What are the fundraising trends in the femtech market?
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The femtech market raised $615.9 million across 35 deals in 2025, marking a year of strategic consolidation around fertility and reproductive health.
Over the past four years, global femtech funding totaled nearly $2.4 billion across 147 equity rounds, with fertility consistently capturing the largest share of capital.
While annual totals fluctuated significantly, the market has matured from fragmented early-stage activity toward institutional-grade investments in clinical solutions.
And if you want to better understand this new industry, you can download our pitch covering the femtech market.
Insights
- Fertility and IVF technology captured 44% of all femtech funding in 2025, with companies like ReproNovo and Conceivable Life Sciences raising $65M and $50M respectively for next-generation reproductive solutions.
- The top three deals in any given year typically account for 35-53% of total annual funding, showing that femtech remains a concentrated market driven by a few breakout rounds.
- Menopause went from niche to mainstream between 2022-2025, with dedicated menopause startups raising over $200 million across the four-year period as investors recognized the 1.1 billion women market opportunity.
- European femtech startups punched above their weight in 2025, capturing 27% of global funding compared to just 21% in 2023, led by Sweden's Gesynta Pharma and Switzerland's ReproNovo.
- The average femtech deal size grew from $11.56M in 2022 to $15.4M in 2025, suggesting investors are increasingly comfortable writing larger checks for women's health innovation.
- AI-powered diagnostics emerged as a 2025 breakout category, with Ataraxis AI ($20.4M for breast cancer), Visby Medical ($55M for STI testing), and Emm ($9M for menstrual biosensing) proving investor appetite for clinical-grade screening.
- Only 16% of femtech deals in 2024 exceeded $50M, but those five rounds captured 66% of total capital that year, highlighting the Series B funding gap most startups face.
- India emerged as a femtech growth market in 2025, with Inito raising $29M Series B for at-home fertility tracking after years of modest regional activity in Asia-Pacific.
- Endometriosis received its largest-ever therapeutic investment in 2025 when Gesynta Pharma raised $31.5M for a non-hormonal treatment, addressing a condition affecting 190 million women globally with no approved disease-modifying drugs.
- Celebrity investors increasingly backed femtech in 2024-2025, with Amy Schumer, Serena Williams, Tory Burch, and Emma Watson all participating in women's health rounds.
First, how do we define the femtech market?
We define the femtech market as technology-enabled products and services that address women's reproductive and other female-specific health needs.
We include solutions focused on menstrual and cycle health, fertility and contraception, pregnancy and postpartum, menopause, pelvic and sexual health, and clinically oriented tools for conditions that predominantly or uniquely affect women (e.g., breast and gynecological cancers).
We exclude general-purpose health, wellness, fitness, mental health, and consumer apps that are not specifically designed around women's biology, care pathways, or life stages.
This is also the definition we use in our pitch about the femtech market.
In our femtech market deck, we have designed useful charts to give you full market clarity
How has funding activity in the femtech market changed over time?
2024 was the most active year for femtech funding with $753 million raised, driven largely by two unicorn-making rounds from Flo Health ($200M) and Maven Clinic ($125M) that together represented 43% of that year's total.
2023 was the quietest year with $498 million across 37 deals, as the broader venture capital downturn squeezed growth-stage investments and left Kindbody's $125M round accounting for a quarter of all capital deployed.
Compared to 2025's $616 million total, funding was down 18% from 2024, up 24% from 2023, and up 21% from 2022's $508 million.
When excluding the top two deals each year, the funding trend becomes more stable: 2022 saw $389M, 2023 saw $328M, 2024 saw $428M, and 2025 saw $501M, revealing consistent underlying growth that mega-rounds tend to obscure.
If you're interested in this industry, please note that we regularly keep in touch and share funding updates for this market on this page, which we keep continuously updated.
We also make quarterly analyses of the funding activity in the femtech market here.
| Year | Number of Deals | Total Raised | Comment |
|---|---|---|---|
| 2022 | 44 | $508M | Maven Clinic's $90M Series E made femtech's first unicorn at $1.35B valuation. Fertility dominated deal flow while menopause emerged as a breakout investment category. |
| 2023 | 37 | $498M | Kindbody's $125M growth round captured 25% of all funding amid a broader VC downturn. Maternal health gained momentum with Pomelo Care and Diana Health raising large Series rounds. |
| 2024 | 31 | $753M | Flo Health's $200M round created a second femtech unicorn at $1B+ valuation. Maven Clinic reached $1.7B valuation, proving femtech can attract institutional growth capital. |
| 2025 | 35 | $616M | Fertility biotech led the year with ReproNovo ($65M) and Conceivable ($50M) raising large rounds. European startups captured 27% of funding, their highest share in four years. |
In our femtech market deck, we help you understand how the market is structured
Which startups in the femtech market raised the largest rounds over the last few years?
