Special
How to raise money for your women’s health or femtech start-up in 2024
Despite significant growth in women’s health investment, start-ups in the women’s health and femtech sectors still face substantial barriers to entry and growth.
SiS sat down with successful start-up innovator Sabrina Johnson, president and CEO of Daré Bioscience, lawyer Sophie McGrath, partner at Goodwin Law and Triin Linamagi, a leading investor and founding partner at Sie Ventures, to find out how to navigate these challenges.
The successful start-ups journey
Sabrina Johnson, president and CEO of Daré Bioscience
Q: In a nutshell, what challenge is Daré solving?
Sabrina: We focus on significant unmet needs such as hormone-free contraception, female sexual arousal disorder, and non-oral combination hormone therapy. These areas demand new solutions.
Q: What initial challenges did you face when setting up Daré?
Sabrina: Educating investors about women’s health issues and market opportunities was the biggest challenge. Initial investors believed in us as a management team, which helped establish the company.
Q: What hurdles did you face in securing investment?
Sabrina: Given the lack of historical data on women’s health investments, securing traditional venture capital was challenging. We opted for a reverse merger, providing us with US$10m to advance our portfolio.
Q: Lessons for those starting their women’s health journey?
Sabrina: Tenacity is essential. Each investor meeting is an opportunity to increase awareness about unmet needs and market potential.
Q: Is there a culture problem or biases in the investor community?
Sabrina: It’s more about a lack of awareness than bias. Educating the investment community on the social and financial returns of investing in women’s health is crucial.
Q: How important is partnering with the right people for a startup?
Sabrina: Surrounding yourself with credible advisors and aligned investors is critical. Ensuring shared vision and mutual respect with investors is essential.
Lessons from the lawyer
Sophie McGrath +44 (0) 20 7447 4821
SMcGrath@goodwinlaw.com
Sophie McGrath, partner at Goodwin Law
Q: Tell us about your background and what led you to a career in life sciences and women’s health.
Sophie: I come from a medical family and as a result was naturally inclined towards life sciences law. This field blends my legal expertise with my interest in medical advancements.
Q: Could you explain the relationship between a start-up and a law firm?
Sophie: A good start-up lawyer brings sector knowledge, pragmatism, and cost sensitivity. At Goodwin, we understand and have the capacity to support the journey from start-up to global business.
Q: What commercial challenges might an entrepreneur face, and how can a law firm help?
Sophie: Challenges include capital, people, and technology. Ensuring alignment of incentives for people and protecting technology with strong IP strategies are key. A law firm can help navigate these hurdles.
Q: When should a start-up speak to a law firm like Goodwin?
Sophie: Start-ups should speak to us early. We offer various fee structures to accommodate early-stage companies and provide valuable guidance for future growth.
Q: Hopes for commercial growth in women’s health?
Sophie: I hope the conversation about women’s health expands beyond fertility to include conditions like cardiac disease and dementia, where women are affected differently. This can shift perception from niche to critical sector.
Bringing passion to investing
Triin Linamagi, founding partner at SIE Ventures
Q: Tell us about yourself and why you got into women’s health.
Triin: My personal mission to support women’s health led me to focus on this underserved market. While there are still significant gaps in funding and research, I can see a huge commercial opportunity.
Q: How does SIE Ventures support start-ups?
Triin: We support start-ups through Catalyst Programs, Founder Community, and Syndicate Investments, providing access to capital, investor networks, and support.
Q: Common mistakes founders make when raising investment?
Triin: Mistakes include targeting the wrong investors and lacking a strong narrative and long-term vision. Understanding the venture capitalist’s mindset is crucial.
Q: Challenges for the women’s health sector?
Triin: Key challenges include access to capital, economic slowdown, insufficient R&D funding, and lack of public support. Raising capital remains imbalanced, with female-founded startups raising less on average.
Q: Importance of legal advice when raising investment or entering partnerships?
Triin: Legal advice is crucial, especially for IP-heavy businesses and large contracts. Overlooking legal advice can be costly in the long run.
Q: Hopes for women’s health over the next five years?
Triin: I hope to see more funding for women’s health companies, improving health outcomes for women and boosting economic participation. More healthcare funds focusing on women’s health and healthcare in general would be a significant advancement.
So what can we take from these interviews:
Both Sabrina (Daré) and Sophie (Goodwin) emphasise the critical role of legal advice and strategic partnerships. Sabrina highlights the importance of credible advisors and aligned investors, while Sophie underscores the value of engaging a law firm early to protect IP and align team incentives.
Understanding the investor landscape
Triin and Sabrina offer similar views on understanding the investor landscape. Triin points out the importance of targeting the right investors and building a strong narrative, while Sabrina stresses tenacity and continuous investor education.
Challenges in securing investment
All three leaders acknowledge the challenges in securing investment but offer different solutions. There are also creative approaches like reverse mergers, so long as we have the right legal advice and we know when and from whom to raise funds, there are a range of different ways to secure the investment you need.
