FemTech Market & Funds Overview

Hey all!

While researching and learning about the FemTech industry, I've come across fascinating market insights that I'm excited to share with you.

In this article, we'll delve into the world of FemTech funds, uncovering their mission, profound impact on women's health, and the trailblazing startups and visionary founders at the forefront of driving positive change.

Femtech Market Landscape Overview

Let's start with a quick overview. FemTech, once overlooked and underserved, is now a rapidly growing market that addresses women's specific healthcare needs. Historically, women's health concerns were often considered niche (a "niche" of 51% of the population ??) or taboo, resulting in limited research, funding, and innovation.

However, times are changing. Factors such as heightened awareness, technological advancements, increased representation of women in venture capital, and rising demand for personalized healthcare solutions have driven the FemTech market forward.

According to McKinsey's report (data from 2021), FemTech is estimated to have a current market size ranging from $500 million to $1 billion, with forecasts indicating opportunities for double-digit revenue growth. Funding for FemTech companies has reached $2.5 billion, reflecting the growing interest and investment in this sector.

What I find passionating about FemTech is that it is not just about addressing specific conditions; it is also challenging stigmatized topics and delivering culturally sensitive and tailored care for diverse populations.

Also, FemTech is driven by female entrepreneurs, with more than 70 percent of FemTech companies having at least one female founder. This inclusive approach brings a user-centric approach and a fresh perspective on women's healthcare needs.

It's an exciting time for the FemTech market as it continues to gain traction, paving the way for improved women's healthcare outcomes and positive social changes.

Now yes, let's dive into the world of FemTech VCs and explore some of the most important funds.

Rhia Ventures

Rhia Ventures is a women-led venture capital firm that focuses on investing in early-stage high-impact startups in the sexual, reproductive, and maternal health market. They go beyond traditional investing by considering themselves impact investors, which means that their goal is not only financial returns, but also making a social impact and empowering talented entrepreneurs.

Erika Seth Davies , the CEO, and founder of Rhia Ventures, brings over 20 years of experience in development and fundraising, program design, collaboration and partnership management, and racial equity advocacy.

According to Unicorn Nest, their average round size is $6M, and they have an average of 2.6 rounds per year. Let's review some of their portfolio companies:

• Bloomlife Inc , founded by Eric Dy and Julien Penders , is developing the first at-home, AI-enabled pregnancy wearable, empowering women with more information about their pregnancies to seek care when they need it.
• Contraline founded by Kevin Eisenfrats , is (finally!) innovating in the male contraception market. They are building ADAM, which is basically like the IUD, for men.
• Cayaba Care ?provides comprehensive and holistic maternity services to underserved communities. The founders are Olan Soremekun , and Mary E. Fleming, MD, MPH, FACOG ,
• Mae , founded by the inspiring Maya Hardigan , offers pregnancy and postpartum support, tailored to the needs of Black women.

Amboy Street Ventures

Amboy Street Ventures fund is focused on Sexual Health & Women’s Health Technology startups. They invest in Seed and Series A rounds in startups in America and Europe. They support their startups with not just the funds, but also marketing, sales, product development, and scientific innovation.

Carli Sapir is a Founding Partner of and leads the Investment Team. She is also the Founder of the Female Founded Club (FFC), a global platform that introduces VC investors to high-quality female-founded startups.

Their average round size, according to Unicorn Nest, is $4M. They invested in some of the most trending Women Health startups like:

• Hey Jane , this groundbreaking virtual clinic offers safe and private abortion care from home. The company, co-founded by Kiki Freedman , is able to prescribe?abortion pills, deliver them fast and discreetly, and provide ongoing medical and emotional support to patients.
• Evvy , founded by Priyanka Jain and Laine Bruzek claims that "the female body shouldn't be a medical mystery". Their platform is the first vaginal healthcare service to bring together microbiome testing, precision clinical care, and 1:1 coaching, to give women and people with vaginas the care they deserve.
• Gennev , founded by Jill Angelo offers virtual care for women in menopause, helping with sleep, mental health, vaginal changes, body changes, heart and temperature changes, among other symptoms.
• HerMD is an in-person and virtual care for sexual health, menopause, gynecology, medical aesthetics, and more. Their founder is Sunbal (Somi) Javaid .

