FemTech: where's the money now?
In our femtech market deck, you will find everything you need to understand the market
SUMMARY
FemTech: where's the money now? The money is now concentrated in FemTech categories that look like healthcare infrastructure, measurable care delivery, regulated access, automation, or enterprise distribution.
The strongest FemTech categories are not necessarily the ones with the loudest consumer brands. They are the ones with clearer buyers, reimbursement logic, clinical outcomes, regulatory pathways, or operational scale.
Maternity care is the most institutionally validated pocket right now. Pomelo’s $92 million raise, $1.7 billion valuation, 25 million covered lives and reported ROI signals make it look more like payer infrastructure than a better pregnancy app.
Menopause has also moved from underserved wellness theme to scalable midlife care platform. Midi’s revenue run-rate, patient-volume growth and expansion into prevention make the category much bigger than hot flashes.
Fertility remains fundable, but the capital has moved deeper into the IVF stack. Investors appear more excited by embryo selection, lab automation, sperm workflows and IVF throughput than by another cycle or fertility-tracking interface.
Diagnostics is one of the cleanest FemTech money-flow stories because it combines access, regulation and lab workflow. Teal’s FDA approval and national rollout matter more than the size of its funding round alone.
Employer and payer benefits are still attractive, but mainly for platforms that already own distribution. Maven and Progyny show that the market is expanding from fertility into menopause, maternity, pelvic floor and broader women’s health coverage.
Pelvic floor care is quietly becoming infrastructure too. Origin’s clinics, national virtual care, physician referrals and insurance coverage suggest that a previously taboo category is being absorbed into mainstream women’s physical therapy.
Consumer apps are still investable only at scale. Flo can raise major capital because it has tens of millions of monthly users and millions of paying subscribers, but that does not mean the market wants another standalone tracker.
Maternal hardware is the weakest pocket in this analysis. Elvie’s administration and sale to Willow show how difficult hardware economics can be, even for a category-defining FemTech brand.
The pattern is now clear enough to say confidently: FemTech capital is not disappearing, it is becoming more disciplined. Money is flowing toward clinical proof, reimbursement, automation, regulation and distribution, while broad wellness branding and standalone hardware face a much harder funding environment.
This market map, featured in our femtech market deck, highlights top companies and startups in the femtech market
What categories exist in FemTech right now?
FemTech is not really one market anymore.
Instead, it is a set of very different businesses that happen to sit around women’s health, but investors do not value them the same way at all.
Before we try to understand where the money is going, let’s try to understand what the different categories are.
| Category | What it means | Example companies |
|---|---|---|
| Menopause and midlife care | Virtual or hybrid care for perimenopause, menopause, hormone therapy, prevention, longevity and midlife women’s health | Midi Health, Elektra Health, Alloy, Evernow, identifyHer, Embr Labs |
| Fertility and IVF infrastructure | AI, robotics, lab automation, embryo selection, sperm selection, egg freezing and clinic tools that make fertility care more scalable | Overture Life, Conceivable Life Sciences, Alife Health, Future Fertility, IVFmicro |
| Maternity and women’s care delivery | Clinical models around pregnancy, postpartum, pediatrics, Medicaid, hospital partnerships and longitudinal women’s care | Pomelo Care, Diana Health, Millie, Tia, Oula |
| Employer and payer women’s health benefits | Platforms sold to employers, insurers and health plans across fertility, maternity, menopause, parenting and family health | Maven Clinic, Progyny, Carrot Fertility, Pomelo Care |
| Pelvic floor and women’s MSK care | Physical therapy and musculoskeletal care for incontinence, pelvic pain, postpartum recovery, menopause symptoms and sexual health | Origin, Hinge Health, Bloom, Elvie Trainer |
| Gynecological diagnostics and screening | At-home or clinic-enabled screening for HPV, cervical cancer, breast cancer, urine-based diagnostics and other women’s health tests | Teal Health, PHASE Scientific, Primaa, DotLab |
| Vaginal microbiome, STI and infection care | Testing and treatment for BV, yeast infections, STIs, recurrent symptoms and vaginal microbiome imbalance | Evvy, Juno Bio, Daye, Wisp |
| Hormonal conditions, endometriosis and PCOS | Care, diagnostics, devices and therapeutics for PCOS, endometriosis, menstrual pain and hormonal disorders | Allara, Samphire Neuroscience, Gesynta Pharma, Daye |
| Consumer tracking and women’s health apps | Period tracking, fertility tracking, pregnancy content, cycle insights, symptom logs and women’s health engagement apps | Flo Health, Clue, Natural Cycles, Stardust |
| Maternal hardware and breastfeeding devices | Wearable breast pumps, lactation hardware, pelvic devices, postpartum products and connected maternal devices | Willow, Elvie, Naya, Lansinoh-connected products |
Is money flowing into menopause and midlife care right now?