Future of women’s health
Each leader envisions a broader recognition and investment in women’s health. Sophie hopes for a shift in perception, Triin anticipates more funding and specialised healthcare funds, and Sabrina aims to increase awareness and secure substantial investments.
Navigating the women’s health start-up landscape requires tenacity, strategic legal advice, and an understanding of the investor mindset.
Insights from Sabrina, Sophie, and Triin offer a comprehensive guide for start-ups aiming to break through barriers and achieve commercial success.
By aligning with the right partners, educating investors, and continuously innovating, women’s health and femtech start-ups can pave the way for a brighter future in women’s health.
You can meet Sabrina, Sophie and Triin at the SiS series of global summits, join the waitlist here.
Fashion, beauty and lifestyle retailers have joined the American Heart Association to raise awareness of heart disease in women.
The Go Red. Shop with Heart. campaign launched at the New York Stock Exchange on 30 January.
Retailers will ask for donations at checkout in February or donate a percentage of proceeds from selected items.
More than four in 10 women in the US have some form of cardiovascular disease, a term for heart and blood vessel conditions such as heart disease and stroke.
Heart disease and stroke kill more women in the US each year than all forms of cancer combined.
Brands taking part include Away, Commando, Lafayette 148, Michael Kors, Reebok, ShopSimon.com, Summersalt, Torrid and White & Warren.
More than 40 other nationwide retailers are also inviting customers to support the organisation this February through its Life Is Why campaign.
Nancy Brown is chief executive officer of the American Heart Association.
She said: “Nearly 1 in 3 women die from cardiovascular disease each year, yet women are still profoundly under-represented in the clinical research, science and medicine that could save their lives.
“Retailers and consumers are uniquely positioned to turn everyday moments into meaningful change through Go Red. Shop with Heart.”
According to the American Heart Association 2026 Heart Disease and Stroke Statistics Update, heart disease is the leading cause of death in the US and stroke is the number four cause of death.
The organisation projects that at least six in 10 US adults will have cardiovascular disease within the next 30 years and related costs are expected to triple.
However, approximately 80 per cent of cardiovascular disease is preventable through lifestyle changes.
Mindy Grossman is a volunteer board member at the American Heart Association and partner and vice chair of Consello.
Grossman said: “Retail has always been a powerful connector.
“Shop with Heart gives our industry a shared platform to lead with purpose and unite consumers in support of heart health.”
Milken Institute has launched the Women’s Health Network digital platform with Velir x Brooklyn Data to speed collaboration and investment across research, care and technology.
The new website creates a hub for members to share content, connect and coordinate projects, with branding and the first public Drupal build delivered by Velir x Brooklyn Data. A launch video premiered on 4 November 2025 at the inaugural steering committee and member luncheon in Washington DC, then featured at the Milken Institute Future of Health Summit.
Phase two is scheduled for February 2026, adding member log-ins for networking and content exchange. Phase three in April 2026 will add advanced collaboration tools and expanded community features.
“This launch represents the type of mission-driven, cross-sector digital work we are incredibly proud to support,” said Eliza Pare, vice-president of client services at Velir. “The Women’s Health Network is poised to transform collaboration in women’s health, and we’re honoured to help build the digital infrastructure that will make that possible.”
Chaired by former first lady Dr Jill Biden, the Women’s Health Network brings together leaders from industry, startups, investors, health systems, patient groups, academia and philanthropy. More than 100 members have joined, with a steering group that includes organisations such as the American Cancer Society, American Heart Association, Amgen, Deloitte, GE Healthcare, Merck, Microsoft, Northwell Health, Organon and others.
Innovate UK has opened the Women in Innovation Awards for 2025 to 2026, with grants of up to £75,000 for as many as 60 winners.
HealthTech winners in 2024 included a tampon that prevents bacterial infections, an AI audio device for visually impaired people, and an app for gynaecological conditions.
The awards target female founders of late-stage start-ups with a minimum viable product, early user traction or revenue, growing teams and plans to raise significant capital within 12 to 24 months.
Liz Kendall, science secretary, said: “The Women in Innovation Awards are unlocking the UK’s untapped potential within our community of women innovators; if men and women started and scaled businesses at the same rate this could be worth as much as £250 billion for the UK economy.
“This record £4.5 million investment will empower ambitious women founders to scale their businesses, drive economic growth, and inspire the next generation of innovators.”
Applicants must operate in advanced manufacturing, digital and technologies, or life sciences, three of the high growth sectors identified in the UK’s Industrial Strategy. Winners receive up to £75,000 plus training, networking and role-modelling opportunities, with tailored support also offered to highly commended applicants.
The competition opened on 26 November 2025 and closes on 4 February 2026.
Since 2016, Innovate UK has invested more than £11m in 200 women innovators through these awards, with up to 60 more to be funded this year.
Last year’s programme drew criticism after Innovate UK initially said it would fund 50 women, then announced only 25 awards at £75,000 each. Following a campaign led by Emma Jarvis, founder of Dearbump, and the ‘Let’s Fund More Women’ group of more than 400 supporters, Innovate UK reversed the decision and confirmed all 50 awards and £4m, saying it was “a mistake and we prioritised wrongly”.
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