Femtech Funding: A Quarter-by-Quarter Analysis

All funding deals in the femtech market over the last years

Below is the table listing all the deals. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the Femtech Market.

Is femtech funding actually getting stronger right now?

Femtech funding looks stronger as of now because Q2 2026 put more companies back into the market even after the two huge Q1 rounds disappeared.

We counted 17 financings in Q2 2025, followed by 14 in Q3 and only 10 in Q4. Activity then came back with 15 deals in Q1 2026 and 20 in Q2, the highest quarterly count across the period.

The money moved very differently. Verified capital rose from about $39.1M in Q2 2025 to $84.3M in Q3, dropped to $52.8M in Q4 and then jumped to about $267.4M in Q1 2026 after correcting Pomelo Care’s Series C to the $92M announced by the company. Q2 came back down to about $105.4M.

That last drop looks ugly until we remove the two Q1 rounds above $50M: Midi Health’s $100M Series D and Pomelo Care’s $92M Series C. On that basis, underlying capital increased from roughly $75.4M in Q1 to $105.4M in Q2, while deal count increased by one-third.

So today we have more companies raising money and more capital spread across ordinary-sized rounds than we had one quarter earlier.

Quarter	Deals	Verified capital	Capital ex >$50M	Median round
Q2 2025	17	$39.1M	$39.1M	$1.70M
Q3 2025	14	$84.3M	$84.3M	$2.58M
Q4 2025	10	$52.8M	$52.8M	$6.70M
Q1 2026	15	$267.4M	$75.4M	$1.70M
Q2 2026	20	$105.4M	$105.4M	$2.73M

Why did femtech funding jump in Q3 2025 even as deals fell?

Q3 2025 femtech funding jumped because investors started writing much bigger checks, even though three fewer companies raised money.

Deal count fell from 17 to 14, while the median round increased from roughly $1.7M to $2.6M. Several companies landed financings around or above the $10M mark, including wawa fertility, Diana Health, Visana Health, Gameto and Conceivable.

The change was especially visible in fertility and Women's Primary Care. Fertility remained responsible for roughly a third of deals, while Women's Primary Care went from just one deal in Q2 to four in Q3.

New-company activity actually became weaker during the same quarter: first financings fell from 29% to 21% of deals.

Q3 was a good quarter for companies that were already far enough along to raise a meaningful Series A or later round. It tells us much less about whether a bigger pipeline of brand-new femtech startups was emerging.

What went wrong with femtech funding in Q4 2025?

Q4 2025 was the weakest quarter for femtech deal breadth, with only 10 companies raising money and most of the disclosed capital concentrated in a handful of transactions.

Deal count fell another 29% after already declining in Q3. Inito, Pluro and Midi accounted for roughly 90% of known raw capital, so the quarter depended heavily on three companies.

The relatively high median round can be misleading here. It partly reflects the disappearance of many smaller transactions from the sample rather than a sudden improvement in what an ordinary femtech company could raise.

The stage mix also tilted toward more mature businesses. Early-stage companies made up 60% of deals, down from almost 79% in Q3, while later-stage activity continued to build.

Q4 ended up as a narrow market where a few companies could still close decent rounds while the number of funded businesses shrank sharply.

Was Q1 2026 femtech funding basically just Midi Health and Pomelo Care?

Q1 2026 femtech funding was dominated by Midi Health and Pomelo Care, whose $100M and $92M rounds together represented about 72% of corrected quarterly capital.

That makes Q1 look very different from a normal $267M quarter. Remove those two transactions and around $75.4M remains.

There was still a real recovery underneath them. Deal count rose from 10 to 15, and ex-megaround capital increased by roughly 43% from Q4. BrightHeart closed an €11M Series A for prenatal-ultrasound AI, while other financings included pregnancy, maternal-care and medical-device companies.

Midi and Pomelo also show what kinds of femtech businesses could raise very large rounds by then. Midi was scaling a broader women's-health clinical platform after building its menopause business. Pomelo Care said its Series C would support expansion beyond maternity after reaching 25 million covered lives through health-plan and employer partnerships.

Q1 was a much better quarter than Q4, although the headline capital figure exaggerates the size of that improvement.

Did femtech funding really crash in Q2 2026?

Q2 2026 looks far healthier than the roughly 61% headline funding drop from Q1 suggests.

The comparison is distorted by $192M of Q1 capital from Midi Health and Pomelo Care. Once rounds above $50M are removed from both quarters, capital rises from about $75.4M to $105.4M instead of collapsing.

