanted to sell LOOM.
“Since we released the app in the App Store last October, I've moved forward and ideally have better clinical acumen, or better consumer acumen, to take advantage of what we've built. “I wanted to find a company that could better support women in a more 360-degree way,” Chidi said.
“This kind of intentional education and health information and content is not really put together by any other brand in this category,” says Thane Gioia. “We are excited to create something completely different from two very strong existing brands.
Pererel says the next step is to continue its “broader mission of supporting women and supporting women's health.”
LOOM has been downsizing its team over the past few months, and Chidi was the only remaining employee by the time the acquisition closed this week. She says she's not a lazy person, and in addition to serving as an advisor to Pererel, she also currently works as a consultant for other brands, including Nike. She wrote the book 10 years ago and is currently working on a commemorative edition. “I really wish I had more time to write,” she said.
This article has been updated to reflect who Chidi will be an advisor to.