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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

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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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Everything you need to know about adenomyosis

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Adenomyosis, a condition that causes the lining of the womb to bury into the muscular wall of the womb, affects as many as one in 10 women of reproductive age in the UK. Here, we look at everything you need to know about it.

 

What is adenomyosis?

Adenomyosis is a condition where the lining of the womb starts growing into the muscle in the wall of the womb.

The displaced tissue continues to act normally — thickening, breaking down and bleeding — during each menstrual cycle, leading in some cases to enlarged uterus and painful, heavy periods.

The condition is more commonly diagnosed in women over the age of 30, but it can affect anyone who has periods.

What are the symptoms of adenomyosis?

Sometimes, adenomyosis causes no signs or symptoms or only mild discomfort. However, according to the NHS, common symptoms can include:

  • Heavy or prolonged menstrual bleeding
  • Severe cramping or sharp pelvic pain during menstruation (dysmenorrhea)
  • Chronic pelvic pain
  • Painful intercourse
What causes adenomyosis?

The cause of adenomyosis isn’t known. You may be more likely to get it if you are over the age of 30 and have given birth.

There have been many theories, including:

  • Invasive tissue growth. Some experts believe that endometrial cells from the lining of the uterus invade the muscle that forms the uterine walls. Uterine incisions made during an operation such as a cesarean section (C-section) might promote the direct invasion of the endometrial cells into the wall of the uterus.
  • Developmental origins. Other experts suspect that endometrial tissue is deposited in the uterine muscle when the uterus is first formed in the fetus.
  • Uterine inflammation related to childbirth. Another theory suggests a link between adenomyosis and childbirth. Inflammation of the uterine lining during the postpartum period might cause a break in the normal boundary of cells that line the uterus.
  • Stem cell origins. A recent theory proposes that bone marrow stem cells might invade the uterine muscle, causing adenomyosis.

Regardless of how the condition develops, its growth depends on the body’s circulating oestrogen.

How is adenomyosis treated?

Treatments include:

If these treatments do not work, women may need surgery. This could be a hysterectomy, or surgery to remove the lining of the womb, also known as endometrial ablation.

What is the difference between adenomyosis and endometriosis?

Adenomyosis and endometriosis are disorders that involve endometrial-like tissue. Both conditions can be painful. Adenomyosis is more likely to cause heavy menstrual bleeding. The difference between these conditions is where the tissue grows.

Adenomyosis occurs when endometrial tissue grows deep in the muscle of the womb, whereas endometriosis occurs when endometrial tissue grows outside the womb in places, such as the ovaries and fallopian tubes.

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Everything you should know about PCOS

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PCOS is one of the most common causes of female infertility, affecting six per cent to 12 per cent of US women of reproductive age but, according to the CDC, it’s a lot more than that. This lifelong health condition continues far beyond the child-bearing years. Here, we look at everything you should know about it.

 

What is PCOS?

PCOS is a condition in which the ovaries produce an abnormal amount of androgens, male sex hormones that are usually present in women in small amounts. The name polycystic ovary syndrome describes the numerous small cysts (fluid-filled sacs) that form in the ovaries. However, some women with this disorder do not have cysts, while some women without the disorder do develop cysts.

Polycystic ovaries contain a large number of harmless follicles that are up to 8mm (approximately 0.3in) in size.

The follicles are underdeveloped sacs in which eggs develop. In PCOS, these sacs are often unable to release an egg, which means ovulation does not take place.

The three main features of the condition are:

  • irregular periods
  • excess androgen
  • polycystic ovaries

If you have at least two of these features, you may be diagnosed with PCOS.

What are the symptoms of PCOS?

The symptoms may include:

  • Missed periods, irregular periods, or very light periods
  • Ovaries that are large or have many cysts
  • Excess body hair, including the chest, stomach, and back
  • Weight gain, especially around the abdomen
  • Acne or oily skin
  • Male-pattern baldness or thinning hair
  • Infertility
  • Small pieces of excess skin on the neck or armpits (skin tags)
What causes PCOS?

The exact cause of PCOS is not clear. Many women with the condition have insulin resistance. This means the body can’t use insulin well. Insulin levels build up in the body and may cause higher androgen levels. Obesity can also increase insulin levels and make PCOS symptoms worse.

PCOS may also run in families. It’s common for sisters or a mother and daughter to have it.

Genes, insulin resistance and inflammation have all been linked to excess androgen production.

What are the complications of PCOS?

Women with PCOS are more likely to develop certain serious health problems. These include type 2 diabetes, high blood pressure, problems with the heart and blood vessels, and uterine cancer.

Women with the condition also tend to have difficulty getting pregnant.

How is PCOS treated?

There’s no cure for PCOS, but the symptoms can be treated.

According to the NHS website, if you have PCOS and you are overweight, losing weight and eating a healthy, balanced diet can make some symptoms better. Medicines are also available to treat symptoms such as excessive hair growth, irregular periods and fertility problems.

If fertility medicines are not effective, a surgical procedure called laparoscopic ovarian drilling (LOD) may be recommended.

This involves using heat or a laser to destroy the tissue in the ovaries that’s producing androgens, such as testosterone. With treatment, most women with PCOS are able to get pregnant.

