Women-only social media startup buys SG femtech firm

Eve World, a Singapore-based social platform for women, has acquired femtech firm Femcy for an undisclosed sum.

Following the acquisition, Femcy founder Nandhini Gopal will join the Eve World team and spearhead the health and hygiene section of the upcoming platform.

Photo credit: Eve World

Femcy, which offers personalized menstrual wellness solutions, will continue to operate as a stand-alone brand, but it will be fully integrated into Eve World following the beta launch of the latter’s platform.

Founded in 2019, Femcy offers a digital solutions platform for Asian women to improve their menstrual health.

“The marketing power, intellect, and outreach of Eve World will help reach the Femcy offering to a larger discerning audience base, for whom menstrual issues are often treated by self-experimentation, inherited knowledge, and unverified tips from their support network,” Gopal said in a statement.

Meanwhile, Eve World was founded earlier this year, and it aspires to be a safe space where women can freely express themselves. The platform, which is scheduled for a public launch by the end of the first quarter of 2022, will feature multi-format content and communities around women-centric issues, along with elements like social commerce, ecommerce, and brand stores. The app will be accessible from anywhere in the world.

The platform will also have a layer of Web 3.0, allowing users to earn rewards from content creation, engagement, and curation, among other activities. These rewards will be available in the form of virtual tokens that can be used for purchasing in-app services and items. The company is also considering a feature that would let users exchange their tokens for real cash.

While this feature will be available upon the platform’s launch, the company told Tech in Asia that it has not yet finalized the blockchain technology it will use. It has also not yet decided on whether it will use a crypto token due to uncertainties around cryptocurrencies and government policies.

This is a similar model used by Philippine social media platform Lyka, which rewards users with GEMS (gift cards in electronic mode) that can be used to buy real-life goods and services – ranging from basic needs to luxury automobiles – within the Lyka ecosystem.

See also: How social media app Lyka took the Philippines by storm

For privacy, Eve World says that it will have a safe onboarding process, including two-factor authentication and facial recognition.

The Eve World platform is currently in its alpha stage, and it is being tested with a few thousand users, the company’s co-founder and CEO Tarun Katial told Tech in Asia.

Katial comes with two decades of experience in the Indian media industry. He previously served as CEO of Zee5, an over-the-top platform. His former Zee5 colleagues Aparna Acharekar and Rajneel Kumar are also co-founders of Eve World.