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- Natural Cycles
Natural Cycles Funding, Investors & Competitors
Natural Cycles has raised $102M across 6 funding rounds, most recently a $3M seed round in January 2025.
Last Natural Cycles funding round
$3M
Seed · Jan 2025
Cumulative funding Natural Cycles raised
$102M
across 6 funding rounds
Key investors in Natural Cycles
Headline
Heartcore Capital
Bonnier Capital
EQT Ventures
Samsung Ventures
Point72 Ventures
Lauxera Capital Partners
TR Invest
About Natural Cycles
Natural Cycles is a Stockholm-based digital health company providing a birth control app certified by the FDA and CE-marked in Europe. Users track basal body temperature and luteinizing hormone levels daily, with the algorithm displaying a color-coded fertility calendar. Natural Cycles serves over 2 million users worldwide, offering subscription-based predictions for unprotected sex days based on individual cycle data.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Natural Cycles Funding History
Natural Cycles has raised a total of $102M across 6 funding rounds.
Natural Cycles' first fundraising round was a $2M seed round in July 2015. The most recent completed round was a $3M seed round in January 2025.
Natural Cycles funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2025 | Seed | - | $3M | Natural Cycles is a Swiss-Swedish women's health company that developed the world's first FDA- and EU-approved birth control app. The company has raised a total of $64.6 million across multiple funding rounds, including a $55 million Series C in June 2024 led by Lauxera Capital Partners with participation from Point72 Private Investments and a revolving debt facility from J.P. Morgan. Funds from the Series C supported commercial acceleration, new product development, and healthcare reimbursement automation. Previous investors include EQT Ventures, Samsung Ventures, Heartcore Capital, Headline, and Bonnier Ventures. Natural Cycles anticipates $100 million in revenue for 2025 alongside an EBITDA margin of at least 25 percent, positioning it for a new funding round ahead of a potential future IPO. The company projects profitable growth amid rising demand for hormone-free birth control options and holds regulatory approvals in the US (FDA), Europe (EU MDR), Australia (TGA), Singapore (HSA), and South Korea (MFDS). A separate source estimates annual revenue at $20 million with 102 employees and an industry-based valuation of $64 million. |
| May 2024 | Series C | Lauxera Capital Partners (lead); Point72 Ventures; Heartcore Capital; Samsung Ventures; EQT Ventures; Bonnier Capital; Headline | $55M | Natural Cycles is a women's health company founded in 2013 by Dr. Elina Berglund Scherwitzl and Dr. Raoul Scherwitzl, known for developing the world's first birth control app certified as hormone-free contraception by regulators including the FDA. The app offers modes for birth control, pregnancy planning, pregnancy tracking, and postpartum support, positioning it as a unique clinically and regulatorily validated alternative to hormonal methods. On May 29, 2024, it closed a Series C financing round of $55 million in equity led by Lauxera Capital Partners, with participation from Point72 Private Investments, alongside a $48 million revolving debt facility from J.P. Morgan. Existing investors include EQT Ventures, Samsung Ventures, Heartcore Capital, Headline, and Bonnier Ventures. The funds are earmarked for commercial acceleration, new product development, and automating healthcare reimbursement processes to enhance accessibility of hormone-free options. Company leadership highlighted profitable growth over recent years amid rising demand for non-hormonal birth control, with CEO Dr. Raoul Scherwitzl noting the round brings growth equity investors with IPO experience, positioning Natural Cycles strongly for potential acquisitions of complementary technologies. Samuel Levy, founding partner of Lauxera, praised the company's unique moats and joined its board as part of the investment. Natural Cycles operates in the femtech space, standing out with regulatory clearances from bodies like FDA, TÜV SÜD, Health Canada, TGA, HSA, and MFDS, enabling it to fill gaps in women's health through science-backed digital solutions. |
| Feb 2023 | Series A | Samsung Ventures (lead); Heartcore Capital; EQT Ventures; Bonnier Capital; Headline | $7M | Natural Cycles is a women’s health company offering the world’s first FDA-cleared birth control app that uses basal body temperature and other fertility indicators via an algorithm to determine fertile and non-fertile days for natural pregnancy planning or prevention. The app integrates with wearables like Oura Ring and is expanding compatibility with devices such as Apple Watch and Samsung Galaxy Watch. On February 14, 2023, Natural Cycles raised $7 million in a strategic investment round led by Samsung Ventures, with participation from existing investors Heartcore Capital, Headline, Bonnier Ventures, and EQT Ventures. The funding supports AI/ML efforts, hardware development, and launch of new Bluetooth thermometers: NC° Thermometer Gen2 for users outside the US and Gen3 for US users. Samsung's involvement advances cycle tracking on the Galaxy Watch5 series. The company achieved profitability in 2022 through strong sales and financial management, with January 2023 marking its best month for new user additions. Natural Cycles plans to intensify hardware and wearables integration while maintaining its focus on hormone-free birth control options. |
