Flo liquidates its business in Belarus. It is valued at $800M
The company behind the app for women’s health Flo liquidates its Belarusian legal entity. This decision was made at the end of September, although there were rumors about it as early as the spring of 2022, dev.by reports.
At the beginning of March, LLC Flo Health Bel changed its owner. Instead of the American company Flo Health, Inc., which owned 100% of LLC Flo Health Bel since August 2018, the Belarusian company is now privately owned. The company itself did not comment on the information about the withdrawal from Belarus.
At the same time, in March, according to devby.io, Flo’s Belarusian employees were asked to resolve the revocation issue by March 14, as well as were disabled access to corporate resources for those still in Belarus.
On the company’s website, there was no mention of the Minsk office for a long time. Also, there are no openings in Belarus. In the last few months, Flo has been actively expanding its team in Lithuania. During June-September, the staff of the Lithuanian office doubled to 245 people.
About the company Flo
Flo Health is a company with Belarusian roots that develops a popular app in the women’s health segment. It has headquarters in London, representative offices in the Netherlands and the USA, as well as development offices in Minsk (former) and Vilnius.
At the end of 2021, its number of employees was expected to reach 400 people (nearly 200 in Minsk). In the fall of 2021, Flo closed a Series B investment round. The total amount of the investment was $50 million, the company’s valuation reached $800 million, therefore Flo was about to become the next unicorn with Belarusian roots after PandaDoc.
The Flo app has been the most popular app in the App Store in the Health&Fitness category for the past three years. According to the company, the app already has more than 250 million unique users worldwide.
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