Insight
Why investing in women’s health innovation is a smart bet

By David Buller, Managing Partner at KELES
The macro opportunity: women are half of the population
In 2024 alone, women’s health start-ups raised a record $2.6 billion, up 55 per cent from the previous year.
In addition to increasingly recognised health needs in menopause, fertility and female-specific cancers, there are conditions such as cardiovascular disease, diabetes and Alzheimer’s, to name a few, that affect women disproportionately as compared to men, which then leads to the creation of large care gaps.
Whilst conventional care pathways, medications, dosages and treatments are often geared to accommodate males, this has created gaps in clinical pathway guidelines for women and their health.
The opportunity for transforming and investing in women’s health is growing. Where should investors focus capital, and what will substantially improve women’s health for the future?
Venture Capital will back scalable, system-level solutions
Despite the growing attention on women’s health and FemTech, successful venture-backed companies need to attract the female healthcare population.
The technologies that do this will be those that are payor-reimbursed (government, insurance or employer), can embed into patient care pathways, address wide-scale unmet needs, and have a clear exit strategy. Women’s health companies, just like any other digital health venture, need to consider how they integrate with the health system as a whole and forge a clear route to market.
The best companies will drive the new standard of care and address critical needs, for example, those improving essential surgeries, or developing new therapies, and those that substantially increase quality of life for a significant number of women.
With these considerations about scaling and prevalence in mind, the opportunities for founders and investors are great. What kind of technologies should we consider?
- Those combating major gaps in existing care pathways. For example, endometriosis affects an estimated 10 per cent of women, yet diagnostic delay still averages eight years. Technologies that shorten diagnosis transform millions of lives and are rapidly adopted by payers.
- AI and platform technologies. Utilising the latest AI capabilities can improve accuracy and speed in health, especially in diagnostics and drug development, and support the vision of care for women. We must ensure that data is representative of women and female patient groups. Greater assimilation and integration of truly representative datasets can allow more informed care decisions, and can enhance female patient selection for clinical trials.
- High-prevalence conditions and health issues. Some conditions affect a startling number of women and can contribute to significant strains on global health systems. Fertility and pregnancy, post-partum depression, endometriosis, menopause and osteoporosis, breast cancer and diabetes are just some examples of highly prevalent and widespread health needs. AI and tech enable a huge step change in addressing issues that were completely undertreated.
Building a women’s health ecosystem that thrives: future innovation will originate from women
Achieving a healthy ecosystem of market-ready innovations in women’s health requires more than collaboration between start-ups, healthcare providers and investors. It needs a momentum of female-led founders to break the barriers, and get the right tech, innovation and products to the women who need them.
Breakthrough ideas often come from those who have experienced the pain points firsthand. Yet, if we look at women’s health, fewer than one in five digital-health start-ups is founded by a woman, and the percentage drops further in med-tech and biotech.
Encouragingly, the raw talent already exists. Across Europe, women already dominate many healthcare practitioner positions and master’s level qualifications in health and life sciences, and in many EU countries, they hold a slight majority of PhDs in these fields. Cities such as Lisbon, Copenhagen and Barcelona are making progress on gender balance among principal research investigators.
The challenge is in the translation: channeling the expertise into biotech and health companies that will scale well and make a significant impact on women’s health. So we should continue:
- Encouraging women in the scientific and healthcare ecosystem to experiment and innovate, and bring new technologies to market.
- Building an inclusive environment for female founders.
- Investing in female-led companies producing scalable solutions for women’s health.
Measuring returns by better health: an investor’s framework
Adhering to strong ethical principles is a core foundation of any good investment in healthcare. By embedding these principles into an investment framework, we are more likely to see capital deliver sustainable, long-term value.
At KELES, we evaluate our portfolio companies against core criteria. Applying these criteria to solutions for women’s health, companies can drive significant innovation and progress to support equitable healthcare. Many women’s health companies have the opportunity to meet and exceed these principles, and drive significant innovation and progress to support equitable healthcare.
- Accessibility – does the solution broaden access and availability of healthcare for women?
- Ethical use of data – is sensitive health data handled with the highest standards of privacy and fairness, and includes truly representative data?
- Improved outcomes – does the technology enhance healthcare outcomes for women?
By tying capital to these measurable goals in women’s health, and prioritising investments in women-led ventures that show clear market value, we can accelerate innovation that truly meets women’s healthcare needs – and has real impact worldwide.
Insight
Black women want more accessible breast cancer screening info, study finds

