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.
Former US first lady Dr Jill Biden visited Imperial College Healthcare NHS Trust and Imperial College London to explore work on women’s health and antimicrobial resistance.
The visit was hosted by professor the Lord Darzi of Denham, who chairs the Fleming Initiative and directs Imperial’s Institute of Global Health Innovation.
Dr Biden, chair of the Milken Institute’s Women’s Health Network, spoke about the impact scientists, clinicians, innovators and investors can have on improving women’s healthcare.
Dr Biden stressed the importance of “collaboration, prevention and education” in improving women’s health globally.
At the museum, Dr Biden and Esther Krofah, executive vice-president of health at the Milken Institute, heard about the worldwide significance of the discovery and the contribution of women who, during wartime Britain, grew penicillin in bedpans to support early experimentation.
The discussion also explored how AMR is a key women’s health issue, with women disproportionately affected in low and middle-income countries, and in high-income settings where women are more likely than men to be prescribed antibiotics.
Dr Biden was shown an architectural model of the Fleming Centre in Paddington, which will bring together research, policy and public engagement to address AMR worldwide.
The second part of the visit brought together Imperial clinicians, researchers and innovators for a roundtable on women’s health priorities, including improving diagnosis, equity in maternity care and support during the menopause transition.
Participants highlighted wide variation in the quality of care for conditions affecting women and called for fairer access to services, with the postcode lottery named as a priority to address.
Professor Tom Bourne, consultant gynaecologist and chair in gynaecology at Imperial’s Department of Metabolism, Digestion and Reproduction, described how AI could improve diagnostic accuracy for conditions such as endometriosis.
Equity emerged as a central theme.
Professor Alison Holmes, professor of infectious diseases at Imperial College London and director of the Fleming Initiative, highlighted persistent gaps in women’s representation in clinical trials, including antibiotic studies, which limits the ability to optimise care and treatments.
Dr Christine Ekechi, consultant obstetrician and gynaecologist at Imperial College Healthcare NHS Trust, drew on national maternity investigations to underline the importance of valid data, meaningful engagement with affected communities and rebuilding trust.
Menopause and midlife health were also identified as priorities for clinical research.
Professor Waljit Dhillo, consultant endocrinologist and professor of endocrinology and metabolism in Imperial’s Department of Metabolism, Digestion and Reproduction, described a new treatment for hot flushes, including for women unable to take hormone replacement therapy, such as those with a history of breast cancer.
The discussion then turned to bringing innovation into health systems. Innovators shared how data and technology are being used to close gaps in women’s health, while noting challenges in accessing funding to grow and scale.
Dr Helen O’Neill and Dr Deidre O’Neill, co-founders of Hertility Health, described predictive algorithms using self-reported data to help diagnose gynaecological conditions at scale.
Embedded into clinical workflows, the technology could reduce waiting times, identify conditions earlier and improve outcomes. They noted how “we have cures for the rarest genetic conditions but don’t even have the answers to common women’s health issues.”
Dr Lydia Mapstone, Dr Tara O’Driscoll and Dr Sioned Jones, co-founders of BoobyBiome, outlined work creating products that harness beneficial bacteria found in breast milk to support infant health.
By isolating and characterising key microbial strains, BoobyBiome has created synbiotics, combinations of beneficial bacteria and the food that nourishes them, to make these benefits accessible to all babies.
Speakers throughout the visit stressed the need to reduce variation in care quality and outcomes for women, strengthen prevention and education, and address power and equity in women’s health.
Professor the Lord Ara Darzi said: “It was a privilege to welcome Dr Biden and the Milken Institute to Imperial to meet some of the outstanding researchers, clinicians and innovators advancing women’s health.
“Imperial’s unique combination of clinical excellence and world-leading research positions us at the forefront of tackling the biggest health challenges facing society and the UK’s ambition for innovation demands nothing less.
“For too long, the health needs of women and girls across their life course have not received the attention they deserve.
“By working together across borders and disciplines, we can transform equitable access to care, accelerate the detection and treatment of disease, and ultimately improve health outcomes for millions of women in the UK and around the world.”
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.
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