Women's digital health: State of play
Last updated Oct. 18, 2023
The women's digital health space has seen an influx of investor dollars following its breakout in 2021, when global VC surpassed $2 billion for the first time. While that number represents a small percentage of overall digital health investments, the vertical is set to be worth $1 trillion by 2027, per CNBC.
Why it matters: The need for better health technologies targeting issues specific to women has the industry primed for growth.
- The maternal mortality crisis for Black women and inclusive care for queer and transgender communities have also garnered attention.
Yes, but: The reversal of Roe v. Wade created a groundswell of support for women's health, but the sector has since waned. Investors have not reverted to pre-pandemic levels but remain more cautious across the vertical.
The latest: Gov. Gavin Newsom signed the country's first legislation that aims to increase diversity in venture capital by requiring firms to report the diversity breakdown of the founders they fund to California's Civil Rights Department. Less than 3% of all capital is allocated to women and Black founders in the VC industry.
Deals from the past 12 months in various women's health sectors include:
Fertility and maternal care
- Pollin Fertility, a Canadian fertility company providing patients with increased communication and access to information, raised C$20 million in funding in October.
- Leone Solutions Group, a consulting and technology firm that is developing an AI-driven tool to advance maternal healthcare, raised $3.3 million in pre-seed funding.
- Mavida Health, a Los Angeles-based maternal mental health platform, raised $1.5 million in pre-seed funding in September.
- Pumpspotting, a Kittery, Maine-based community-driven breastfeeding support platform, in September collected $2.2 million in seed funding.
- Pomelo Care, a virtual maternal and infant health medical practice, in June raised $33 million.
Reproductive and menopause care:
- Evvy, a New York City-based vaginal health startup, raised $14 million in Series A funding in September. The round was led by Left Lane Capital.
- Midi Health, a Palo Alto, Calif.-based women's midlife healthcare company, raised $25 million in Series A funding in September.
- HerMD, a Cincinnati-based women's health provider focused on menopause, raised $18 million in Series A-1 round in July.
- Herself Health, a St. Paul, Minn.-based startup that offers primary care for women aged 65 and older, collected a $26 million Series A round in July.
- Caraway, a platform offering virtual mental, reproductive and physical care to women and all members of Gen Z, raised a $16.75 million Series A in June.
General women's health care
- Diana Health, a New York City-based network of women's health practices, in October raised a $34 million Series B round led by Norwest Venture Partners.
- Miri, a San Francisco-based startup that provides users with access to health and wellness experts, secured $1.2 million in pre-seed funding in September.
- Visana Health, a Minneapolis, Minn.-based virtual women's health clinic secured $10.1 million in seed funding in August.
- Intrinsic, a women's retail health and personal care products company, in May collected $15 million.
Funding
- FemHealth Ventures, which invests in companies focused on women's health, closed a $32 million debut fund in September.
- Recharge Capital closed the first tranche of its $200 million women's health care fund in June.
Zoom in: Y Combinator, SOSV, Techstars, 500 Global and National Science Foundation are the most active investors in women's digital health startups according to PitchBook, and Boulder, Colo.-based firm Techstars has made the most investments in the last year.
