Where the smart capital is going: Maternal health innovation

By Theresa Neil, CEO of Femovate

For years we’ve known that maternal mortality remains too high, even in wealthier countries. The data is clear but meaningful change has been slow. Now, there are signs that things may finally be shifting.

New Momentum in Funding

Funding for maternal health is beginning to grow, and it’s coming from a broad mix of sources. Health systems, mission-driven funds, and hospital-backed venture arms are stepping in alongside traditional VCs.

Impact-Driven Investors at the Forefront

Much of the early momentum in maternal health innovation is coming from social impact funds and mission-aligned investors who have stepped in to support solutions where traditional capital has often fallen short.

These investors are not only backing new startups, they are helping reshape how maternal health challenges are identified, explored and solved.

Catalyst by Wellstar, a health system–backed innovation fund, just invested in Armor Medical, a company developing a wearable to monitor for early signs of postpartum haemorrhage.

The technology offers continuous insight during labor and postpartum, enabling faster intervention to help prevent the leading cause of maternal death.

“Catalyst is committed to backing transformative technologies that redefine standards of care,” said Jaimie Clark, Head of Innovation at Catalyst by Wellstar and Director of Innovation and Venture Strategy for Wellstar Health System.

“By investing in solutions that enable real-time detection and intervention, we’re not just funding innovation, we are helping save lives, protecting families, and building a safer future for mothers.”

Laerdal’s Million Lives Fund, based in Norway and the UK, has been investing globally in maternal and neonatal innovation since 2020.

They’ve supported early-stage companies like Novocuff and Ciconia Medical, and partnered with organisations such as MATTER, Walgreens, and University of Chicago Medicine to help startups address the biggest problems in maternal care.

Medicines360’s Innovation Hub continues to focus on advancing maternal health tools with both clinical rigor and patient centric design.

Their portfolio includes PeriPeach, a device designed to reduce severe perineal tearing, which won the 2025 Harvard President’s Innovation Challenge.

SwissHealth Ventures and Zürcher Kantonalbank, along with European Union Horizon 2020 funding, have backed Pregnolia, a Swiss startup developing a diagnostic tool to assess cervical stiffness and support preterm birth prevention.

These investors are filling a critical gap in funding and accelerating the pace of real, evidence-based innovation that supports better maternal outcomes.

Profit-Driven Investment is Gaining Ground

We’re also seeing a shift in who is funding maternal health.

While many early investments came from mission-driven or philanthropic sources, more profit-driven investors are now entering the space.

These ROI-focused backers expect strong returns and see maternal health as an underinvested opportunity. U.S. Venture Partners (USVP) led a $17 million Series A round for Delfina Care, an AI-enabled platform focused on pregnancy care.

TMV (March of Dimes Innovation Fund) and Foreground Capital co-led a $12 million Series A for Millie, a U.S. tech-enabled maternity clinic.

These are meaningful shifts.

They suggest that maternal health is no longer seen as a niche or philanthropic cause, but as a viable and scalable opportunity within the broader healthtech and digital care landscape.

Learning from the Fertility Investment Model

The fertility space shows what’s possible when capital and attention align. Over $10 billion has been invested in conception and IVF over the past decade.

That wave of funding brought new tools to market, expanded access, and improved outcomes. As investment in fertility has grown, attention is beginning to shift toward maternal health.

Turning Momentum Into Lasting Impact

To keep this momentum going, we’ll need continued support for clinical research, scalable product design, and thoughtful integration with care teams and health systems.

Early-stage capital remains essential, along with the infrastructure to help new tools reach the people who need them most.

Support from initiatives like Femovate, Springboard Enterprises, and Tech4Eva, along with investment groups such as Daya Ventures, is helping founders navigate early development, build credibility, and find the partnerships that move their solutions forward.

These networks are turning innovation into real-world impact.

Change is on the horizon.

With coordinated support from funders, founders, accelerators, and care providers, now is the time to reimagine maternal health and deliver better care for mothers and families around the world.