What are the top FemTech startups by revenue today?

The ranking of top startups in the femtech market by revenue

Below is a table ranking all the companies in this market by their current revenue scale. 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.

What actually counts as a FemTech startup?

For this ranking, a FemTech startup is a private, growth-oriented company whose core business is built around women's health, fertility, pregnancy, menopause, reproductive health or another female-specific healthcare need.

That sounds obvious until we look at the biggest companies in the wider market. Hologic generates more than $2 billion from breast-health and gynecologic businesses. Organon has a women's-health portfolio worth well over $1 billion in annual sales. Progyny is another billion-dollar-revenue business centered heavily on fertility benefits. All three matter to the FemTech market, but none is a startup today.

The same problem appears from the other direction. Oura has pushed much deeper into women's health and says women represent most of its membership, yet the company still sells a broad health wearable rather than a female-specific product.

So our startup universe centers on companies such as Maven Clinic, Kindbody, Flo Health, Pomelo Care, Midi Health, Carrot, Natural Cycles, Seven Starling, Allara Health and Nua.

That narrower definition gives us a ranking people can actually use.

Which FemTech startups make the most revenue today?

Maven Clinic, Kindbody and Flo Health currently make up the clearest top tier of private FemTech, while Pomelo Care and Midi Health have moved into the next group around nine-figure commercial scale.

The exact order deserves some caution because the companies disclose different metrics. Sacra estimates Maven at roughly $268 million of ARR. Kindbody has disclosed a $225 million to $250 million revenue expectation for 2024. Flo expected more than $200 million of gross bookings in 2024. Pomelo keeps revenue private, while Midi also does not publish clean annual revenue.

We therefore rank the companies using the strongest evidence available rather than pretending ARR, bookings, company guidance and modeled revenue are the same thing.

The top five are much more important than the decimal-level ordering. FemTech now has several private businesses operating at roughly $100 million or more in annual commercial scale.

Rank	FemTech startup	Best revenue evidence	Metric	Confidence
1	Maven Clinic	~$268M	Estimated ARR	Medium
2	Kindbody	$225M–$250M	Company revenue expectation	Medium
3	Flo Health	>$200M	Company-disclosed gross bookings	Medium
4	Pomelo Care	Roughly $100M+ scale	External revenue estimates + operating scale	Low
5	Midi Health	Roughly $100M+ scale	External revenue estimates + company growth	Low
6	Carrot	Roughly $100M scale	External estimates + 1,000+ customers	Low
7	Natural Cycles	Tens of millions	External estimates	Low
8	Seven Starling	Tens of millions	External estimates	Low
9	Allara Health	Tens of millions	External estimates + patient scale	Low
10	Nua	~₹500 crore annualised run rate	Founder-disclosed run rate	Medium

Is Maven Clinic the biggest FemTech startup by revenue?

Maven Clinic has the strongest current case for being the largest pure-play FemTech startup, with Sacra estimating roughly $268 million of ARR.

The figure is still an estimate, which matters. Maven does not publish audited private-company revenue. But the surrounding operating data increasingly fits a business of that size.

Maven currently says its network supports 28 million lives worldwide, works across more than 30 provider specialties and offers coverage and reimbursement in more than 175 countries. The company has expanded well beyond maternity into fertility, menopause, pediatrics, hormone care and broader women's healthcare.

Its economics are also different from those of the consumer apps that originally defined FemTech. Maven sells largely through employers and health plans, so a single corporate customer can bring thousands of members onto the platform.

That enterprise model has become one of the clearest routes to serious revenue in women's health.

So Maven goes first today, with one important qualification: roughly $268 million of estimated ARR, not $268 million of reported annual revenue.

Is Kindbody bigger than Maven Clinic?

Kindbody sits in roughly the same commercial league as Maven, but its latest clean public revenue figure is older, which makes Maven easier to place first today.

Kindbody said in 2024 that it expected to generate between $225 million and $250 million of revenue that year. Earlier company guidance had been higher, so the later and more conservative range is the better number to use.

Kindbody also earns money differently from Maven. It combines fertility benefits with an actual clinic network, giving it direct exposure to IVF procedures and other high-value fertility services.

