Top 10 Deals of 2023: Thorne HealthTech Acquired for $680M by L. Catterton

This week we discuss what the acquisition of Thorne HealthTech means for the industry and consider similar pioneers in the women’s health space.

Spurred on by the growing wellness economy, US- headquartered private equity firm, L. Catterton acquired South Carolina-based personalized health and wellness company, Thorne HealthTech Inc., in a $680M deal. The success of similar hormone testing and supplement companies like Everlywell, which is now valued at $2.9B, rationalizes L. Catterton’s play into this area of healthcare, as well as increasing interest from investors in the space.

The global growth of the hormonal health market

Tracking hormones is commonly associated with trying to get pregnant but hormone tracking is applicable beyond pregnancy. Women experience hormone fluctuations throughout their lives, from menstruation to menopause, and understanding them can help women manage symptoms associated with these transitions. Understanding hormones is also key to managing diabetes, thyroid disease, PCOS, Endometriosis and other hormone-related afflictions that predominantly affect women.

Hormonal health has become central to personalized medicine and women’s health. Hormonal health is also a key wedge into the growing digital health movement. By 2026, digital health is estimated to hit $221 billion. This forecast is based on factors such as increasing awareness around previously taboo topics like menopause, endometriosis and infertility and a growing demand for healthcare solutions.

The acquisition of Thorne HealthTech confirms that there is room (and capital) for multiple hormonal health players and exemplifies the upward trajectory of the women’s health industry as a whole. This is further evidenced by consumer appetite and the growing conversation around women’s health issues. We’re seeing this shift in the market in the early Seed and Series A stages as well. In recent years, multiple hormonal health startups have succeeded in securing VC funding.

Which companies are leading the charge in closing the hormonal health gap?

Early pioneers include:

Mira – Series A stage. Mira’s at-home test kit provides real hormone scores, predicts and confirms ovulation, indicates the user’s 6-day fertile window, and allows the user to make confident decisions about their fertility.


Noula – Seed stage. Noula provides at-home hormone tests to help track mood, energy, sleep, bowel movements, and more. They also provide personalized lifestyle changes, nutrition, and stress management guidance based on your unique data.


Proov – Series A stage. Proov offers an at-home hormone testing kit plus an actionable, end of cycle fertility hormone report. Each kit includes 3 FSH tests and 17 multi-hormone tests with testing prompts in the Proov Insight app.


Moment – Seed stage. Moment focuses on thyroid issues, menopause and weight fluctuations. Moment provides virtual doctor visits and at-home lab tests with solutions delivered straight to your doorstep.


Eli – Seed stage. Eli is a saliva-based, at-home, hormone tracking device to help users understand their hormones throughout all stages of womenhood.


Inne – Series A stage. Inne offers saliva-based, at-home hormone tests to help monitor users’ menstrual cycles and identify their ovulation days. The test is paired with an app that creates personalized fertility predictions. Inne can be used as a natural contraceptive (alternative to the hormonal pill/IUD).


Turn – Seed stage. Turn offers at-home hormone tests, tracking and supplements to help manage hormonal imbalances.

As more solutions flood the space, we are thrilled to see that women now have the opportunity to take control of their hormonal health.

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