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

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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?

  1. 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.
  2. 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.
  3. 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.

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Can biotech help close the fertility gap? Inside the race to improve egg quality

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With delayed parenthood now the norm, a new wave of biotech innovators is targeting the root cause of rising infertility rates. Oxford-based startup Uploid tells Femtech World how addressing egg ageing could reduce the “age penalty” that currently defines fertility outcomes.

Infertility now affects an estimated one in six people worldwide, with the World Health Organization determining it to be a “major public health issue.” 

Across the OECD, the average age of first-time mothers has risen consistently over the past decades, driven by economic pressures, career progression, delayed partnership, and the availability of contraception. But human biology has not kept pace with this societal shift.

Egg quality declines sharply with age, beginning as early as the mid-thirties. It is this decline, not the body’s ability to carry a pregnancy, that remains the most significant factor behind falling conception rates.

IVF attempts to work around this challenge, yet even with technological advances, success rates remain modest. For women aged 18-34, birth rates per embryo transfer were around 35 per cent in 2022, dropping to five per cent by the age of 43-43.

“Fertility outcomes fall, not because the body is unable to sustain a pregnancy, but because egg quality declines with age,” Dr Alexandre Webster, co-founder and chief scientific officer at Oxford-based biotech firm, U-Ploid, tells Femtech World. 

“Most existing fertility treatments are limited in how directly they can address this biological constraint. While IVF has advanced significantly in helping clinicians identify embryos with the best chance of success, there are currently very few options to intervene earlier and improve the quality of the eggs themselves.”

Current fertility treatments tend to focus on hormonal stimulation to produce more eggs, improving embryo selection, or improving implantation rates through uterine optimisation. 

But none of these approaches address the root cause of age-related infertility, which is the egg’s declining ability to divide its chromosomes correctly.

This unmet need has set the stage for a new generation of reproductive biotech innovators, focusing on novel therapeutics, cellular engineering, AI-driven diagnostics, and biomarkers that could change how infertility is understood and treated.

A new frontier in fertility treatment

Among these innovators, U-Ploid is pioneering a new therapeutic category with Lyvanta™, a first-of-its-kind drug aimed at improving egg quality by addressing the biological mechanisms of maternal ageing.

Central to its approach is meiotic aneuploidy, which occurs when chromosomes fail to separate correctly as an egg matures. This increases dramatically with age, Webster explains, and is the leading cause of failed IVF cycles, miscarriage, and natural infertility. Studies have shown that over 50–80 per cent of embryos from women in their early 40s exhibit chromosomal abnormalities.

Lyvanta™ is designed to reduce the risk of these errors at the egg stage, before fertilisation occurs. It is injected into the egg before IVF, where it acts to stabilise chromosome segregation during meiosis. 

“What makes this approach distinct is that, today, there are no approved or clinically available therapies that directly address meiotic aneuploidy or improve egg quality at its biological source,” Webster says.

“Lyvanta™ therefore represents a genuinely new therapeutic category. It does not act on embryos, does not alter DNA, and does not involve genetic modification. Instead, it supports a natural biological process that becomes increasingly error-prone with age.”

Evidence-gathering and regulatory engagement 

The programme is grounded in over a decade of global academic research in chromosome biology and maternal ageing, and Uploid has carried out mechanistic studies, preclinical validation in aged animal models, and tightly regulated human egg studies in collaboration with IVF clinics.

However, the drug is still in the early stages of development, and the company is taking a cautious, evidence-driven approach. 

Over the next one to two years, the research team will focus on building the scientific evidence needed to demonstrate clinical safety and efficacy. Meanwhile, regulatory engagement is ongoing, and timelines will depend on the outcomes of these studies.

“As with any new therapeutic, progress toward the clinic requires careful, stepwise evidence generation and regulatory review,” Webster says. 

“Our focus at this stage is on ensuring that any future progress happens within established scientific, ethical, and regulatory frameworks. We engage with regulators, clinicians, and patient stakeholders to understand expectations around safety, evidence, transparency, and consent, and to ensure that the questions being asked of a new reproductive therapeutic are addressed rigorously and appropriately.”

He adds: “Lyvanta™ will only move forward if it meets the required standards set by regulators and ethics bodies, and only following thorough evaluation.”

If successful, the impact could be considerable. Improved egg quality may mean fewer IVF cycles, more viable embryos, and overall better outcomes for patients.

“If a therapy like Lyvanta™ can safely improve egg quality, it could lead to more viable embryos per IVF cycle, fewer cycles needed to achieve pregnancy, and better outcomes for people whose chances of success currently decline sharply with age,” Webster says. 

“While much work remains, this is the long-term impact we are working toward.”

Global access and affordability

Globally, infertility affects people at similar rates regardless of income, but access to advanced treatments is often dependent on financial barriers.

IVF remains expensive worldwide. In the UK and US, a complete IVF cycle typically costs several thousand to tens of thousands of pounds, often requiring multiple attempts. 

“One of the reasons fertility treatment is so costly and emotionally taxing is that patients often require multiple IVF cycles to achieve a successful outcome,” says Webster.

“Indeed, some 70 per cent of couples that start an IVF journey will end it with no baby, having run out of money and patience before a successful outcome.

By making each IVF cycle more efficient, it could reduce some of these costs and make treatment more accessible to more people. 