These startups raised the most over the last years in the femtech market:
- Flo Health raised $200 million in July 2024 because the period-tracking app reached 70 million monthly users and needed capital to expand into menopause and prepare for a potential IPO.
- Maven Clinic raised $125 million in October 2024 to invest in fertility benefits administration and expand value-based care in maternity markets, reaching a $1.7B valuation.
- Kindbody raised $125 million in Q2 2023 to open 10 new fertility clinics in underserved US markets like Seattle, Miami, and Philadelphia.
- Maven Clinic raised $90 million in November 2022, becoming femtech's first unicorn with backing from General Catalyst and celebrity investors including Oprah Winfrey.
- Comanche Biopharma raised $75 million in January 2024 to advance clinical trials for CBP-4888, an siRNA therapy targeting preeclampsia in pregnant women.
- ReproNovo raised $65 million in May 2025 to develop next-generation fertility treatments for both male and female infertility, led by European healthcare investor Jeito Capital.
- Midi Health raised $65 million across two 2024 rounds to scale its virtual menopause care platform and hire 150 clinicians, backed by celebrity investors Amy Schumer and Sheryl Sandberg.
- Visby Medical raised $55 million in June 2025 to launch the first FDA-authorized at-home PCR test for women's STI screening with 30-minute results.
- Natural Cycles raised $55 million in May 2024 for commercial acceleration and new product development for the only FDA-cleared digital contraceptive app.
- Conceivable Life Sciences raised $50 million in January 2025 to build AURA, an AI-powered automated IVF laboratory platform using robotic precision.
And, yes, we do cover most of them in our our beautiful pitch about the femtech market.
In our femtech market deck, we answer all the common questions from investors and entrepreneurs
Is the femtech market shifting toward smaller or bigger deals?
According to our own data, the average femtech funding deal across 2022-2025 was $16.2 million, though this figure is heavily influenced by a handful of mega-rounds that skew the results upward.
Breaking this down by year, the average deal size was $11.6M in 2022, $13.5M in 2023, $24.3M in 2024, and $15.4M in 2025. The 2024 spike reflects Flo Health's $200M and Maven's $125M rounds, which together represented 43% of that year's total funding.
When excluding outliers above $50M, the femtech market shows a steadier trend with average deal sizes ranging between $8-12M across all four years, suggesting the typical women's health startup still raises modest rounds while a few category leaders attract outsized capital.
| Year | Number of Deals | Average Deal Size | Deals Below $2M | Deals Above $50M |
|---|---|---|---|---|
| 2022 | 44 | $11.6M | 10 | 1 |
| 2023 | 37 | $13.5M | 6 | 1 |
| 2024 | 31 | $24.3M | 7 | 5 |
| 2025 | 35 | $15.4M | 6 | 3 |
| Total | 147 | $16.2M | 29 | 10 |
In our femtech market deck, we identify repeatable patterns you can use if you’re building in this market
How concentrated was funding activity in the femtech market?
Femtech funding has been remarkably concentrated, with the top deal each year capturing between 11% and 27% of all capital deployed. In 2023 and 2024, just three companies accounted for 41-53% of annual funding, showing how a few breakout rounds dominate the market narrative.
The top 10 deals consistently captured 63-87% of yearly funding, leaving dozens of smaller femtech startups competing for the remaining capital. This concentration reflects the "Series B cliff" many women's health founders face, where only companies with proven traction and clear paths to profitability attract growth-stage investment.
| Year | Number of Deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| 2022 | 44 | 17.7% | 35.9% | 67.4% |
| 2023 | 37 | 25.1% | 41.0% | 72.6% |
| 2024 | 31 | 26.6% | 53.1% | 87.6% |
| 2025 | 35 | 10.6% | 27.6% | 62.9% |
| Total | 147 | 8.4% | 22.1% | 44.2% |
In our femtech market deck, we track adoption trends and shifts in consumer behavior
Which categories in the femtech market received the most funding?
Fertility and IVF technology dominated femtech funding from 2022-2025, raising approximately $811 million across 49 deals (34% of total capital). Fertility captured outsized investment because IVF clinics generate clear revenue, employer fertility benefits grew rapidly post-pandemic, and AI/biotech innovations promised to improve success rates and reduce costs.
Pregnancy and maternal health ranked second with $380 million across 26 deals (16% of total). The US maternal mortality crisis drove investor interest in companies like Pomelo Care and Comanche Biopharma that could demonstrate measurable improvements in outcomes and attract health plan partnerships.