The company remains large today. In 2026, Kindbody announced that its next-generation fertility platform would enter pilot programs covering more than three million lives through existing employer customers.

That recent footprint tells us Kindbody is still a major business. What we lack is an equally recent company-wide revenue number.

Kindbody therefore stays near the top of the ranking, but its position is less secure than Maven's because the financial evidence has aged.

Is Flo Health already a $200 million FemTech company?

Flo Health has already crossed $200 million in annual commercial volume, with the company expecting 2024 gross bookings above that level.

Gross bookings are the important words here. Flo did not call the figure recognized revenue, so neither do we.

The scale behind it is still striking. Flo had nearly 70 million monthly active users and close to five million paying subscribers when it announced the figure. More recently, the company says it has reached 80 million monthly active users.

That continued user growth makes the old bookings figure more useful than it would be for a stagnant app. The business has expanded since the disclosure rather than visibly shrinking.

Flo also shows that FemTech can become large without owning clinics or selling employer benefits. Millions of consumers pay directly for the app, giving Flo one of the few proven mass-market subscription models in women's health.

Today, Flo belongs comfortably in the top three even though its $200 million-plus figure remains gross bookings.

How big is Pomelo Care now?

Pomelo Care has become one of the largest new-generation women's-health startups, and its operating scale supports the idea that it has entered roughly nine-figure territory.

The company keeps annual revenue private, so any precise revenue number should be treated carefully. Third-party estimates vary substantially.

The harder operating evidence is more useful. Pomelo raised $92 million in a Series C at a $1.7 billion valuation and said it now supports nearly 7% of all U.S. births. The company also covers more than 25 million lives through health-plan and employer relationships.

Pomelo started with maternity care, but its newest expansion is much broader. The company now wants to serve women and children across reproductive care, pregnancy, pediatrics, hormonal health, perimenopause and menopause.

That gives Pomelo more ways to make money from the same payer relationships and extends the customer relationship beyond pregnancy.

Pomelo sits below the Maven-Kindbody-Flo group for now, but clearly above the typical early-stage FemTech startup.

Has Midi Health become a $100 million FemTech startup?

Midi Health now looks like a roughly $100 million-scale women's-health business, although the company has not published a clean annual revenue figure that lets us state an exact number.

The strongest recent company signal came when Midi raised $100 million at a valuation above $1 billion. Fortune reported the financing after speaking directly with founder Joanna Strober, who described very strong demand for the platform.

Midi initially built its name around perimenopause and menopause care. It has since broadened into a much larger women's-health platform, adding areas such as metabolic care, longevity and wider midlife health services.

That expansion gives the company a larger economic base than a menopause consultation alone. It can now build longer-term reimbursed medical relationships across several conditions.

Third-party estimates around Midi now cluster around nine-figure annual scale. That order of magnitude is useful; attaching false confidence to an exact revenue number is not.

How big is Carrot compared with Maven and Kindbody?

Carrot is one of the largest fertility-benefits startups, but its revenue remains unusually opaque for a company with this much commercial reach.

Carrot currently says it serves more than 1,000 customers globally and operates across a broad fertility, family-building and hormonal-health platform.

That customer count puts the company firmly among the important enterprise FemTech businesses. External revenue estimates generally place Carrot below Maven and Kindbody and around the neighborhood of $100 million, although those estimates differ enough that we would not use one as a hard fact.

Carrot's real strength is distribution. Once an employer adopts the platform, Carrot can support fertility preservation, IVF, donor journeys, surrogacy, adoption and other family-building needs under the same contract.

So Carrot stays in the upper part of the ranking, with lower confidence on its exact position than companies that have disclosed financial metrics directly.

How much revenue does Natural Cycles make?

Natural Cycles appears to generate annual revenue in the tens of millions of dollars, making it one of the largest subscription-first FemTech companies after Flo.

The exact number comes mainly from third-party estimates, so the order of magnitude is more useful than the last digit.

Natural Cycles has a particularly clean product proposition. It sells an FDA-cleared birth-control app and has built its business around fertility tracking, contraception and reproductive health rather than a wider general-wellness product.