Yes, actually, menopause and midlife care is one of the hottest FemTech pockets right now.
The cleanest signal is Midi Health. The company raised a $60 million Series B in 2024, then a $50 million Series C in 2025, and reportedly reached a $1 billion valuation in 2026. That is already a lot of signal in a short window. But the more interesting part is the operating jump: Midi’s revenue run-rate reportedly moved from about $60 million at the end of 2024 to about $150 million in 2025, while weekly patient volume doubled to roughly 20,000 patients.
That changes how we should read the category. This is not just investors rediscovering menopause as an underserved topic. Instead, they are seeing a care model that can scale, get reimbursed, train providers, and expand into adjacent midlife problems.
The second signal is that menopause is being pulled into “women’s longevity.” Midi launched AgeWell around prevention for cardiovascular disease, cancer, bone health and brain health. Flo’s $200 million round also explicitly pointed toward perimenopause and menopause expansion. Maven’s Oura partnership goes in the same direction: continuous data, virtual care and women’s health are starting to connect around midlife.
The money is flowing because the category finally has a bigger story than hot flashes: it can become the front door for women’s preventive care after 40.
If you want more recent data on this point, please see our latest femtech market report.
As this chart shows, and as featured in our femtech market deck, search interest in femtech has increased significantly
Is money flowing into fertility and IVF infrastructure right now?
Yes, money is flowing into fertility and IVF infrastructure right now, but the interesting part is that it is flowing into the lab, not into another fertility app.
Conceivable Life Sciences raised a $50 million Series A in 2025 to build an AI-powered automated IVF lab. Overture Life raised a $20.6 million strategic round in 2025, bringing total funding to $57 million, and secured a U.S. CLIA license for its AI-powered embryo-selection test. IVFmicro raised £3.5 million for microfluidic IVF technology. These are not huge consumer-brand rounds but bets on making IVF less manual, less variable and easier to scale.
The investor mix is also telling. Overture has GV and Khosla Ventures involved. Conceivable’s round included investors coming from automation, science and deep-tech logic. That matters because the category is now being judged as healthcare infrastructure, not as “women’s wellness.”
There is also a broader technical signal. Recent research and clinic activity show AI moving into embryo grading, time-lapse embryo analysis, sperm selection and IVF workflow optimization. The thesis is simple: IVF is expensive, delicate, highly manual and capacity-constrained. A tool that improves throughput or standardizes lab work can be valuable even before it becomes a consumer-facing brand.
All things considered, fertility remains investable, but the center of gravity has moved. The money is not chasing “help me understand my cycle” but the machinery behind IVF.
Is money flowing into maternity and women’s care delivery right now?
Yes, maternity and women’s care delivery may be the most institutionally validated FemTech category today.
Pomelo Care is the strongest recent signal. In January 2026, it raised $92 million at a $1.7 billion valuation, with Stripes leading and a16z, Atomico, BoxGroup and SV Angel participating. The valuation is important, but the quality of proof is the real story. Pomelo says it now covers more than 25 million lives, supports nearly 7% of U.S. births, reduces preterm births by 37%, reduces emergency room use by 46%, and generates a 3–5x ROI for customers.
That is the kind of evidence payers and employers can understand quickly. It turns maternity from a “better experience” story into a cost and risk story. Preterm births and NICU stays are expensive, so a company that can credibly reduce them has a much cleaner budget owner than a generic women’s health app.
Diana Health raised $55 million in 2025 to expand its hospital-partnered women’s health model. Millie raised $12 million in Series A funding the same year, with participation from Pivotal Ventures and the March of Dimes Innovation Fund. Those are smaller than Pomelo, but they point in the same direction: investors are backing models that plug into hospitals, clinics, employers or payers.
So we can conclude that maternity money is very real right now, but it is selective. The fundable version is care delivery with outcomes, not pregnancy content with a nice UX.
If you want more recent data on this point, please see our latest femtech market report.
This chart, included in our femtech market deck, shows annual VC investment in femtech startups
Is money flowing into employer and payer women’s health benefits right now?
Yes, money is still flowing into employer and payer women’s health benefits, but mostly toward platforms that already own distribution.