At the same time, deal count goes from 15 to 20 and the median round moves from about $1.7M to $2.7M.

The quarter also had a much deeper group of meaningful rounds. Rejoni announced $25M, ONTO Health announced a $20M Series A, ScreenPoint Medical raised $14M of equity alongside $2M of research grants, Clair raised $11.6M and SimpliFed raised around $10.8M.

Money was simply spread across more companies instead of being swallowed by two exceptional transactions.

Are femtech investors writing bigger checks now?

Femtech investors are writing more mid-sized checks these days, although giant rounds still arrive too irregularly for us to call this a steady move toward bigger financings.

Q2 2025 was dominated by small rounds. Fourteen of the 15 financings with usable size data were below $5M.

Q3 created a much stronger middle, with several $5M-to-$20M rounds and one financing above $20M. Q1 2026 then became unusually top-heavy because Midi and Pomelo sat above everything else.

Q2 2026 gives us a cleaner picture. Fourteen deals remained below $5M, but another five landed between $5M and $20M and one reached the $20M-to-$50M range.

For an ordinary funded company, the market currently looks better supplied with $5M-to-$20M checks than it did at the start of the period.

Quarter	<$5M	$5M–<$20M	$20M–<$50M	$50M+
Q2 2025	14	1	0	0
Q3 2025	9	4	1	0
Q4 2025	4	3	0	0
Q1 2026	9	3	1	2
Q2 2026	14	5	1	0

Are more new femtech startups actually getting funded?

New femtech startup formation still looks sluggish, with first financings stuck around one-quarter of quarterly deals.

Five of the 17 companies funded in Q2 2025 were first financings. Q3 had three, Q4 had three, Q1 2026 had three and Q2 had five.

That leaves the first-financing share between 20% and 30% throughout the period. Q2's five new financings are encouraging, especially because they attracted more dollars than the three in Q1, but the share itself remains inside the old range.

Meanwhile, companies that have already raised before keep dominating the market.

This is probably the clearest weakness in an otherwise improving Q2 picture. Femtech has shown that established companies can find follow-on money; we still have much less evidence of a rapidly expanding pipeline of newly funded startups.

Are investors moving away from early-stage femtech?

Early-stage femtech came back strongly in Q2 2026 after investors spent several quarters putting more money into mature companies.

Seed and Series A represented roughly 77% of Q2 2025 deals and almost 79% in Q3. That share then fell to 60% in Q4 and 53% in Q1 2026.

Later-stage activity moved in the opposite direction, reaching 27% of deals in Q1. Midi's Series D and Pomelo Care's Series C made that shift even more obvious in dollar terms.

Then Q2 changed the picture again. Fifteen of 20 financings were Seed or Series A, taking early-stage share back to 75%, while later-stage deals fell to 5%.

The late-stage move lasted several quarters, but it did not keep going. Early-stage companies currently make up most of the companies getting funded again.

Quarter	Early stage	Later stage	First financing	Follow-on
Q2 2025	76.5%	5.9%	29.4%	70.6%
Q3 2025	78.6%	14.3%	21.4%	71.4%
Q4 2025	60.0%	20.0%	30.0%	70.0%
Q1 2026	53.3%	26.7%	20.0%	80.0%
Q2 2026	75.0%	5.0%	25.0%	75.0%

Is Women's Primary Care becoming femtech's biggest funding hotspot?

Women's Primary Care is the clearest sustained funding hotspot in femtech right now because its deal share jumped early and then stayed high.

The category represented only 6% of Q2 2025 deals. It rose to 29% in Q3 and then stayed between 20% and 33% for every remaining quarter.

The interesting part is that deal activity moved before the large dollars did. Women's Primary Care represented 20% of Q4 deals while contributing relatively little capital. By Q2 2026, larger diagnostics rounds from companies such as ScreenPoint Medical started to change that.

ScreenPoint announced $14M of equity from existing investors including Siemens Healthineers, plus $2M of research grants. Its Transpara breast-AI products were already deployed across more than 30 countries and had processed more than 12 million mammograms when the financing was announced.

That is a much more mature commercial story than simply funding another early diagnostic prototype.

Quarter	Fertility	Women's Primary Care	Pregnancy Care	Pelvic Care
Q2 2025	35%	6%	12%	24%
Q3 2025	36%	29%	21%	0%
Q4 2025	20%	20%	10%	0%
Q1 2026	7%	33%	33%	0%
Q2 2026	25%	25%	15%	20%

Is fertility losing its place in femtech funding?