Menopause emerged as the fastest-growing category, raising $294 million across 19 deals (12% of total). Menopause investment surged because investors finally recognized that 1.1 billion women globally experience this life stage, employer demand for retention-focused benefits increased, and insurance coverage expanded for menopause care.
| Category | Number of Deals | Total Raised | Examples of startups |
|---|---|---|---|
| Fertility and IVF | 49 | $811M | Kindbody ($181M), ReproNovo ($65M), Natural Cycles ($55M), Conceivable ($50M), Gameto ($94M total), Inito ($35M), AiVF ($25M), Future Family ($25M) |
| Pregnancy and Maternal Health | 26 | $380M | Comanche Biopharma ($75M), Pomelo Care ($71M), Diana Health ($45M), Wildflower Health ($26M), Oula Health ($19M), Delfina ($17M) |
| Menopause and Perimenopause | 19 | $294M | Midi Health ($154M total), Evernow ($28.5M), HerMD ($28M), Alloy ($16M), Vira Health ($12M), Elektra Health ($3.3M) |
In our femtech market deck, we have collected signals proving this market is hot right now
Who are the biggest investors in the femtech market?
GV (Google Ventures) was the most active femtech investor from 2022-2025, participating in 8 deals totaling over $350 million. GV backed category leaders including Midi Health, Comanche Biopharma, Maven Clinic, and Caraway, reflecting Google's strategic interest in women's digital health.
Gaingels appeared in 6 deals, focusing on early-stage femtech companies led by diverse founders. Gaingels invested across fertility, maternal health, and reproductive access startups including Gameto, Hey Jane, and Ruth Health.
Emerson Collective participated in 4 deals totaling $135 million, leading major rounds for Midi Health and Teal Health. Emerson Collective's focus on social impact aligned with femtech companies addressing underserved women's health needs.
General Catalyst backed 4 femtech deals including Maven Clinic's unicorn rounds. General Catalyst invested over $200 million in Maven alone, making the firm one of the largest femtech capital deployers by dollar amount.
Avestria Ventures participated in 5 deals as a dedicated women's health investor, backing Axena Health, Midi Health, and May Health. Avestria's sector focus made the firm a trusted partner for femtech founders.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of Deals | Total Funded | Examples of startups |
|---|---|---|---|
| GV (Google Ventures) | 8 | $354M | Midi Health, Comanche Biopharma, Caraway, Allara Health, Maven Clinic |
| Gaingels | 6 | $61M | Gameto, Hey Jane, Ruth Health, Oath Care, Gabbi, Cofertility |
| Avestria Ventures | 5 | $109M | Axena Health, Midi Health, May Health, Maven Clinic |
| Emerson Collective | 4 | $135M | Midi Health, Teal Health |
| General Catalyst | 4 | $229M | Maven Clinic, Evvy, Oath Care |
| Insight Partners | 4 | $119M | Gameto, AiVF |
| Labcorp | 4 | $40M | AOA Dx, Evvy, Teal Health, Emm |
| Felicis Ventures | 3 | $129M | Midi Health, Maven Clinic |
| Sequoia Capital | 3 | $215M | Maven Clinic |
| Y Combinator | 5 | $54M | Syrona Health, Ruth Health, Inito, LunaJoy, AOA Dx |
In our femtech market deck, we cover the latest tech updates shaping the market
What are the 2026 narratives around fundraising in the femtech market?
These are the dominant narratives shaping fundraising in the femtech market in 2025:
- Fertility biotech is replacing fertility apps as the primary investment target, with companies like Gameto and Conceivable attracting $50M+ rounds for IVF automation and egg quality improvement technologies.
- Menopause has reached mainstream investor acceptance, moving from a niche category to a must-have allocation after Midi Health proved insurance-covered virtual care can scale to serve millions of women.
- AI-powered diagnostics represent the next femtech frontier, with breast cancer, STI screening, and menstrual health companies raising significant capital for at-home testing with clinical-grade accuracy.
- European femtech startups are closing the funding gap with US competitors, as investors recognize that regulatory-friendly markets like the UK and Sweden produce breakthrough therapeutic companies.
- Endometriosis is finally attracting therapeutic investment after decades of neglect, with Gesynta Pharma's $31.5M round signaling investor willingness to fund treatments for the 190 million women affected globally.
- Celebrity investors have become standard participants in femtech rounds, providing both capital and visibility that helps women's health companies reach mainstream audiences.
- Employer fertility and menopause benefits are driving B2B femtech growth, as companies compete for talent by offering comprehensive reproductive health coverage.
- India is emerging as the next major femtech market, with Inito's $29M Series B proving that at-home fertility technology can scale in price-sensitive emerging economies.
- Pelvic health remains underfunded relative to the problem size, creating opportunities for device companies addressing the 25 million American women affected by urinary incontinence.
- Value-based care models are becoming required for femtech growth rounds, as investors demand evidence of improved health outcomes and payer partnerships rather than just consumer metrics.
In our femtech market deck, we will give you useful market maps and grids
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