What are the top startups in the femtech market?
In our femtech market deck, you will find everything you need to understand the market
SUMMARY
Maven Clinic is the top startup in the femtech market today, with Flo Health, Pomelo Care and Midi Health forming the rest of a clear first tier; Carrot, Natural Cycles, Clue, Allara Health, Oula and Willow round out the top ten.
The leaders are not winning on the same metric. Flo dominates consumer attention, Maven owns broad enterprise distribution, Pomelo is scaling through payers, and Midi is turning menopause care into a national clinical business.
Femtech funding has recovered, but it has become much more concentrated. Large rounds are increasingly going to companies that can already show insurance reach, employer contracts, clinical outcomes or a very large paying audience.
The category itself has changed. The strongest companies are moving away from one-off fertility, pregnancy or period-tracking products and toward longitudinal women's healthcare spanning several decades of a patient's life.
Employer and payer-backed care currently looks like the strongest model because the buyer can connect the service to healthcare costs and outcomes. Insurance-backed virtual specialty care is close behind, while generic wellness subscriptions have a much tougher job.
Flo's consumer lead looks structural now, not temporary. Around 80 million monthly users give it reach and data that smaller apps cannot reproduce, even though clinical platforms such as Maven, Pomelo and Midi participate more directly in healthcare spending.
Pomelo and Midi are the two companies most likely to reshuffle the top of the ranking. Their growth is tied to actual care delivery, reimbursement and measurable outcomes rather than just audience growth.
Carrot is a useful reminder that old funding headlines can understate current strength. More than 1,000 customers, global infrastructure and years of fertility claims create a harder-to-copy position than its fundraising timeline suggests.
Natural Cycles has one of the clearest consumer moats because competitors have to reproduce regulatory clearance and clinical validation, not just product design. Hardware sits at the other end of the spectrum: Willow is important, but Elvie's collapse showed how unforgiving the economics can be.
The bigger pattern is convergence. Maven, Pomelo, Midi, Carrot, Flo and Natural Cycles all keep pushing into adjacent stages of women's health, so labels such as “fertility startup,” “menopause startup” and “maternity startup” are becoming less useful for the market leaders.
This market map, featured in our femtech market deck, highlights top companies and startups in the femtech market
Why is it so hard to rank the top femtech startups?
Ranking the top femtech startups today is tricky because Maven, Flo, Pomelo Care and Natural Cycles are winning at completely different games.
The label “femtech” has stretched far beyond the period-tracking apps and fertility products that originally defined it. Maven sells women's and family healthcare to employers and health plans. Flo runs a huge consumer subscription app. Pomelo provides medical care through payers. Midi treats patients through insurance. Natural Cycles sells an FDA-cleared contraceptive app. Willow builds physical devices.
The numbers are just as hard to compare. Flo says around 80 million people use its app every month. Pomelo says its contracts give it access to 25 million covered lives. Midi was seeing roughly 25,000 patients per week earlier this year. A monthly app user, a covered life and an actual clinical patient obviously represent three different levels of engagement.
We therefore rank femtech companies using several kinds of evidence together: actual usage or patient volume, commercial distribution, clinical or regulatory advantages, business durability and whether the company still appears to be gaining ground.
Valuation gets some weight, but much less than it would in a simple unicorn list. Kindbody once reached a reported $1.8 billion valuation before clinic closures, leadership upheaval and serious questions about its operating model. Elvie became one of femtech's best-known hardware companies, raised around $150 million and still ended up in administration before Willow acquired its assets.
Those examples change the question. The most interesting femtech startups are the companies that have turned women's-health demand into something that already looks difficult to displace.
Is femtech funding actually growing again?
Femtech funding is recovering, although investors are putting much more of the money behind a small group of proven companies.
Silicon Valley Bank's 2026 women's-health report counted $2 billion of venture investment across the US and Europe in 2025. That followed a much stronger 2024, when SVB counted $2.6 billion. Its latest analysis expects both capital and deal activity to rebound again this year.
The more interesting change is inside healthtech. SVB found that women's-health healthtech funding fell sharply in 2025 as biopharma and oncology took a larger share of the market. Then Pomelo Care and Midi Health raised $92 million and $100 million respectively early this year. According to SVB, those two rounds alone exceeded half of all the capital invested in women's-health healthtech during the whole of 2025.
That's unusually concentrated. Investors seem much happier backing a company that already has insurance distribution, employer contracts, clinical evidence or a giant paying audience than funding another standalone wellness app.
PitchBook's narrower femtech dataset points in the same general direction over a longer period. It recorded about $5.4 billion invested across more than 1,000 deals between 2020 and 2024. Deal count peaked at 284 in 2021 and fell to 154 in 2024, while annual funding recovered to $1.2 billion.
So money has returned, but the bar has moved higher. Femtech these days looks much less like a broad startup land grab and much more like a race to identify a handful of companies that can become serious healthcare businesses.
As this chart shows, and as featured in our femtech market deck, search interest in femtech has increased significantly
Is femtech still mostly fertility apps and period trackers?
