Exclusive: BofA backs women's health firm Coyote Ventures' first fund
Women's health firm Coyote Ventures named Bank of America the largest institutional investor in its first fund, general partner Jessica Karr tells Axios exclusively.
Why it matters: Investors are committing more money into earlier rounds for women's health companies, spurred by the Supreme Court's reversal of Roe v. Wade and increased awareness of the funding discrepancy between men and women's health.
Driving the news: Bank of America has thus far invested roughly $300 million into 100-plus venture funds as part of its $1.25 billion racial justice and economic opportunity initiative announced last year.
Deal details: While Karr declined to disclose the amount Bank of America invested, she said Coyote Ventures is looking to collect $10 million total for its first fund.
- Coyote Ventures' portfolio currently includes period product startup Flex, breast cancer risk assessment company Gabbi and women's supplement startup Wile.
The backstory: Karr was employee number 12 at food tech darling Impossible Foods and pivoted to startup investing after seeing wide disparities in funding for companies started by women and people of color.
Context: The following women's health tech companies have raised early-round funding in recent months:
- Hey Jane, a telemedicine startup specializing in abortion pills, has raised $3.6 million to-date and told Axios in May that it's eyeing a Series A.
- Virtual reproductive and mental health startup Caraway in July raised $10.5 million in seed funding.
- Surrogacy-matching startup Nodal in September launched with $4.7 million in seed financing.
What they're saying: Although "nascent as a category," women's health is an "emerging space, similar to the way food tech was 10 years ago," says Karr.
- "Part of moving the needle on gender equality is talking about it," says Karr. "There is impact we can track in terms of numbers of discs sold or tampons reduced but at a higher level we’re talking about our periods and women needing to have orgasms."
Editors note: This story was corrected to note Hey Jane has raised $3.6 million in funding to-date and was planning a Series A as of May, not that it raised $2.2 million in Series A funds in August.