Maven Clinic raised $125 million in 2024 at a $1.7 billion valuation. That round came after the company had already become a large virtual clinic for women’s and family health, which is important. Investors were not buying a concept but rather an enterprise distribution layer across fertility, maternity, parenting, menopause and broader women’s health.
Progyny is another useful signal, even without a flashy new venture round. It has been expanding from fertility into pelvic floor therapy through Origin and Hinge Health, and into data-connected women’s health through Oura. That tells us where the category is going: benefits buyers do not want ten separate point solutions if one platform can cover more of the journey.
The strategic signal is consolidation of scope. Fertility was the original budget line because it had clear employer demand and high perceived value. Now the same platforms are attaching menopause, pelvic floor, maternity and biometric data. That is how a category matures: the buyer stays the same, but the product surface expands.
At the end of the day, this is still one of the strongest places to be in FemTech if you already have customers. For a new entrant, though, the bar is much higher now. You need employer access, payer economics, clinical proof, or a very sharp wedge into an existing platform’s blind spot.
Is money flowing into pelvic floor and women’s MSK care right now?
Yes, pelvic floor and women’s MSK care is quietly becoming one of the more interesting FemTech categories right now.
Origin is the main signal. It secured Series B funding in January 2026, but the real evidence is in the operating metrics around the raise. The company says it has treated more than 50,000 patients, built 19 physical clinics, offers virtual care nationally, works with more than 10,000 referring physicians, and has insurance partnerships covering 50 million lives.
That is a very different profile from a niche wellness brand. It means the category has referrals, insurance coverage, hybrid delivery and a large untreated population. When a company can say “doctors send patients here” and “insurance pays for this,” the investor conversation becomes much easier.
Progyny adding pelvic floor therapy through Origin and Hinge Health is a second, less obvious signal. Pelvic floor care is moving into benefits architecture, not staying as an out-of-pocket service women discover after months of pain or embarrassment.
So it looks like pelvic care is graduating from taboo topic to women’s physical therapy infrastructure.
If you want more recent data on this point, please see our latest femtech market report.
This chart, included in our femtech market deck, shows how Flo Health is capturing share in femtech
Is money flowing into gynecological diagnostics and screening right now?
Yes, gynecological diagnostics and screening is one of the cleanest money-flow categories in FemTech right now.
Teal Health is the strongest proof. The company raised an additional $10 million in 2025, had FDA Breakthrough Device Designation, worked with the National Cancer Institute through an SBIR grant, partnered with Labcorp, then received FDA approval in May 2025 for the first at-home self-collection device for cervical cancer screening in the U.S. By early 2026, Teal had expanded access nationwide.
That sequence matters more than the amount raised. Funding, FDA progress, lab partnership, guideline tailwinds and national availability all arrived close together. For a diagnostics company, that is a much stronger signal than just a large seed round.
There are other signals too. PHASE Scientific raised $34 million in 2025 for non-invasive women’s health diagnostics. Primaa raised €7 million for AI breast cancer diagnostics. These companies sit closer to lab infrastructure, oncology and regulated medtech than to classic consumer FemTech.
Finally, the demand problem is obvious but still underbuilt: screening works only if people actually get screened. At-home self-collection can turn an uncomfortable in-office moment into something easier to complete, especially for people who avoid or delay cervical screening.
Everything considered, diagnostics looks like one of the most credible FemTech pockets because the product does not need to win on brand alone. It can win on access, compliance, lab workflow and clinical adoption.
Is money flowing into vaginal microbiome, STI and infection care right now?
Some money is flowing into vaginal microbiome and infection care, but the category is still earlier and more fragile than menopause, maternity or diagnostics.
Evvy is the clearest signal. It raised a $14 million Series A led by Left Lane Capital, with General Catalyst and Labcorp Venture Fund also participating. The amount is not massive, but the investor mix is interesting: consumer growth, healthcare venture and lab-adjacent capital are all in the same round.
The more important signal is product evolution. Evvy started with vaginal microbiome testing, but moved toward precision care, prescriptions, STI testing and treatment. That is the right move because a test alone can be a curiosity. A test-to-treatment loop can become a healthcare business.
The category also has a strong recurrence logic. BV, yeast infections and STI-related concerns are not one-time educational moments. They are often recurring, misdiagnosed or undertreated. That gives the best companies a chance to build repeated clinical relationships rather than one-off kit sales.
So for now, this looks promising but still selective.
This chart, included in our femtech market deck, shows annual funding in femtech startups
Is money flowing into hormonal conditions, endometriosis and PCOS right now?