Fertility still sits near the center of femtech funding, even though its quarterly share swings wildly.

Fertility accounted for roughly 35% of deals in Q2 2025 and 36% in Q3. It then dropped to 20% in Q4 and only 7% in Q1 2026.

That could have looked like a category rotation if the decline had continued. Instead, fertility returned to five deals, or 25% of the market, in Q2.

The new cohort also covers several different approaches. ONTO Health raised $20M to expand an AI-enabled physician-led fertility platform. Future Fertility announced a Series A around its AI-based egg-quality technology. Dioseve raised more than ¥1B in an additional Series A round to push iPS-cell-based reproductive technology toward practical use.

Shionogi's participation in Dioseve is especially interesting. The pharma company had launched its corporate venture-capital operation the previous year and said it wanted to build early relationships with startups where its R&D capabilities and network could help.

Fertility funding looks volatile quarter to quarter, while the underlying investment themes remain quite active.

Is pelvic care really coming back in femtech?

Pelvic care has clearly re-entered the femtech funding picture, although one strong quarter is still too early to call a lasting boom.

We counted four pelvic-care financings in Q2 2025, none during the following three quarters and then four again in Q2 2026.

The Q2 return also included companies moving closer to real clinical and commercial milestones. Rejoni secured $25M while advancing the Juveena Hydrogel System through the FDA process and preparing for launch. Womed was funding clinical development and international expansion around intrauterine treatments.

That gives the comeback more substance than four tiny experimental rounds would have.

For now, pelvic care is back on investors' radar. Whether it stays there depends on what happens after this cluster of deals.

Why are women's-health diagnostics suddenly raising bigger rounds?

Women's-health diagnostics are raising larger rounds now because several companies have reached the expensive clinical, regulatory and commercial stages of development.

ScreenPoint Medical is a good example. Its breast-imaging AI already had commercial deployment across dozens of countries when the company raised new equity from Insight Partners and Siemens Healthineers.

Mammogen's Series A was structured for pivotal prospective clinical work and commercialization of an RNA-based breast-cancer detection platform. The company announced financing of up to $30M, so we do not treat the full upper limit as funded capital, but the intended use of the money tells us how far the product has progressed.

BrightHeart shows the same pattern in prenatal imaging. It raised €11M in Series A funding and has since received CE marking for its prenatal-ultrasound AI platform, adding a fresh product-regulatory milestone to the financing story.

SVB's 2026 women's-health research points in the same direction. It found that AI-enabled women's-health companies had median pre-money valuations around three times those of non-AI peers and highlighted clinical tools that predict or prevent costly health events as a major area of investor interest.

These days, the more convincing diagnostics stories combine software or molecular technology with real clinical workflows, regulatory progress and a plausible route into healthcare systems.

Why are corporate investors showing up in femtech now?

Corporate investors are showing up far more often in femtech today, and this is the cleanest quarter-by-quarter trend we found.

Strategic investors appeared in about 6% of Q2 2025 deals. The share then rose to 7%, 10%, 20% and finally 40% in Q2 2026.

The jump becomes more convincing when we look at who is investing. Siemens Healthineers backed ScreenPoint, whose AI sits directly inside breast-imaging workflows. Shionogi invested in Dioseve through its CVC arm while the startup develops reproductive technology that could benefit from pharmaceutical R&D and commercialization expertise. Ascension Ventures joined Rejoni's investor base, bringing a healthcare-system connection to a company moving toward possible product launch.

Corporate participation has also spread beyond one stage or one niche. By Q2, we see it around diagnostics, fertility technology and pelvic health, including early-stage companies.

The timing makes sense: more femtech products have now moved close enough to existing pharma, medtech and healthcare businesses for strategic investors to bring something useful beyond cash.

Quarter	Strategic-backed deals	Share
Q2 2025	1	5.9%
Q3 2025	1	7.1%
Q4 2025	1	10.0%
Q1 2026	3	20.0%
Q2 2026	8	40.0%

Are the same VC firms starting to dominate femtech funding?

No small group of VC firms is taking over femtech funding, at least from what we can see in disclosed lead-investor data.

We identified 19 unique disclosed lead or co-lead names in Q2 2025, 14 in Q3, nine in Q4, 16 in Q1 2026 and 21 in Q2.

Only a few firms repeat across quarters. Overwater Ventures appears three times across Q2 and Q3 2025, Eka Ventures appears three times across Q3 and Q4, and Advance Venture Partners appears twice.

