The Craftory’s Valerie Evans on the rise of women’s health consumer goods companies

For decades, issues around women’s health and personal care have been surrounded by stigma and misinformation. Thankfully, if we look at consumer goods companies in the fertility, menopause or wellness space, things are changing.

One person who knows this too well is Valerie Evans, investor at the global investment house The Craftory. Here, she shares with us what excites her in this sector and what she would want more founders to know.

Valerie, we know how passionate you are about consumer goods companies. Could you tell us what specific areas attract you as an investor?

At The Craftory, we invest in fast-moving consumer goods. We look at anything in the consumer goods space and we’re especially interested in women’s health.

We tend to look at [businesses in] period care, menopause care, prenatal, as well as anything that impacts chronic conditions like endometriosis and PCOS.

What do you look for in a start-up?

We usually invest in companies that are generating around US$15m run rate. However, aside from revenue, we are also looking at how that revenue is being generated. Is it from multiple products? Is it from one product? What does your growth look like? How sustainable is the margin profit?

Then it’s very important for us to make sure the product actually works the way it’s being claimed to work. This means making sure that the product is based in science, that there’s research that goes into the product development process and that there is an understanding around how new product development is conducted.

Then more broadly, we look at the market size and potential market size based on consumer behaviours.

Are there any femtech trends or companies that have caught your eye?

We’ve just invested in Needed, a science-backed perinatal nutrition company, which uses nutrition to improve perinatal outcomes. They’ve also created Needed Labs, which is focused on developing new data through research and clinical insights. Given the lack of representation of women in clinical research, we are bullish about the focus to advance women’s health.

We are optimistic about the number of companies focusing on treating different areas of women’s health, such as overlooked chronic conditions, improving testing for women, and creating products specifically for women, rather than backfitting default-male oriented products for women.

Thiya, a company focused on improving cervical cancer screening services, has created an at-home smear test, allowing women to access vital testing more easily and comfortably.

When products default to the male body, it can be difficult to find products that are more suitable for women’s bodies. There are a couple brands making advances in this space, including Oya Femtech, an apparel brand focused on better vaginal health.

Clothing brands, especially in the sports world, have historically been created for men which means women don’t have access to products designed solely for them; that’s exactly what Oya is trying to change.

Ida Sports and Hilma Running Shoes are additional examples of making sporting goods for women’s bodies to not only fit better but reduce injuries women face from products ill-suited for their bodies.

You invest in a lot of women-led companies. Have you got any tips for female founders in the consumer goods space looking to secure investment?

I would say, first, research the investor fully before having a conversation – there are many messages that are very unrelated to what we are doing. The more homework you do on an investor, the better you know the potential fit.

Secondly, have a data room ready to go. It makes it a lot easier to have a conversation and you’ll get answers a lot faster from investors if you have some of these key metrics already put together at the stage in which we operate.

Lastly, figure out a way to connect with the investor. While investors may not be able to connect with some women’s health issues directly, it is a priority for many.

Effectively communicating the issue your company is solving matters a great deal for investors to see the growth and market potential. It’s very much about making sure you’re resonating with the investors whenever you’re pitching them.

Valerie Evans is an investor at the global investment house The Craftory. Valerie joined The Craftory after completing her MBA at INSEAD, where she also spent time working with a variety of impact-focused funds and female-founder focused funds in Europe. She has helped funds analyse potential femtech investments and is now spearheading the women’s health focus at The Craftory. At The Craftory, she sits on the investment team where she focuses on finding brands seeking to change the impact on people, planet, or society in the consumer landscape.