Yes, but the money is going into sharper clinical wedges, not into vague hormone wellness.
Allara Health raised $26 million in Series B funding in 2025, led by Index Ventures with GV participating, only 14 months after a $10 million Series A. The timing is important. A round that fast usually means the company showed enough traction to justify another institutional step. Allara also reportedly quadrupled revenue in 2024, which makes the PCOS and hormonal-care story more concrete than “large underserved market.”
Gesynta Pharma raised SEK 304 million, roughly $29 million, in 2025 to advance a non-hormonal endometriosis drug into Phase II. That is a different business model, but it points to the same investor conclusion: endometriosis is finally being treated as a serious clinical market, not just a diagnosis-delay story.
Samphire Neuroscience raised $5 million in 2025 for Nettle, a CE-certified neurotechnology wearable for menstrual symptoms. The round is smaller, but it is useful because it shows a second kind of fundable wedge: regulated or quasi-regulated symptom relief with a specific mechanism.
Hormonal disorders are investable when the product has clinical specificity.
If you want more recent data on this point, please see our latest femtech market report.
Is money flowing into consumer tracking and women’s health apps right now?
Yes for the scaled winners, but no for the average new app.
Flo is the outlier that explains the whole category. It raised more than $200 million from General Atlantic in 2024 at a valuation above $1 billion, with nearly 70 million monthly active users and close to 5 million paid subscribers at the time. Some later reporting puts Flo around 77 million monthly active users. That is clearly a consumer distribution machine.
The interesting signal is what Flo planned to do with the money. It pointed to perimenopause, menopause, deeper health insights and strategic expansion opportunities. In other words, even the biggest cycle-tracking winner is not staying inside cycle tracking. Instead, it is using the app as a front door into a broader women’s health platform.
There is also a trust issue in this category. Privacy concerns around cycle data did not kill the market, but they raised the bar. A new consumer app now has to prove trust, retention, medical quality and monetization, all while competing with scaled incumbents.
So today, consumer tracking looks like a winner-takes-scale pocket. Money can absolutely flow to a company with Flo-level distribution, but it is much harder to make the case for another standalone tracker.
This chart, included in our femtech market deck, compares the main business model options for menopause telehealth platforms
Is money flowing into maternal hardware and breastfeeding devices right now?
No, actually maternal hardware and breastfeeding devices look like one of the weakest FemTech money-flow categories right now.
Elvie is the big warning sign. The company had raised well over $100 million, built one of the best-known FemTech hardware brands, and still entered administration in March 2025 before Willow acquired its assets. That is not a small company failing before product-market fit but a category leader hitting the hard wall of hardware economics.
The Willow-Elvie deal also says a lot about where the market is. It was framed as a combination of two FemTech leaders, but the underlying signal was consolidation after distress. Hardware can still be valuable, but investors are now much more alert to manufacturing costs, working capital, litigation, inventory risk, gross margins and international scaling problems.
The contrast with care delivery is sharp. Pomelo can point to payer ROI. Midi can point to revenue run-rate and weekly patients. Teal can point to FDA approval and nationwide access. A breast pump company has to win in product, brand, retail, manufacturing and IP at the same time.
At the end of the day, hardware is not dead, but it is no longer where the easy FemTech money is going.
So, where is the money in FemTech now?
The money in FemTech is currently concentrated in categories that look like healthcare infrastructure, not women’s wellness branding.
The strongest pattern is very clear now: investors are paying for outcomes, reimbursement, automation, regulated access and distribution.
Maternity care, menopause care, IVF automation, diagnostics and employer-benefit platforms all have a buyer and a measurable reason to exist.
That makes them much easier to fund than broad consumer wellness.