Within an individual quarter, repeated leads are also uncommon.

Lead-investor disclosure fell to around 65% in Q2 2026, so the picture is not perfectly complete. Still, the latest quarter combines a wide set of disclosed leads with much higher corporate participation, which suggests new money is entering without one VC group controlling most rounds.

Is North America pulling away in femtech funding?

North America has pulled ahead in the latest femtech quarter, with 12 of 20 Q2 2026 deals and roughly three-quarters of raw known capital.

The geographic story had been much messier before that. North America represented 35% of deals in Q2 2025, 50% in Q3, only 30% in Q4 and 40% in Q1 2026.

Q4 even looked like an Asia-Pacific funding surge in dollar terms, although that came from only three deals and was heavily influenced by several relatively large transactions.

Q2's North American lead is broader. Twelve separate companies raised money across multiple categories and round sizes, so one company cannot explain the shift.

Europe moved down to about 15% of deals in the quarter, while Asia-Pacific reached five deals but remained lighter in capital.

One quarter does not settle the geographic question, but North America's current lead has more breadth behind it than the earlier regional spikes.

Is femtech becoming a follow-on funding market for older companies?

Femtech is increasingly a follow-on market for companies that have already survived their first financing and spent several years building the business.

Follow-ons represented about 71% of deals in Q2 2025 and stayed dominant throughout the period, peaking at 80% in Q1 2026.

Company age moves in the same direction. Median age at financing went from four years in Q2 2025 to three in Q3, then four, five and six years over the next three quarters.

The change comes mainly from previously financed companies. Their median age reached about 6.5 years in Q2 2026, while companies receiving a first financing remained much younger, generally around zero to two years old.

Midi, ScreenPoint, Rejoni and other larger-round companies fit that picture well: they are raising money after years of clinical development, product work or commercial expansion.

As we saw above, new financings still make up only a minority of the market. Femtech currently looks better at financing companies through their next stage than at rapidly expanding the number of companies entering the funding system.

Which femtech funding numbers should we be most skeptical of?

The total dollars raised is the femtech metric we trust least unless each large round has been checked individually.

Several financing amounts in our deal research conflicted with company or investor announcements. Pomelo Care is the clearest newly identified example: the database field showed $12M, while Pomelo's own announcement says $92M.

ONTO Health similarly announced a $20M Series A rather than the $10M recorded in the underlying row. Rejoni announced $25M rather than $15M. Hormona's lead investor reported a $6.7M seed round rather than the smaller value in the raw field.

Other cases create the opposite risk. Mammogen announced financing of up to $30M, which does not mean the full $30M had already been funded. Dioseve disclosed more than ¥1B, so forcing that wording into an exact dollar figure would create fake precision.

We correct a value when a stronger public source makes the error clear. When the amount remains genuinely ambiguous, we leave it out of exact capital calculations rather than pretending we know more than the sources tell us.

That is why deal count, median round, stage mix, category mix, financing history and investor participation carry so much weight in this analysis. They often tell us more about where femtech funding is going than a single headline dollar number.

What is the funding trend actually telling us?

Femtech funding is currently getting broader. Q2 2026 had the highest deal count of the five quarters and more capital excluding very large rounds than Q1. The apparent collapse in headline funding mostly comes from comparing a normal quarter with one containing two enormous financings.

Strategic money is the strongest durable change. Corporate-investor participation rose in every quarter we studied and reached 40% in Q2. The investors involved also make commercial sense, with medtech, pharma and healthcare organizations backing companies close to their own products and clinical networks.

Women's Primary Care has the clearest category momentum. It went from a minor part of deal flow to a consistently large share of the market, and diagnostics companies are now starting to add bigger rounds on top of that deal activity.

Fertility remains a core femtech category despite its wild quarter-to-quarter swings. Its Q2 comeback, together with investment in AI fertility tools and companies such as Dioseve, makes the Q1 drop look temporary.

The temporary late-stage wave has also passed for now. As seen above, early-stage deals returned to three-quarters of Q2 activity after falling for several quarters. At the same time, older follow-on companies continue to absorb most financings, so the market is supporting both a maturing cohort and a new batch of Seed and Series A rounds.

The part we would watch most closely from here is new-company formation. Existing femtech companies can clearly raise serious follow-on capital today. A stronger long-term market would also need the share of genuinely new funded companies to start moving above the narrow range we have seen so far.