13 female-focused health startups founded by women
December 7, 2021
In 2016, the venture capital world was introduced to new terminology to describe and invest in women’s healthcare issues: femtech. Coined by Ida Tin, founder of the fertility tracking app clue, the idea was to create space for conversations around women’s bodies in boardrooms and beyond. Overall, the goal of introducing a new term was to bring attention to an industry and opportunity—addressing women’s unique health needs—that has traditionally lacked funding opportunities.
Just a handful of years ago, VC funding for women-focused health startups barely hit $100 million. The tides are slowly shifting as firms recognize the untapped potential of the femtech space and as more female founders and investors become active in the VC landscape. By 2019, the global femtech market generated $820 million and, in 2021, VC investment in the space surpassed $1 billion for the first time. PitchBook believes it’ll hit $3 billion by 2030. Despite this growth trajectory, there are still hurdles—although women make up 50% of the population, just 4% of all healthcare R&D is targeted at women’s health issues specifically.
At the helm of many of these emerging, women-centered health companies are, well, women. They’re working in the femtech space as founders and CEOs, combining business with a mission to make knowledge about women’s bodies more accessible and usable in discussions around healthcare.
Carrot partners with companies to provide fertility coverage to their employees, including fertility testing, egg and embryo freezing and IVF. The customized plans prioritize inclusivity, price transparency and healthy outcomes. The company raised $75 million through a combination of debt and Series C funding in a deal led by Tiger Global Management in August 2021—putting Carrot’s pre-money valuation at $200 million.
Gabbi is the developer of a healthcare software that accurately and inclusively predict a woman’s risk for breast cancer and equips her to take action with community support. The Gabbi Risk Assessment Model uses AI to predict a woman’s two-year risk of breast cancer and is used to create a personalized action plan. The startup raised $1 million of seed funding in a deal led by StartUp Health in April 2021.
Joylux offers a platform of high-tech devices, digital tools and products that address menopausal-related health concerns. By combining science-based products with access to menopausal education, health data and community, the startup aims to deliver better health outcomes. In April 2021, Joylux raised an undisclosed amount of venture funding in a combination of equity and convertible debt from Reform Ventures, Overton Venture Capital, Keiretsu Forum and others.
Knix is the manufacturer of natural woven, comfortable intimate apparel for women—from wireless bras to super absorbent underwear. Their product line is leak-proof and has built-in anti-odor features. The startup was acquired by TZP Group, Action Capital and model and angel investor Ashley Graham through a $43.5 million LBO in March 2021.
Lilia provides an egg-freezing concierge service intended to provide guidance and assistance for fertility and family planning. The startup’s services include the ability to pick from the top 1% of egg freezing providers and to talk to an egg-freezing expert on demand, any time. The company raised $1.4 million of seed funding in April 2020 from Panache Ventures, Hustle Fund, GarageCapital and others.
Maven digital health platform offers continuous, holistic care for fertility, pregnancy and parenting. Founded in 2014, the startup’s platform enables its customers to book appointments through a network of nurses, gynecologists, mental health specialists, physical therapists and more. Maven raised $110 million in August 2021 in a deal led by Dragoneer Investment Group and Lux Capital Management.
Medolac Laboratories provides human milk-based nutritional and therapeutic products for preterm babies. Their proprietary human milk products can be shipped and stored at room temperature for up to three years, providing access to donor milk for babies in need. Medolac Laboratories raised $25 million of Series C funding from Keen Growth Capital and others in 2017 and, given the amount of time that has passed since, may be an acquisition target.
Cora offers organic tampons and innovative period care products to improve the feminine care industry by prioritizing women’s health. The startup’s products shift the way women perceive and manage their periods, bladder leaks, post-birth recoveries and other experiences. The company raised $9.74 million of Series B1 funding from NGEN MGT II in February 2021, putting Cora’s pre-money valuation at $95 million.
Ovira is the developer of a medical device designed to provide pain relief to people with periods. The company’s device uses two compression pads—placed over nerve roots that supply sensory fiber to the uterus—sending low-level pulses that can block pain signals. Founded in 2018, the company raised $1 million of seed funding from Blackbird Ventures in February 2020.
Phia designed and manufactures sustainable menstrual cups intended to replace tampons and pads. The startup’s products are made from medical-grade silicone and have thin, triangular areas that collapse the cup into a small size that is easier to insert and remove than other cup brands. Phia is in the process of raising $400,000 of angel funds.
Ritual provides food supplements intended to offer essential nutrients to women who aren’t getting enough through their diets alone. The company’s products—including multivitamins and protein powders—are made with simple, traceable ingredients and are vegan and gluten free. Plus Capital and Echo Capital Group participated in Ritual’s Series B1 funding round in 2020, which put the startup’s post-money valuation at $125 million.
