Once an overlooked segment in the healthtech market, femtech is now attracting serious attention from venture capitalists, as noted by Pitchbook. A growing awareness of women’s unique healthcare needs has driven consumer demand for related health and wellness products. The femtech market, expanding significantly in recent years, is projected to grow to $103 billion by 2030, according to Statista. With this increased visibility, more VCs are investing in femtech to capitalize on an underserved segment. Investments addressing the women’s health gap could add years to life and life to years—and potentially boost the global economy by $1 trillion annually by 2040.
There’s still so much we don’t know
Mira, a San Francisco-based hormonal health company offering integrative care and hormonal testing to over 130,000 customers, is pushing the boundaries in women’s health. In 2023, they were recognized by Inc. 5000 as America’s fastest-growing femtech company, and in 2024, one of the Most Innovative Companies by Fast Company.
Mira’s breakthrough was inventing the only FDA-compliant at-home fertility monitor with quantitative technology. Since 2015, Mira has been on a mission to provide data-driven hormonal health solutions, empowering women to make informed decisions throughout all stages of life—from the menstrual stage to menopause.
Sylvia Kang, Founder & CEO at Mira, says, “I’m really excited about where Mira is headed. We have some ambitious plans in the works, and it’s not just about fertility anymore. Soon, Mira’s testing capabilities will go beyond sex hormones. Users will be able to track things like cortisol for stress, testosterone, ketones, and much more—all from home with the same device.”
Kang mentions that Mira is focused on closing the research gap in women’s reproductive health, an area where there is still so much we don’t know. They’re partnering with fertility experts, OB-GYNs, and scientists to gather meaningful data from real users. This research has the potential to shape the future of healthcare for women and people with ovaries. Additionally, they are exploring the possibility of expanding into men’s hormonal health, which presents an exciting avenue for further innovation.
A lot of issues in women’s health that need to be solved
Some funds focus specifically on women’s health, like Foreground Capital. The founding team of Elizabeth Bailey, Stasia Obremskey and Alice Zheng is building on its track record and continued management of RH Capital’s Fund I & II to bring a new level of innovation, equity and impact to the sector. Alice Zheng mentions, “And through those two funds, we have about $43 million under management and have made 22 investments with women’s health.”
Foreground Capital seeks companies that drive significant changes in care standards or make healthcare more accessible, especially for underserved communities. In its previous fund, Foreground Capital focused on female-specific conditions. Now, they’re expanding to invest in areas affecting women differently and disproportionately. Alice Zheng explains, “Women’s health is broad. Some issues need new science, so we’re looking at innovations in diagnostics, therapeutics, and devices. Other challenges involve access to care, so we’re exploring telehealth and even consumer health solutions.”
Bringing care closer to home
Laura Mason, Growth Investor at Composition Capital shares what excites their fund the most and the upcoming trends in women’s health that she expects to see in the near future. “We are very excited about solutions that can bring care closer to home, and I think women’s health is a really good example of that for a number of reasons.”
Laura explains that there is a supply-and-demand mismatch between the number of providers—such as OBs, endocrinologists, etc.—available to treat patients, and the actual market size, which is imbalanced. As a result, it puts more pressure on women to understand what they need to do. Examples include managing menopause and fertility issues. She adds, “The market is really growing, and as a growth investor, that’s something we’re always looking for.” She also notes that solutions to these challenges require a lot of real-time data. Continuous data collection is essential for tracking and making better decisions. “Personalized medicine and chatbots are two tools that could help address this gap,” she adds.
Searching For Answers
Tara Viswanathan, CEO & Founder of Rupa Health, a California-based company that helps healthcare providers and patients order and manage lab tests, observes, “About 80% of our patients are women. No surprise. And I think it’s because they’re not getting answers.” She emphasizes that women’s bodies are complex and require focused research.
Dorothy Kilroy, CCO at Oura, adds, “Women are actively seeking answers—they’re combing Reddit threads and online forums. When Oura first launched, most users were men. But as we developed more features, we saw a surge in female users, especially women under 25. This generation will grow up with valuable data about their bodies.I just think that’s cool.”
Next Steps
Recognizing progress is part of the journey. Alice Zheng of Foreground Capital notes, “Compared to five years ago, we’re in a better place. There were only a few dedicated women’s health funds then, today, there are half a dozen or more, mostly in the U.S. and a few in Europe.”
Despite this progress, there’s still a long way to go. The hope is for women’s health to become mainstream, with both men and women investing in the field.
Meaningful change requires a healthcare system that focuses on understanding underlying causes, not just treating symptoms. Sylvia Kang adds, “For issues like menopause or unexplained infertility, we often don’t have answers. But we know lifestyle factors like sleep, diet, and exercise significantly impact experiences like menopause. Based on our research, we can now give users personalized recommendations.”
Research and education play a vital role in women’s health innovation. Advancements require rigorous data analysis, and there’s a wealth of data yet to be explored.