The company also says its technology has now been used in research involving more than two million participants.

Natural Cycles sits in an interesting middle ground: much smaller than Flo by consumer scale, yet already far beyond the revenue level of most early FemTech apps.

How big are Seven Starling and Allara Health?

Seven Starling and Allara Health have both reached meaningful commercial scale in specialist women's healthcare, but the available evidence still points to businesses in the tens of millions rather than the $100 million club.

Seven Starling focuses on women's mental health across fertility, pregnancy, loss, postpartum, early parenthood and menopause. Its care is covered by insurance, which gives the company much better revenue potential per patient than a conventional wellness subscription.

Allara tackles hormonal, metabolic and gynecological conditions including PCOS, insulin resistance and menopause. The company now says more than 100,000 women trust the platform, up sharply from the 40,000-plus women it reported treating in 2025.

That growth is worth watching because Allara has moved nationwide and is increasingly selling reimbursed longitudinal care rather than occasional consultations.

External estimates put both companies well below Maven, Pomelo and Midi today. Still, their growth shows how quickly highly specialized virtual clinics can move beyond the small-app stage of FemTech.

Is Nua really doing around ₹500 crore in annualised revenue?

Nua says its annualised revenue run rate has grown from roughly ₹100 crore to ₹500 crore in 24 months, making it much larger than its older financial figures suggest.

Founder and CEO Ravi Ramachandran gave the figure when Nua announced a $50 million financing led by Peak XV Partners and Filter Capital.

The company also says it now reaches more than three million women and girls each month.

Nua is different from most of the U.S. healthcare companies near the top of this ranking. It sells period care, maternity products, skincare and intimate-care products through online and offline channels, so its growth comes mainly from consumer spending rather than health insurance.

That ₹500 crore annualised run rate puts Nua around the global middle tier of large private FemTech businesses. It is already substantial, though still far below Maven, Kindbody and Flo on dollar scale.

Which FemTech business models make the most money?

Employer benefits, fertility care and reimbursed virtual healthcare currently produce most of the largest FemTech startups, while Flo shows that consumer subscriptions can also reach very large scale.

The economics explain the pattern.

Maven and Carrot sell into employer and health-plan budgets. Kindbody combines benefits with expensive fertility treatments. Pomelo, Midi, Seven Starling and Allara can bill for actual healthcare. Each patient can therefore generate much more revenue than a typical app subscriber.

Flo reaches large numbers from the opposite direction. Its revenue per paying user is much lower, but millions of subscribers make the model work.

Nua adds another route through repeat consumer-product purchases.

The market is now much broader than the old FemTech stereotype of period trackers and fertility apps.

Business model	Examples	Current revenue potential
Employer fertility and family benefits	Maven, Carrot	Very high
Fertility clinics + benefits	Kindbody	Very high
Consumer subscriptions	Flo, Natural Cycles	High at massive user scale
Reimbursed virtual care	Pomelo, Midi, Seven Starling, Allara	Rising quickly
Consumer women's wellness	Nua	Significant with large distribution
Maternal hardware	Willow / Elvie	Potentially significant but financially opaque
Early diagnostics and screening	Teal and others	Mostly earlier-stage today

Why does fertility create so many large FemTech companies?

Fertility produces large FemTech businesses because the amount spent per patient can be enormous compared with a conventional app subscription.

An IVF journey can cost tens of thousands of dollars, particularly when patients need multiple cycles, medication, genetic testing or donor services.

That spending creates room for several businesses around the same patient journey. Clinics earn procedure revenue. Benefit administrators charge employers. Pharmacy and diagnostics companies participate in the treatment. Navigation platforms can earn fees for directing and managing the care.

Kindbody sits closest to the actual clinic economics. Maven and Carrot can capture part of the same spending through benefits administration and care navigation without owning every clinic.

This is also why fertility companies dominate the wider women's-health market once we include established businesses. CooperSurgical, Progyny and large fertility-clinic groups already generate hundreds of millions or billions of dollars.

Fertility remains one of the easiest places in FemTech to turn a relatively small patient population into a very large business.

Can a FemTech app become as big as a healthcare company?