Thinx makes period-proof underwear designed to offer an eco-friendly alternative to pads and tampons. Thinx are made using quad-dry breathe technology and thin materials that resist stains and leaks, wick moisture and provide anti-bacterial support. The startup received $25 million of Series A funding from Kimberly-Clark in September 2019, putting its post-money valuation at $75 million.
Work & Mother provides a network of fully equipped lactation facilities that support working moms and make it easier for employers to comply with FLSA regulations. Work & Mother’s suites have everything needed to pump during the workday, including private rooms, hospital-grade pumps and accessories, fridges, storage, a private booking system and more. The startup raised $503,262 of convertible debt financing from Texas Halo Fund and others in August 2021.
Learn more about the space in our What is femtech? blog post
Our analysts expect the femtech industry to break new grounds
Download our Q3 2020 PitchBook Analyst Note about the rapidly growing femtech space
See how femtech company Kindbody leverages PitchBook
Read our customer story about how Kindbody uses the platform to raise capital and map the competitive landscape
Read our female founders and investors to know blog post
Check out trends in VC funding for female-founded companies in the US and Europe
Explore PitchBook's US VC Female Founders Dashboard and our European VC Female Founders Dashboard
COVID-19 had a disproportionate impact on female founders
Download our All In report to see how female founders are trying to regain their footing amid the pandemic recovery
Female founders are setting records in 2021, but that’s not the full picture
Read our news article that puts this year’s impressive stats into context
Just a handful of years ago, VC funding for women-focused health startups barely hit $100 million. The tides are slowly shifting as firms recognize the untapped potential of the femtech space and as more female founders and investors become active in the VC landscape. By 2019, the global femtech market generated $820 million and, in 2021, VC investment in the space surpassed $1 billion for the first time. PitchBook believes it’ll hit $3 billion by 2030. Despite this growth trajectory, there are still hurdles—although women make up 50% of the population, just 4% of all healthcare R&D is targeted at women’s health issues specifically.
At the helm of many of these emerging, women-centered health companies are, well, women. They’re working in the femtech space as founders and CEOs, combining business with a mission to make knowledge about women’s bodies more accessible and usable in discussions around healthcare.
What is femtech?
The femtech industry refers to a range of health software and tech-enabled products that cater to female biological needs. A subsegment of health technology, the femtech industry vertical attempts to highlight the historical and systemic exclusion of women’s health needs in the healthcare industry while creating targeted solutions for a range of those needs, including:
- Menstrual cycle tracking
- Fertility
- Pregnancy
13 women-founded health startups
Carrot Fertility
- Leadership: Asima Ahmad, MD, co-founder and chief medical officer
- Latest deal: $75M, Series C (August 2021)
- HQ: San Francisco, CA
Carrot partners with companies to provide fertility coverage to their employees, including fertility testing, egg and embryo freezing and IVF. The customized plans prioritize inclusivity, price transparency and healthy outcomes. The company raised $75 million through a combination of debt and Series C funding in a deal led by Tiger Global Management in August 2021—putting Carrot’s pre-money valuation at $200 million.
Gabbi
- Leadership: Kaitlin Christine, founder and CEO
- Latest deal: $1M, Seed (April 2021)
- HQ: Portland, OR
Gabbi is the developer of a healthcare software that accurately and inclusively predict a woman’s risk for breast cancer and equips her to take action with community support. The Gabbi Risk Assessment Model uses AI to predict a woman’s two-year risk of breast cancer and is used to create a personalized action plan. The startup raised $1 million of seed funding in a deal led by StartUp Health in April 2021.
Joylux
- Leadership: Colette Courtion, founder, president, CEO and board member
- Latest deal: Undisclosed, later-stage VC (April 2021)
- HQ: Seattle, WA
Joylux offers a platform of high-tech devices, digital tools and products that address menopausal-related health concerns. By combining science-based products with access to menopausal education, health data and community, the startup aims to deliver better health outcomes. In April 2021, Joylux raised an undisclosed amount of venture funding in a combination of equity and convertible debt from Reform Ventures, Overton Venture Capital, Keiretsu Forum and others.
Knix
- Leadership: Joanna Griffiths, founder, CEO and chairman
- Latest deal: $43.5M, buyout/LBO (March 2021)
- HQ: Toronto, Canada
Knix is the manufacturer of natural woven, comfortable intimate apparel for women—from wireless bras to super absorbent underwear. Their product line is leak-proof and has built-in anti-odor features. The startup was acquired by TZP Group, Action Capital and model and angel investor Ashley Graham through a $43.5 million LBO in March 2021.
Lilia
- Leadership: Alyssa Atkins, founder and CEO
- Latest deal: $1.4M, Seed (April 2020)
- HQ: Toronto, Canada
Lilia provides an egg-freezing concierge service intended to provide guidance and assistance for fertility and family planning. The startup’s services include the ability to pick from the top 1% of egg freezing providers and to talk to an egg-freezing expert on demand, any time. The company raised $1.4 million of seed funding in April 2020 from Panache Ventures, Hustle Fund, GarageCapital and others.
