Former Conservative Party treasurer Michael Spencer is reportedly leading a funding round for female health start-up Elvie.
Spencer’s private investment vehicle IPGL is backing the company with an investment worth around £20m, Sky reported this evening.
Elvie, which last year partnered with the NHS to develop a kegel exerciser product, raised $6m (£4.6m) in 2017 from supporters including Spencer and European venture capital firm Octopus Ventures.
This month it placed giant inflatable breasts on London rooftops in a marketing campaign to encourage women to feel confident breastfeeding in public.
The health company is undertaking a wider fundraising which could be finalised this week to fuel its expansion.
IPGL’s backing would be part of this.