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Exclusive: Elektra Health seeded $3M for virtual menopause care

Feb 21, 2024
Illustration of a middle aged women working on a laptop and sitting on a giant health plus.

Illustration: Aïda Amer/Axios

Telehealth menopause care provider Elektra Health collected $3.3 million in seed extension funding, COO Jannine Versi tells Axios exclusively.

Why it matters: Rising awareness of how menopause impacts overall women's health — combined with new science and federal programs — has drawn attention to a previously neglected health arena.

Details: UPMC Enterprises led the round, which brings total seed funding to $7.6 million.

  • New investor Wavemaker 360 and prior backers Flare Capital Partners and Seven Seven Six Fund joined.
  • UPMC's Kathryn Heffernan and Wavemaker's Monica Jain join Elektra's board of directors.
  • Funds will fuel hiring additional members of Elektra's executive team and expanding the company's clinical footprint.

What's next: Versi foresees Elektra potentially raising again sometime early next year.

How it works: The New York City-based company combines telehealth and coaching with educational resources and private peer support.

  • Board-certified clinicians conduct labs and write prescriptions, while a private member platform offers a place for discussions and virtual events with speakers.
  • Elektra partners with payers and health care systems including Mass General Brigham Health Plan and EmblemHealth.

The big picture: Few OB-GYN residency programs offer menopause training, despite evidence showing a strong link between this stage of life and the risk and prevalence of chronic illnesses including heart disease and osteoporosis.

What they're saying: "Around menopause there have been several recent movements that we're hoping will yield better research and more dollars in the space, such as Jill Biden's Executive Order which specifically noted menopause — that was a big deal," says Versi.

  • "Five-to-seven [years] ago we saw a lot of interest in the fertility and maternity market and [menopause care] seems like the natural extension of that in terms of reproductive journeys," says UPMC's Heffernan.

State of play: Despite tough macroeconomic conditions and an industry-wide plummet in funding for digital health, deals continue to enliven the VC-backed women's health sector.

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