Flo has shown that a consumer FemTech app can reach the same broad commercial scale as large healthcare platforms, but the audience needed is enormous.

Flo was approaching five million paying subscribers when its expected annual gross bookings moved above $200 million.

A virtual clinic can reach similar revenue with far fewer patients because medical visits, prescriptions and reimbursed care generate much more money per person.

This creates two very different roads to scale.

Flo and Natural Cycles need large consumer audiences. Maven, Pomelo and Midi can grow through higher-value healthcare relationships with employers, insurers and patients.

The second path is becoming increasingly common, which helps explain why recent FemTech unicorns look more like healthcare providers than mobile apps.

Is menopause becoming one of the biggest FemTech markets?

Menopause has moved from a niche FemTech category into one of the market's clearest commercial growth areas.

Midi provides the strongest evidence. A company that began around perimenopause and menopause has now raised $100 million at a valuation above $1 billion and is broadening into comprehensive women's healthcare.

Flo has also made perimenopause a larger part of its product. Maven and Carrot include menopause and hormonal care inside wider employer platforms. Seven Starling now extends its mental-health model into menopause as well.

The common pattern is pretty clear: companies rarely stop at a standalone menopause product.

Menopause tends to become an entry point into longer-term hormonal, metabolic, mental-health and preventive care. That wider care window creates a much bigger business.

Is maternal care producing the next big FemTech companies?

Maternal care is now producing some of the fastest-growing FemTech companies, with Pomelo Care giving us the clearest proof.

Pomelo already supports nearly 7% of U.S. births and more than 25 million covered lives. Those are unusually large numbers for a company founded only a few years ago.

The commercial logic is strong. Pregnancy concentrates a lot of healthcare spending into a short period, while insurers have a direct financial reason to prevent costly complications such as preterm births and NICU admissions.

Seven Starling addresses another part of the same journey through maternal and perinatal mental healthcare.

What is changing now is the length of the relationship. Pomelo is expanding from pregnancy into fertility, pediatrics, hormonal care and menopause. Seven Starling now follows women from fertility through pregnancy, postpartum and menopause.

Maternal health is increasingly becoming the first product in a much longer women's-health relationship.

What happened to the big FemTech hardware companies?

FemTech hardware still has serious commercial scale, but the largest private players disclose too little current revenue for us to rank them confidently.

The biggest recent shift was Willow's acquisition of Elvie. The deal combined two of the most recognizable maternal-health hardware brands into one company spanning breast pumps, pelvic-health devices and other postpartum products.

Willow now describes the combined business as a scaled maternal-care platform with global distribution.

That almost certainly makes the group commercially important. Yet the company does not publish a current consolidated revenue figure that we can compare cleanly with Maven, Flo or Midi.

So Willow/Elvie stays outside the numbered top group rather than having a revenue figure manufactured from product prices, retail distribution or historical sales estimates.

Why aren’t Progyny, Hologic and Organon ranked with these startups?

Progyny, Hologic and Organon are much larger than most FemTech startups, but including mature public companies would answer a different question.

Our wider market research puts Hologic's directly relevant breast-health and gynecologic revenue above $2 billion. Organon generates well over $1 billion from women's health, while Progyny has also crossed the billion-dollar revenue mark.

Those companies are useful benchmarks for the ceiling of the market.

Maven at roughly $268 million of estimated ARR is already large by startup standards, yet established women's-health businesses can still be several times bigger.

The gap shows how early private FemTech remains. A handful of startups have reached meaningful healthcare scale, but none has yet built the kind of multi-billion-dollar revenue base seen at the top of the established market.

Which big FemTech startups still cannot be ranked properly?

Several important FemTech startups remain impossible to place precisely because their operating scale is public while their revenue is not.

Carrot is the most obvious example: more than 1,000 customers gives us strong evidence of enterprise adoption, but no clean company-disclosed revenue figure.

Willow and Elvie now form a substantial maternal-hardware platform without publishing consolidated sales.

TMRW Life Sciences has built important infrastructure inside U.S. fertility clinics, yet treatment volume tells us little about actual platform revenue.

Newer companies such as Teal Health can reach nationwide distribution before giving the market enough financial data to compare them with mature startups.

