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Femtech funding: what investors want you to know in 2024
If boosting your business is on the cards for 2024, check out the tips investors have shared with us

Building a business takes hard work, but ask any femtech entrepreneur and they will tell you that building a business in women’s health can prove ten times harder.
Women are massively under-represented among both venture-backed entrepreneurs and VC investors, with companies founded solely by women receiving less than three per cent of all venture capital investments and women accounting for less than 15 per cent of check-writers.
The gender health gap, which refers to the wide gaps in medical research and treatment ability for areas that are unique to women, doesn’t help either.
However, we are here to tell you that there are people out there who want to support women and dismantle inequalities.
We sat down with some of the most prominent investors in the health tech space and asked them what advice they would give to women’s health start-ups in 2024. Here’s what they said.
Priya Oberoi, founding general partner at Goddess Gaia Ventures
Head down and build your business, build your sales funnels, improve your margins, and figure out if you need to pivot or not. If you are early-stage there are a number of grants you can apply for.
I think it is important to focus on old fashioned profitability, who is your customer, how do I penetrate this market whilst also keeping your eye on the longer-term goals: growth trajectory and the size of your exit market.
Arianne Kidder, partner at Seae Ventures
The fundamentals of building a company in women’s health should not differ from building any other health care business. Showing early traction on solving a significant need for a patient segment, while producing outcomes for the patient and the entity that will pay for said outcomes are all important.
However, in women’s health, we know all too well the barriers to raising capital. Build relationships early and constantly iterate the pitch to ensure it speaks to as broad of an audience as possible.
Storytelling backed by dat plus maximising chances to pitch plus a bit of luck should produce opportunities for the many phenomenal founders taking on the great responsibility to build for women’s health that is still so needed.

Marissa Fayer, angel investor and entrepreneur-in-residence at GrayBella Capital
Femtech start-ups should look both inside the femtech investment world and also outside of it, into general healthcare and technology funding sources.
There is a deficit of women’s health investors, and if executives/founders/CEOs look outside the limited funding landscape of femtech, it broadens the opportunity pool of capital and also exposes other non-specific women’s health investors to the industry.
You have the ability to show investors the opportunity and the returns, which in a few short years will open the funding market up to others following you.
Mary Grove, managing partner at Bread & Butter Ventures
Hone in on your go-to-market plan and stay laser focused on execution.
Healthcare continues to be a constrained capital market, so focusing on defining your GTM and how you will test, validate, and shift gears, if needed, is super important to ensuring you have sufficient runway to hit the milestones that will allow you to raise your next round of funding.
Annie Theriault, managing partner at
Think strategically, comprehensively and creatively about your financing strategy – look at the whole capital structure for your financing, from grants or revenue to debt and equity, and structure each of those components creatively as well.
For example, for equity, look to VCs, but leverage family offices and foundations as well. For revenues, some companies may want to jump in on joint projects or a consumer strategy.
Each start-up is different and so is each subsector of femtech (e.g. digital platforms vs. medical devices), so be really intentional, thoughtful and re-evaluate your strategy regularly.
Jessica Federer, board member at Angelini Ventures
Consider the type of investor you want to add to your cap table. VCs aren’t the only option.
Strategics, or corporate VCs, can bring different things to the table to support company growth. This also applies to the increasing number of foundations with investment arms, as well as family offices and local governments.
Poonam Malik, head of investments at the University of Strathclyde
Focus on crafting a compelling narrative that emphasises both the societal impact and financial potential of their innovations and clearly articulate how your solution addresses a pressing women’s health issue. Demonstrate a keen understanding of the industry landscape, large market size and highlight a scalable business model to reach that potential.
Engage investors by showcasing a diverse and experienced team. Ultimately, the key is to convey a powerful story that aligns passion with profitability, instilling confidence in investors about the transformative potential of your venture.
For slightly advance stage health tech start-ups with a valid clinical viable product, my advice would be to prioritise robust clinical validation. Establishing the effectiveness and safety of your solution through rigorous scientific evidence will instil confidence in investors.
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Special
Jill Biden visits Imperial on women’s health and AMR mission

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.”
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