| Nov 2017 | Series B | EQT Ventures (lead); Heartcore Capital; Bonnier Capital; Headline | $30M | Natural Cycles is a Stockholm-based femtech company founded in 2013 by Dr. Raoul Scherwitzl and Dr. Elina Berglund, offering an EU-certified app for fertility tracking and digital contraception. Users input basal body temperature daily, feeding an algorithm that determines fertile windows for contraception or conception. By November 2017, it had over 500,000 users across 161 countries, with strong growth in Sweden, the UK, and the US. On November 9, 2017, Natural Cycles raised a $30 million Series B round led by EQT Ventures, with participation from prior investors Bonnier Growth Media, Sunstone Capital, and e.ventures. This followed a $5.9-$6 million Series A in June 2016, bringing total funding to $37.5 million. Note some sources report the amount as €25 million equivalent. Investors included Bonnier Capital as referenced, aligning with Bonnier Growth Media. Proceeds funded clinical research, product development, international expansion, and team growth from 40 to 100-120 staff, hiring physicists, AI experts from CERN, and medical advisors like Dr. Simon P. Rowland. The company aimed to advance women's preventive health, publish more studies on efficacy, acceptability, and fertility factors. Natural Cycles positioned itself as a category creator in digital contraception, demonstrating efficacy through prior studies amid competition in femtech. EQT Ventures highlighted the investment as part of its early portfolio successes, with Natural Cycles later showing employee growth to 106 staff. |
| Jun 2016 | Series A | Bonnier Capital (lead); Heartcore Capital; Innuvik Ventures; Headline | $6M | Natural Cycles is a Sweden-based fertility tracking app developer that created a clinically tested app as effective as the contraceptive pill for preventing pregnancies. In June 2016, the company raised SEK50m ($5.9m-$6M) in a Series A round led by Bonnier Media Growth, with participation from existing investors Sunstone Capital and E.ventures. The funds supported additional clinical testing, team expansion from 12 members, and international growth focused on the US market. |
| Jul 2015 | Seed | TR Invest; Heartcore Capital; Headline | $2M | - |
Who has invested in Natural Cycles?
9 investors have backed Natural Cycles across its funding rounds, including Headline, Heartcore Capital, Bonnier Capital, EQT Ventures, Samsung Ventures and Point72 Ventures.
Lead investors include Lauxera Capital Partners, Samsung Ventures, EQT Ventures and Bonnier Capital.
Natural Cycles Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Participant | Jul 2015 | ||
| 5 | Participant | Jul 2015 | ||
| 4 | Lead | Jun 2016 | ||
| 3 | Lead | Nov 2017 | ||
| 2 | Lead | Feb 2023 | ||
| 1 | Participant | Jul 2015 | ||
| 1 | Participant | May 2024 | ||
This data is available for Pro users. Sign up to see all 9 Natural Cycles investors. Start Free Trial | ||||
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Start Free TrialNatural Cycles Competitors
Natural Cycles competitors include listed companies like Compass Pathways and Alignment Healthcare, and private ones like Midi Health, Curio, Avana Health and Marani.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $150M | - | $1B | 6.7x | ||
| Private | $3M | - | $43M | 14.3x | ||
| Private | - | - | $29M | - | ||
| Private | - | - | $27M | - | ||
| Publicly listed | - | ($293M) | $2.1B | - | ||
| Publicly listed | $3.9B | $45M | $1.8B | 0.3x |
Natural Cycles Public Comps
Natural Cycles is still privately-owned, but its public comps include Compass Pathways, Alignment Healthcare, Helus Pharma, Sphere, Nyxoah, Oneview Healthcare, Kooth, Saluda Medical, DarioHealth and Welby.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($293M) | - | - | (5.8x) | (8.4x) | |||
| $3.9B | $45M | 0.4x | 0.3x | 31.6x | 10.0x | |||
| - | ($153M) | - | - | (5.4x) | (4.8x) | |||
| $70M | $6M | 14.3x | 6.9x | 156.3x | 103.0x | |||
| $12M | ($97M) | 9.5x | 3.2x | (1.1x) | (1.4x) | |||
| $14M | ($12M) | 7.1x | 7.1x | (8.2x) | (11.3x) | |||
| $85M | $13M | 0.7x | 0.7x | 4.6x | 4.3x | |||
| $70M | ($144M) | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Natural Cycles competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Natural Cycles
| When was Natural Cycles founded? | Natural Cycles was founded in 2013. |
| Where is Natural Cycles headquartered? | Natural Cycles is headquartered in Stockholm, Sweden. |
| Is Natural Cycles publicly listed? | No, Natural Cycles is a private, VC-backed company. |
| How much funding has Natural Cycles raised? | Natural Cycles has raised $102M across 6 funding rounds. |
| What was Natural Cycles' last funding round? | Natural Cycles' last funding round was a $3M seed round in January 2025. |
| Who are Natural Cycles' investors? | Natural Cycles' investors include Heartcore Capital, Headline, Bonnier Capital, EQT Ventures, Samsung Ventures, TR Invest, Point72 Ventures, Lauxera Capital Partners and Innuvik Ventures. |
| Which companies are comparable to Natural Cycles? | Companies comparable to Natural Cycles include Midi Health, Curio, Avana Health, Marani, Compass Pathways and Alignment Healthcare. |
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