We keep these companies visible because excluding them would distort the market. We simply do not turn customers, users, locations or treatment volumes into invented revenue.

Company	Strong public scale evidence	What remains unknown
Carrot	1,000+ customers globally	Consolidated annual revenue
Willow / Elvie	Combined global maternal-health platform	Current consolidated sales
TMRW Life Sciences	Large fertility-clinic infrastructure footprint	Annual company revenue
Teal Health	Nationwide commercial availability	Revenue scale
Cofertility	Expanding egg-sharing and donor platform	Current annual revenue
Oula	Growing maternity-care footprint	Current annual revenue
Evvy	Commercial vaginal-health platform	Current annual revenue

How much can we trust private FemTech revenue estimates?

Private FemTech revenue estimates are useful for judging whether a company is closer to $10 million, $100 million or $300 million, but they are much weaker for deciding who made $116 million versus $128 million.

Pomelo shows the problem particularly well. External estimates can differ dramatically even though the company itself keeps revenue private.

The same issue affects Midi, Natural Cycles, Seven Starling and Allara.

When several operating indicators all point in the same direction, we can still make a useful call on scale. A $1 billion-plus valuation, tens of millions of covered lives, national insurer relationships and major funding rounds can support a broad size judgment.

But none of those inputs should be multiplied together to manufacture revenue.

So the ranking becomes progressively less exact once we move away from company-disclosed revenue, ARR or bookings.

How concentrated is FemTech startup revenue today?

FemTech startup revenue remains highly concentrated, with only a small group showing credible evidence of roughly $100 million or more in annual commercial scale.

Maven, Kindbody and Flo form the clearest $200 million-plus group from the public evidence we found.

Pomelo, Midi and probably Carrot make up the next tier around the nine-figure threshold, although the evidence is weaker.

After that, the apparent revenue curve drops quickly into the tens of millions.

That shape tells us more about the market than an exact rank between two estimated figures. FemTech now has a genuine upper class of scaled private companies, but it does not yet have dozens of $100 million startups.

Crossing that threshold remains unusual.

What are the top FemTech startups by revenue today?

Maven Clinic currently has the strongest case for the top spot, with Kindbody and Flo Health close behind, while Pomelo Care, Midi Health and Carrot form the next group around nine-figure commercial scale.

That is the clearest answer the available evidence supports today.

Maven has the largest usable current figure at roughly $268 million of estimated ARR. Kindbody's last company guidance pointed to $225 million to $250 million of annual revenue. Flo expected more than $200 million of gross bookings and has since grown to around 80 million monthly active users.

Pomelo has become a $1.7 billion company supporting nearly 7% of U.S. births and more than 25 million covered lives. Midi is now valued above $1 billion after raising another $100 million. Carrot serves more than 1,000 enterprise customers globally.

Below that group, Natural Cycles, Seven Starling, Allara and Nua show how varied the market has become: birth control, mental health, hormonal care and consumer wellness can all create businesses measured in the tens of millions.

The larger change is easy to see. FemTech used to be dominated by small consumer apps and devices. These days, several of its leading private companies operate at a scale that looks much closer to mainstream healthcare.

Current position	Company	Strongest usable evidence	Our reading
1	Maven Clinic	~$268M estimated ARR	Strongest candidate for largest pure-play private FemTech company
2	Kindbody	$225M–$250M expected 2024 revenue	Similar order of magnitude, but older financial disclosure
3	Flo Health	>$200M expected 2024 gross bookings	Clear $200M+ consumer commercial scale
4	Pomelo Care	Nine-figure scale supported by external estimates	Fast-growing healthcare platform with very strong operating evidence
5	Midi Health	Roughly $100M+ scale	One of the strongest menopause-to-broader-healthcare expansions
6	Carrot	Roughly $100M scale	Large employer platform, revenue still opaque
7	Natural Cycles	Tens of millions	Major subscription-first FemTech company
8	Seven Starling	Tens of millions	Meaningful specialist mental-health platform
9	Allara Health	Tens of millions	Rapidly expanding hormonal and metabolic care platform
10	Nua	~₹500 crore annualised run rate	Large consumer women's-wellness business