Black women in the UK want clearer, more accessible breast cancer screening information, research has found.
The study looked at why Black African and Black Caribbean women are less likely than white women to attend breast screening.
Researchers at the University of Surrey held focus groups and interviews with 47 Black African and Black Caribbean women aged 50 to 71.
Women in this age group are routinely invited for NHS breast screening.
The researchers said only 45 per cent of Black women attend screening, compared with 63 per cent of white women.
Anietie Aliu, lead author, postgraduate researcher at the University of Surrey and registered nurse, said: “Diagnosing breast cancer early can dramatically improve a person’s chance of survival.
“Breast cancer screening plays an important role in this by identifying the cancer and ensuring a person receives speedy treatment.
“Despite the importance of screening, Black women are less likely to attend appointments than white females.
“This puts them at risk of a potential cancer being diagnosed late and spreading to other areas of the body. We need to understand what is preventing Black women from attending these appointments and help identify ways to remove such barriers.”
The study found a need to increase awareness of breast cancer screening, especially among women less familiar with the service.
Some women, particularly those born outside the UK, knew little about breast screening before receiving their first invitation.
Others questioned why they needed screening when they had no symptoms.
The importance of trusted conversations was also identified.
Researchers found that some Black women expected their GPs to speak to them about breast screening, particularly before they reached screening age.
Although NHS breast screening is organised through national screening services, researchers said GPs often have established relationships with patients and may be well placed to offer brief advice on preventive care, including breast screening.
Participants called for stronger links between GP practices, breast screening services and Black community champions.
They said this could help women receive trusted information, ask questions and feel reassured.
Faith and religious beliefs also shaped decisions for some women.
Some Black African Christian women said illness, including cancer, was not permitted by God in their bodies, while others saw screening as a personal choice that did not conflict with Christian faith.
Muslim women highlighted the importance of being able to state their religion on medical appointment forms to help ensure they were seen by a female mammographer.
A mammographer is a healthcare professional trained to carry out breast screening scans.
Aliu added: “Breast screening can save lives, but our findings show that attendance is shaped by multiple factors, not just awareness, although awareness remains important.
“Women need relatable screening information, reassurance, flexible appointments and services that are accessible within their communities.
“Many felt that invitation letters were too formal, and that leaflets and media imagery did not reflect them, making it harder to relate to screening.”
Dr Afrodita Marcu, senior research fellow at the University of Surrey and member of the research team, said: “We need a more collaborative approach, where primary care, screening services and community voices work together to support women before, during and after the invitation.”
The researchers said future breast screening interventions should be designed with Black women, rather than for them.
They said user-friendly and culturally relevant resources, developed with communities, healthcare professionals and screening services, could improve understanding, reduce fear and make breast screening feel more accessible and reassuring.
Dr Robert Kerrison, associate professor of cancer care at the University of Surrey, said: “There is no question that breast screening can be lifesaving, but we need to make it easier for women to understand, access and feel reassured by the programme.
“This means improving communication, addressing practical barriers and making sure healthcare professionals and community partners are supported to provide clear and trusted information.”
The team has also explored healthcare professionals’ perspectives and worked with stakeholders to develop user-friendly materials with Black women.
Researchers said this co-designed approach could help ensure breast screening messages are culturally relevant, practical and shaped by the people they are intended to support.
News
“Women’s voices should be heard and pain should never be ignored,” says Wales’s first Women’s Health Minister

Women’s pain should not simply be endured, Wales’s first women’s health minister has said.
Delyth Jewell said she was determined to tackle the normalisation of pain in women’s healthcare and ensure women’s voices are listened to.
Speaking during a Women’s Health Summit at the Temple of Peace on Thursday, July 16, she said: “For too long, women’s health has been treated as an afterthought. No woman should be afraid to speak up about pain or things that don’t feel right.
“Women should be believed about their bodies, and I am determined to change the culture that has let too many women down.”
She added: “Women’s voices helped create the Women’s Health Plan. Now we’re making sure those voices continue to shape what comes next.”
The summit brought together clinicians, researchers and women with lived experience to tackle the normalisation of pain in healthcare and identify how women’s voices can better shape NHS services.
Lived experience means insight from people who have personally gone through a health issue or used healthcare services.
The event focused on pain linked to clinical procedures and long-term health conditions, drawing on research evidence, clinical expertise and women’s personal experiences.
Following the summit, minimum standards for service user engagement will be drafted to ensure women’s voices continue to influence the delivery and future priorities of the Women’s Health Plan.
Service user engagement means involving people who use health services in decisions about how care is designed, delivered and improved.
Work will also begin to refresh and strengthen the plan, including gathering feedback directly from women across Wales.
The NHS Wales Women’s Health Plan was developed after discovery work in 2022, when women across Wales shared their experiences of healthcare.
Many said they had not felt listened to, had symptoms dismissed or had lived with pain for years before receiving a diagnosis.
Insight
The Healthcare AI Playbook: What it actually takes to build trustworthy AI for care

Hosted by Amanda Ducach, CEO, and Morgan Rose, chief science officer, EmaEQ
Healthcare companies have spent the last two years hearing the same advice: get AI into your product. Few have been told what that actually takes.
Most default to the fastest option. Plug in a general-purpose model, wrap it in a chat window, and call the box checked. It looks like progress on a roadmap slide. It rarely holds up once a real patient is on the other end of it.
We’ve spent years building AI specifically for healthcare, and the lesson that keeps repeating itself is simple: accuracy is not the same thing as trust, and trust isn’t something you bolt on after launch. It has to be part of how the system is built from the first line of code, not a feature added once regulators or users start asking questions.
That distinction is the whole reason clinical accuracy gets treated as a checkbox instead of a discipline. A model can sound confident and still be wrong in ways that matter enormously in a health context.
Knowing the difference, and building for it deliberately, is what separates AI that’s genuinely safe for care from AI that’s simply fast to ship.
On July 20th, we’re hosting a live conversation about exactly this: what companies should be paying attention to before they choose an AI to build with, what clinical accuracy really requires, and the pillars we hold every AI system to before it gets anywhere near a patient’s care.
The Healthcare AI Playbook Webinar: July 20th, 1:30-2pm EST, live on LinkedIn.
Register here: https://www.linkedin.com/events/7482643171823509504?viewAsMember=true
If your team is building anywhere near healthcare, or evaluating what’s already in your product, this is the conversation we think the industry needs right now.
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