“By improving egg quality upstream, Lyvanta™ has the potential to increase efficiency per cycle, which could reduce the overall burden, financial, physical, and emotional, on patients and healthcare systems,” Webster says. 

The therapy is also being designed to integrate into existing IVF workflows, without requiring new infrastructure or highly specialised equipment.

He adds: “By focusing on improving biological efficiency rather than adding complexity, we believe this approach has the potential to support broader access over time, including in low- and middle-income countries where need is high but resources are limited.”

The new wave of fertility innovation 

U-Ploid is part of a new wave of fertility biotech innovators. Companies such as Oxolife, developing a first-in-class oral drug to improve implantation; Gameto, engineering ovarian support cells to optimise IVF and egg freezing; and Genie Fertility, uncovering molecular biomarkers to personalise reproductive care, are all reshaping the field.

While progress in the fertility space has been incremental for decades, breakthroughs in chromosome biology, cell engineering, and molecular therapeutics are changing what might be possible.

This new generation of therapeutic innovation could improve outcomes and expand options for millions navigating delayed parenthood, and allow fertility science to catch up with the realities of modern life.

“Our aim is to reduce the biological ‘age penalty’ that currently defines fertility outcomes, so that success is less tightly coupled to chronological age,” Webster adds. 

“If successful, this could allow more people to build families on timelines that reflect modern social and economic realities.”



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Women face worse stroke recovery than men in first year, study finds

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Women experience slightly worse recovery than men in the first year after stroke, with more difficulty with daily tasks such as eating, dressing and driving.

The differences persisted after adjusting for age, race and ethnicity, education and insurance status, according to the study.

The research, led by Chen Chen at the University of Michigan, examined recovery from ischaemic stroke, the most common type, which happens when blood flow to part of the brain is blocked.

“Stroke is a leading cause of disability in the US and with the ageing population, the number of stroke survivors is growing,” said Chen. “Since many people live with physical, cognitive and emotional challenges after stroke, it is important to find ways to improve recovery. Our study provides a better understanding of sex differences during stroke recovery.”

Researchers identified 1,046 people who experienced their first ischaemic stroke, average age 66. Recovery was tracked through records and interviews at three, six and 12 months, with neurological assessments, cognitive tests and quality-of-life questionnaires.

Participants were assessed on their ability to complete daily tasks, both simple and more complex, such as walking, bathing, cooking and doing housework.

Female participants had higher average scores than male participants, indicating poorer recovery, at three, six and 12 months. Female participants had an average score of 2.39 compared to 2.04 for male participants at three months. Scores for female participants decreased from three to 12 months, indicating some improvement, while male participants’ scores remained stable.

Chen noted the effect size was small. While there were no sex differences in other areas of recovery, both sexes improved in neurological function, which includes communicating and performing simple movements.

“Our results suggest that early and repeated assessments of a person’s ability to do daily tasks after stroke are needed, and particularly for female individuals, in order to reduce these differences in recovery,” said Chen. “When developing new interventions, these recovery patterns should be considered. Since the differences were mainly in activities such as doing heavy housework, shopping and carrying heavy weights, new interventions could include muscle-strengthening activities.”

A limitation was the lack of data on participants’ use of rehabilitation services.

The study was supported by the US National Institutes of Health.

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Caesarean births overtake natural vaginal deliveries in England for first time

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Caesarean births (surgical births) have overtaken vaginal deliveries in England for the first time, with 45 per cent of births now by caesarean, NHS data show.

Last year, 44 per cent of births were through natural vaginal deliveries and 11 per cent were assisted with instruments such as forceps or ventouse, according to data published on Tuesday covering April 2024 to March 2025. Assisted deliveries use instruments to help the baby out during birth.

More than four in ten caesareans carried out by NHS England were elective, planned operations. For women under 30, natural vaginal birth remained the most common method, while for women aged 30 and over, caesareans were most common. For women aged 40 and over, 59 per cent of births were by caesarean.

In total, 20 per cent of births in 2024-25 were planned caesareans and 25.1 per cent were emergency, with both figures at record highs.

There were 542,235 deliveries in NHS England hospitals during this period, down from 636,643 in 2014-15. One in four births were to mothers aged over 35.

In 2014-15, caesarean deliveries made up 26.5 per cent of births. The increase over the past decade has been attributed to growing numbers of complex pregnancies, linked to factors including rising obesity rates and women waiting until they are older to have children.

Donna Ockenden, one of the UK’s most senior midwives who is leading the inquiry into maternity failures in Nottingham, told BBC Radio 4’s Today programme that the rise was a “complex” and “evolving picture over time”.

She said: “The thousands of women I’ve spoken to want a safe birth above everything else, so we should not vilify or criticise women who make those decisions.”

“In the reality of today’s maternity services – where women are living in poverty, deprivation, they’ve got pre-existing illnesses – obstetricians, midwives, nurses can only do so much, and we don’t always do enough in all cases to optimise women’s health prior to pregnancy.”

Soo Downe, a professor of midwifery at the University of Lancashire, added: “In some cases women are going for caesarean sections as a kind of least-worst option because they don’t really believe they’re going to have the kind of support they need to have a safe, straightforward, positive labour and birth in hospital.

“Or because their birth centres are being closed … or because they go into labour wanting a home birth and the midwife isn’t able to come to them because the midwife’s called somewhere else.

“But for some of them, it becomes the only choice on the table … and for other women, they choose a caesarean because they really want one, and that’s absolutely fine.”

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