SteelSky Ventures

SteelSky Ventures is a venture capital firm that is dedicated to investing in companies that enhance access, care, and outcomes in women's health. They firmly believe that women's healthcare presents a global market opportunity that is still in its early stages, with enormous potential for exponential growth driven by technological advancements and innovative business models.

The fund, founded by Maria D. Toler , has $73 million in assets under management, and a diverse portfolio of 15+ companies. Some of them are:

• Origin offers virtual or in-person physical therapy for the pelvic floor and whole body, treating?commonly overlooked health issues related to pregnancy, postpartum,?menopause, and sexual health.?It was co-founded by Carine Carmy , Nona Farahnik Yadegar , and David Yadegar .
• Bend Health (also one of our awesome clients at Light-it )?is a national provider of pediatric mental health for kids, teens, and families. It was founded by husband and wife Monika Roots, MD, FAPA , and Kurt Roots . Both have deep experience in healthcare—Kurt in data science and Monika in practice as a child and adolescent psychiatrist.
• Twentyeight Health is a women's health platform focused on increasing reproductive & sexual health care access to underserved communities. It offers insurance coverage, or affordable out-of-pocket. It was founded by Amy Fan , from Canada, and Bruno Van Tuykom , from Belgium.
• Midi Health is a virtual care clinic for women 40+, created by specialists in perimenopause, menopause, and more. Their customized care plans can include prescriptions of hormonal and non-hormonal medications, lifestyle coaching and wellness therapies, supplements and botanicals, and specialized care paths for cancer survivors and those at risk. It was founded by Sharon Meers and Joanna Strober .

Avestria Ventures

Avestria, founded by Linda Greub, CFA, MBA , is a venture capital firm that specializes in investing in women's health and female-led life science ventures. What stands out about Avestria is its inclusive approach to defining women's health. They recognize that women's health encompasses not only conditions that exclusively affect women (such as menopause) but also those that impact women differently (such as cardiovascular disease) or disproportionately (such as Alzheimer's).

Their investment strategy is grounded in the understanding that women play a significant role in healthcare decision-making, representing 80% of household healthcare decisions and comprising 80% of the healthcare workforce. Avestria believes that with their unique perspectives and insights, female entrepreneurs are well-positioned to identify and effectively address the industry's unmet needs.

Their average round size, according to Unicorn Nest, is $9M, and they invest in early-stage companies such as:

• Alydia Health (exited), built Jada System, a non-invasive, FDA-approved medical device designed to reduce healthcare costs and eradicate maternal death caused by postpartum hemorrhage. It was co-founded by Jessie Becker Alexander .
• Curio Digital Therapeutics Inc. focuses on building customized solutions for various women’s health conditions with physiological, social, and circumstantial factors built in. It was founded by Shailja Dixit and Rajneesh Tiwary .
• Madorra Inc. , co-founded by Holly Rockweiler , has developed a device that offers non-hormonal, non-invasive treatment options for women, enabling breast cancer survivors and post-menopausal women suffering from vaginal dryness to improve their sexual health and quality of life.
• AOA Dx is developing the next frontier in early-stage cancer detection through its pioneering work in glycolipids and proprietary biomarker technology. The first diagnostic test they are developing is AKRIVIS GD, a blood test to detect early-stage ovarian cancer. The founders are Oriana Papin-Zoghbi , Alexander Fisher , and Anna Milik Jeter .

Who else is investing in FemTech?

Aside from the FemTech-specific funds, the most active ones (according to Pitchbook) are:

• Y Combinator : 46 deals.
• SOSV : 29 deals.
• Techstars : 27 deals.
• 500 Global : 22 deals.
• National Science Foundation (NSF) : 21 deals.
• Alumni Ventures : 20 deals.

Are you innovating in Femtech?

Get in touch, and let's explore how Light-it can collaborate in the creation of your digital product!