ASV Insights presents the Top 10 Deals of 2023 where we will look at how recent major successes reflect the latest trends in women’s health and sexual health.
Evernow; a telehealth company, dedicated to transforming care for women in perimenopause and menopause has secured $28.5 million in Series A funding. The round was led by NEA with contributions from 8VC, Refactor Capital, Coelius Capital and notable figures like Gwyneth Paltrow, Carla Harris, Drew Barrymore, Cameron Diaz, and Othman Laraki. This funding will support team expansion and data-driven product development. Evernow is also unveiling a new brand identity to improve its science-based care delivery.
Their platform and technology connects women with a menopause specialist who can offer personalized prescriptions, treatment plans such as hormone replacement therapy, estrogen creams, oral tablets and more via telehelath. This approach provides healthcare solutions that target both short-term and long-term symptoms, enhancing the patient experience and ensuring quality, comprehensive care.
According to the Mayo Clinic, in the United States, more than 2 million women reach menopause each year, yet 73% of women don’t treat their menopause symptoms due to lack of specialists, stigmatization and shame, low prioritization and insufficient education.
The two predominant business models we are seeing emerge within the menopause telehealth landscape are companies selling Direct-to-Consumer (D2C) and Business to Business (B2B), specifically targeting employers and payers. D2C can pose challenges, particularly in reaching menopause aged women online, leading to high customer acquisition costs (CAC). That being said, we are seeing companies succeed with a D2C model.
The B2B model provides interesting opportunities for growth via payers. The financial burden on insurance companies, imposed by menopause, is substantial. Women diagnosed with menopause incur 45% more health care costs each year than their non menopausal counterparts. More menopause companies are coming into existence, collecting tangible outcomes data, specific to menopausal women. This growing body of evidence suggests that targeted, comprehensive menopause care, results in significant cost reductions for payors. This is attractive to payers, opening up a lucrative sales channel for B2B menopause companies.
Amboy St previously backed Gennev – a telehealth menopause company – that was acquired last year. we also backed a telehealth / brick-and-mortar hybrid menopause care model – HerMD – which raised an $18M Series A this year. HerMD uses telehealth as a customer acquisition channel for their in-person clinics.
Other startups providing comprehensive menopause telehealth care include:
Midi– Series A – A virtual care clinic for women 40+ created by specialists in perimenopause, menopause, and more.
Elektra Health– Seed – Elektra offers a menopause care platform. The platform includes telehealth with menopause coaches, virtual prescriptions and care pathways.
Vira Health– Series A – Vira Health offers personalized digital therapeutics for women going through menopause including cancer care, surgical care, maternal care, and gastrointestinal care. Additionally, Vira’s app, Stella, delivers information and targeted support for women who are experiencing menopausal symptoms, supporting them to make lifestyle changes to manage their symptoms.
Caria– Pre-Seed – Caria helps you understand and manage your menopause by helping women track and manage symptoms, connect with other women, and receive personalized health insights. Developed by experts specializing in women’s health, Caria provides evidence-based approaches like cognitive behavioral therapy (CBT), nutritional therapy, mindfulness, and fitness.
Alloy– Seed – Alloy is a telehealth company addressing the healthcare needs of women over 40 offering everything from sexual health support, menopause, skin needs, birth control and much more.
Investing in menopause care directly impacts the health and quality of life for millions of women worldwide. Menopause is a natural, yet often challenging, life stage that brings physical and emotional changes. By allocating resources to menopause care, we can alleviate symptoms, support mental health, and ensure that women can continue leading fulfilling lives.