| Rank | Category | Signals that prove it |
|---|---|---|
| 1 | Maternity and women’s care delivery | Pomelo raised $92M at a $1.7B valuation in 2026; covers 25M+ lives; supports nearly 7% of U.S. births; reports 37% lower preterm births, 46% lower ER use and 3–5x ROI; Diana and Millie also raised in 2025 |
| 2 | Menopause and midlife care | Midi raised $60M in 2024 and $50M in 2025; revenue run-rate reportedly rose from ~$60M to ~$150M; weekly patients doubled to ~20,000; the company expanded into insured longevity and AI-enabled care |
| 3 | Fertility and IVF infrastructure | Conceivable raised $50M for automated IVF labs; Overture raised $20.6M and secured a CLIA license; GV and Khosla are in the category; research and clinical activity point toward AI-assisted embryo and sperm workflows |
| 4 | Gynecological diagnostics and screening | Teal moved from funding and FDA Breakthrough status to FDA approval and national availability; Labcorp and NCI signals strengthen the case; PHASE and Primaa show more diagnostics money entering women’s health |
| 5 | Employer and payer women’s health benefits | Maven raised $125M at $1.7B; Progyny is expanding beyond fertility into pelvic floor and biometric partnerships; the category is becoming a full-stack women’s health benefits layer |
| 6 | Pelvic floor and women’s MSK care | Origin raised Series B in 2026; has treated 50,000+ patients; covers 50M lives through insurance; has 10,000+ referring physicians; Progyny added pelvic floor therapy through Origin and Hinge Health |
| 7 | Hormonal conditions, endometriosis and PCOS | Allara raised $26M only 14 months after its Series A and reportedly quadrupled revenue; Gesynta raised ~$29M for Phase II endometriosis; Samphire raised for a CE-certified menstrual neurotech device |
| 8 | Vaginal microbiome, STI and infection care | Evvy raised $14M with General Catalyst and Labcorp Venture Fund; the strongest signal is the move from test kits into prescriptions, STI care and recurring treatment pathways |
| 9 | Consumer tracking and women’s health apps | Flo raised $200M+ and crossed unicorn valuation with ~70M MAUs and ~5M paid subscribers; but the category now looks like a scaled-winner game, not an easy opening for new apps |
| 10 | Maternal hardware and breastfeeding devices | Elvie entered administration and was acquired by Willow in 2025 despite being a flagship FemTech hardware brand; the signal is consolidation under pressure rather than fresh capital excitement |
If you want more recent data on this point, please see our latest femtech market report.
This chart, featured in our femtech market deck, illustrates how revenue is divided among customer segments in the femtech market
OUR METHODOLOGY
This analysis tests where money is flowing in FemTech today by breaking the market into specific categories rather than treating women’s health as one broad investment theme.
For each category, we looked at recent signals showing where capital, buyer interest and operating traction are actually concentrating. We prioritized evidence from 2024–2026, including funding rounds, valuations, revenue momentum, covered lives, patient volume, reimbursement access, regulatory progress, clinical outcomes, strategic partnerships and signs of consolidation.
We did not treat every signal the same way. In care delivery, outcomes, reimbursement and payer adoption mattered most. In diagnostics, regulatory approval, lab partnerships and access mattered more. In consumer apps, scale and monetization were the clearest proof. In hardware, distress and consolidation mattered because they reveal investor appetite as clearly as new funding does.
The final ranking is therefore not a simple list of who raised the most money. It is a judgment based on the density and quality of recent evidence across each category.
The strongest FemTech pockets today are the ones that look less like broad wellness branding and more like healthcare infrastructure, measurable outcomes, distribution, automation or regulated access.
Key sources used for this analysis include: Business Insider on Midi Health’s Series C, revenue run-rate and patient volume, Pomelo Care on its Series C, valuation, covered lives, outcomes and ROI, Maven Clinic on its Series F and $1.7 billion valuation, PR Newswire on the Maven Clinic and Oura partnership, General Atlantic on Flo Health’s $200 million-plus investment, unicorn status, MAUs and subscribers, Conceivable Life Sciences on its $50 million Series A for automated IVF labs, Business Wire on Overture Life’s $20.6 million strategic round and CLIA license, Teal Health on FDA approval for its at-home cervical cancer screening device, Teal Health on national availability in all 50 states, and Origin on its Series B, patient volume, covered lives and referring physicians.
Additional sources include: PR Newswire on Allara Health’s $26 million Series B, TechCrunch on Allara’s revenue growth and timing after Series A, Gesynta Pharma on its SEK 304 million Series B for endometriosis treatment, SOSV on Samphire Neuroscience’s $5 million seed round and CE-certified Nettle device, Business Wire on Evvy’s $14 million Series A and move into STI testing and treatment, Willow on its acquisition of Elvie, TechCrunch on Elvie’s administration context, PR Newswire on Diana Health’s $55 million Series C, Business Wire on Millie’s $12 million Series A, PHASE Scientific on its $34 million Series A, Elaia on Primaa’s €7 million round for AI cancer diagnostics, and Femtech Insider on Progyny’s pelvic floor therapy expansion with Origin and Hinge Health.
This chart, included in our femtech market deck, shows how cycle tracking app technology has evolved over time
Related blog posts
- How strong is fundraising in the femtech market right now?
- Which companies have raised the most funding in the femtech market?
- Which companies are the most valued in the femtech market?