Maven
- Leadership: Katherine Ryder, founder, CEO and board member
- Latest deal: $110M, Series D (August 2021)
- HQ: New York, NY
Maven digital health platform offers continuous, holistic care for fertility, pregnancy and parenting. Founded in 2014, the startup’s platform enables its customers to book appointments through a network of nurses, gynecologists, mental health specialists, physical therapists and more. Maven raised $110 million in August 2021 in a deal led by Dragoneer Investment Group and Lux Capital Management.
Medolac Laboratories
- Leadership: Elena Medo, co-founder, CEO and president and chairman
- Latest deal: $25M, Series C (January 2017)
- HQ: Boulder City, NV
Medolac Laboratories provides human milk-based nutritional and therapeutic products for preterm babies. Their proprietary human milk products can be shipped and stored at room temperature for up to three years, providing access to donor milk for babies in need. Medolac Laboratories raised $25 million of Series C funding from Keen Growth Capital and others in 2017 and, given the amount of time that has passed since, may be an acquisition target.
Cora
- Leadership: Molly Hayward, founder, chief brand officer and board member
- Latest deal: $9.74M, Series B1 (February 2021)
- HQ: San Rafael, CA
Cora offers organic tampons and innovative period care products to improve the feminine care industry by prioritizing women’s health. The startup’s products shift the way women perceive and manage their periods, bladder leaks, post-birth recoveries and other experiences. The company raised $9.74 million of Series B1 funding from NGEN MGT II in February 2021, putting Cora’s pre-money valuation at $95 million.
Ovira
- Leadership: Alice Williams, founder and CEO
- Latest deal: $1M, Seed (February 2020)
- HQ: Melbourne, Australia
Ovira is the developer of a medical device designed to provide pain relief to people with periods. The company’s device uses two compression pads—placed over nerve roots that supply sensory fiber to the uterus—sending low-level pulses that can block pain signals. Founded in 2018, the company raised $1 million of seed funding from Blackbird Ventures in February 2020.
Phia
- Leadership: Sophia Peterson, founder
- Latest deal: $400,000, angel (undisclosed date)
- HQ: Groningen, Netherlands
Phia designed and manufactures sustainable menstrual cups intended to replace tampons and pads. The startup’s products are made from medical-grade silicone and have thin, triangular areas that collapse the cup into a small size that is easier to insert and remove than other cup brands. Phia is in the process of raising $400,000 of angel funds.
Ritual
- Founder: Katerina Schneider, co-founder, CEO and board member
- Latest deal: $12.5M, Series B1 (August 2020)
- HQ: Culver City, CA
Ritual provides food supplements intended to offer essential nutrients to women who aren’t getting enough through their diets alone. The company’s products—including multivitamins and protein powders—are made with simple, traceable ingredients and are vegan and gluten free. Plus Capital and Echo Capital Group participated in Ritual’s Series B1 funding round in 2020, which put the startup’s post-money valuation at $125 million.
Thinx
- Leadership: Radha Agrawal, co-founder and co-owner
- Latest deal: $25M, Series A (September 2019)
- HQ: New York, NY
Thinx makes period-proof underwear designed to offer an eco-friendly alternative to pads and tampons. Thinx are made using quad-dry breathe technology and thin materials that resist stains and leaks, wick moisture and provide anti-bacterial support. The startup received $25 million of Series A funding from Kimberly-Clark in September 2019, putting its post-money valuation at $75 million.
Work & Mother
- Founder: Abigail Donnell, founder, CEO and board member
- Latest deal: $503K, early-stage VC (August 2021)
- HQ: Houston, TX
Work & Mother provides a network of fully equipped lactation facilities that support working moms and make it easier for employers to comply with FLSA regulations. Work & Mother’s suites have everything needed to pump during the workday, including private rooms, hospital-grade pumps and accessories, fridges, storage, a private booking system and more. The startup raised $503,262 of convertible debt financing from Texas Halo Fund and others in August 2021.
More on femtech
Why have femtech startups traditionally lacked VC support and what’s driving growth now?Learn more about the space in our What is femtech? blog post
Our analysts expect the femtech industry to break new grounds
Download our Q3 2020 PitchBook Analyst Note about the rapidly growing femtech space
See how femtech company Kindbody leverages PitchBook
Read our customer story about how Kindbody uses the platform to raise capital and map the competitive landscape
More on female founders
In this round-up, we celebrate female entrepreneurship and innovation around the globeRead our female founders and investors to know blog post
Check out trends in VC funding for female-founded companies in the US and Europe
Explore PitchBook's US VC Female Founders Dashboard and our European VC Female Founders Dashboard
COVID-19 had a disproportionate impact on female founders
Download our All In report to see how female founders are trying to regain their footing amid the pandemic recovery
Female founders are setting records in 2021, but that’s not the full picture
Read our news article that puts this year’s impressive stats into context
Femtech is one of dozens of verticals tracked by PitchBook.
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