When should I seek help?

Experts recommend to see your doctor if your body has skipped periods, or you have other symptoms like hair growth on your face or body. Also, you should see a doctor if you’ve been trying to get pregnant for 12 months or more without success.

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Driving women’s health innovation: the launch of the Springboard Enterprise women’s health cohort

By Natalie Buford-Young, CEO of Springboard Enterprises

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Springboard founder Kay Koplovitz speaking at the Springboard Annual Gala

In the ever-evolving landscape of healthcare, addressing the unique needs of women has long been a neglected area.

However, with the emergence of initiatives like the recent announcement of White House Women’s Health Initiative and the ARPA-H Sprint for Women’s Health, there’s a promising shift towards fostering innovation and putting more resources towards advancing women’s health.

At Springboard Enterprises, we are proud to contribute to fuelling growth in this sector.

Springboard was founded in 2000 as the first official accelerator to mentor and accelerate the growth of women-led ventures. We have now officially launched our women’s health innovation program to identify and accelerate the growth of women-led companies innovating in health areas that uniquely, solely or predominantly impact women.

The announcement of the 2024 Women’s Health Innovation Program Cohort marks a significant milestone in the journey towards redefining healthcare solutions tailored specifically for women. This cohort comprises ten women’s health companies, each led by founders and CEOs committed to revolutionising women’s health. 

According to a report by Silicon Valley Bank, investment in women’s health has experienced an astounding 314 per cent growth since 2018, starkly contrasting with the overall healthcare investments. 

This incredible growth has really shown the abundance of opportunity, which was especially evident during our competitive process for our inaugural program. With countless innovative companies to choose from, we ultimately selected ten standout candidates after much deliberation.

  1. Navigate Maternity: Founded by Ariana McGee, Navigate Maternity has created a system that allows clinicians and care teams to remotely monitor prenatal and postpartum patients. The goal is to improve outcomes and avoid inequitable care through real-time data.
  2. Bone Health Technologies: Under the leadership of Laura Yecies, Bone Health Technologies (BHT) has developed the Osteoboost belt, the first and only safe and effective treatment for the 63 million people in the US with Osteoporosis or Osteopenia as well as a comprehensive digital therapeutic platform and services – a personalised digital health and telehealth solution for optimising bone health.
  3. Visana Health: Co-founded by Shelly Lanning, Visana Health pioneers a comprehensive virtual women’s health clinic, offering integrated care across various women’s health conditions. By adopting a holistic approach to healthcare delivery, Visana Health strives to empower women through personalised and longitudinal care.
  4. Herself Health: Founded by Kristen Helton, Herself Health is dedicated to addressing the unique healthcare needs of women on Medicare, ages 65 and up. Through a patient-centred approach, the company links women’s health goals with their life goals, taking into account a patient’s physical, mental, social, sexual, and spiritual needs and targeting common concerns like bone health, weight loss, and emotional wellbeing. The company hires top providers and trains them in the intricacies of person-centred geriatric and women’s care, delivering value-based care focused on patient outcomes.
  5. Marma: Co-founded by Meredith McAllister, Marma addresses critical gaps in maternal health by providing personalised nutritional guidance throughout the journey of motherhood. Marma works with patients to understand their unique needs and provide individualised, holistic nutrition advice at every stage of motherhood.
  6. Kegg: Founded by Kristina Cahojova, Kegg empowers women with accurate and personalised fertility tracking solutions. By harnessing cervical fluid data, Kegg enables women to make informed decisions regarding their reproductive health.  Already in the hands of 25,000 women in the US, the company now has the world’s largest dataset on vaginal health and the unique ability to use machine learning to help drive predictive healthcare for women at scale.
  7. Cntrl+ Inc: Founded by Karen Brunet, Cntrl+ Inc. is a pioneering life science firm specialising in female wellness. Their company has innovatively crafted an over-the-counter reusable solution addressing female stress urinary incontinence. They are dedicated to exporting and distributing this product globally, offering an effective and environmentally friendly solution for women.
  8. Multitude Health: Founded by Casey Langwith, Multitude Health alleviates the pain of irritable bowel syndrome (IBS) through an app-based clinical program that teaches members cognitive behavioural therapy skills, plus a tightly integrated therapist-led peer community to restore a healthy brain-body connection.
  9. Myri Health: Founded by Dr Pinky Patel, Myri Health introduces a comprehensive postpartum resource app, catering to the diverse needs of new parents. By providing personalised rehabilitation, evidence-based resources and a community platform, Myri Health seeks to support the postpartum journey.
  10. Ursamin: Founded by Shannon Aylesworth, Ursamin offers a SaaS-based care coordination platform for patients living with multiple chronic illnesses. By fostering a team-based approach to care delivery, Ursamin aims to improve outcomes and reduce administrative burden for providers and patients alike.

The diversity of solutions to advancing women’s health exemplified by the participants of the Springboard Enterprises women’s health cohort gives us a preview into the transformative potential of innovation in women’s health on various fronts.

At Springboard Enterprises, we play a pivotal role in catalysing innovation and driving meaningful change within the healthcare industry. By empowering women-led companies and amplifying their impact, we move closer towards achieving equitable and comprehensive healthcare solutions.

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