Femtech has already moved well beyond fertility and period tracking, and the biggest companies are increasingly trying to cover decades of a woman's healthcare journey.
Maven now spans fertility, pregnancy, pediatrics, menopause, hormone care and metabolic health. Pomelo started around pregnancy and newborn care and is expanding into reproductive health, pediatrics, perimenopause and longer-term women's health. Midi began with menopause and now talks about midlife and longevity care more broadly.
Consumer products are stretching too. Flo has made perimenopause one of its biggest recent expansion areas. Its research with Mayo Clinic collaborators now covers reproductive-stage awareness, symptom severity and psychological symptoms around perimenopause. Natural Cycles has expanded from contraception into pregnancy, postpartum and perimenopause.
Carrot has followed the same direction from the employer-benefits side. Fertility remains central, but its current platform extends into pregnancy, hormonal health, menopause and metabolic care.
There is a straightforward economic reason behind all of this. A company that already has the trust, health data and distribution to serve someone during fertility treatment has a chance to keep that relationship during pregnancy, postpartum and menopause. The lifetime value becomes much larger.
The femtech race is moving toward longitudinal women's healthcare. Specialized products will survive, especially when they have strong clinical or regulatory moats, but the largest platforms are trying to own much more than one episode of care.
Which femtech startups have reached real scale right now?
Maven, Flo, Pomelo Care, Midi Health and Carrot have already reached a level of distribution that separates them from most of the femtech market.
Flo has the cleanest consumer metric, with around 80 million monthly active users. Midi has a more clinically meaningful one, with roughly 25,000 patients being seen each week according to reporting around its latest financing. Carrot serves more than 1,000 employer customers across more than 195 countries.
Payer platforms require more care when we interpret their numbers. Pomelo's 25 million covered lives describe people with access through contracted health plans, rather than 25 million active patients. Maven creates the same problem. When Maven launched its consumer platform this year, it said its enterprise business was available to more than 28 million covered lives. Maven's current corporate page separately lists 15 million “lives under management.” We would avoid treating either number as active users.
Even with those caveats, the gap is large. Most femtech startups still operate in the tens of thousands of patients or users. These companies have distribution that reaches millions.
| Company | Best current evidence of scale | What the number actually measures |
|---|---|---|
| Flo Health | ~80M monthly active users | Active consumer app usage |
| Maven Clinic | 2,300+ employer and health-plan customers | Enterprise distribution |
| Pomelo Care | 25M covered lives | Access through payer contracts |
| Midi Health | ~25,000 patients per week | Actual clinical care volume |
| Carrot | 1,000+ customers across 195+ countries | Employer and global distribution |
This chart, included in our femtech market deck, shows annual VC investment in femtech startups
Is Maven Clinic still the top femtech startup?
We still put Maven Clinic first overall because Maven currently has the strongest combination of scale, breadth, enterprise distribution and staying power in femtech.
Maven has been building women's and family healthcare since 2014, which already makes the company unusually old by startup standards. Its $125 million Series F valued the company at $1.7 billion, and Maven says it has raised more than $400 million overall.
The more important part is what happened after that funding round. Maven kept broadening the platform. Its network now covers more than 30 specialties, while more than 2,300 employers and health plans use the enterprise product.
This year Maven also reopened a distribution channel it had largely abandoned years ago: direct-to-consumer healthcare. Women across the US can now buy access directly to Maven's virtual clinic, including dedicated hormone and GLP-1 programs. Maven is effectively layering a consumer clinic on top of the enterprise infrastructure it spent a decade building.
That gives the company an unusually broad position. Maven can reach someone through an employer, an insurer or directly as a patient, then serve needs ranging from fertility to pregnancy, menopause and metabolic care.
Pomelo and Midi are growing faster from smaller bases, while Flo absolutely crushes Maven on consumer reach. Maven still has the most complete platform today.
If you want more recent data on this point, please see our latest femtech market report.
Has Flo Health already won consumer femtech?
Flo Health has clearly won the consumer femtech scale race, with no direct women's-health app currently close to its global reach.
Flo became a unicorn when General Atlantic invested more than $200 million in 2024. At the time, the company was approaching 70 million monthly active users, had close to five million paid subscribers and expected annual gross bookings above $200 million.
The audience has since grown to around 80 million monthly users.
The more interesting development lately is what Flo is doing with that distribution. Rather than remaining primarily a period tracker, Flo is pushing into perimenopause and turning its user base into a research engine.
Several studies with Mayo Clinic researchers have appeared this year. One study of 7,640 US women aged 35 and older found that 34% were unsure of their reproductive stage. Another analysis involved 12,382 users and examined how income, education and healthcare access relate to perimenopause symptoms. Flo researchers have also published work on psychological symptoms during perimenopause.
That gives Flo something smaller consumer apps struggle to reproduce: enormous reach plus a growing proprietary dataset across different stages of women's lives.
Flo still operates mainly as a consumer software company, so Maven, Pomelo and Midi can participate more directly in healthcare spending. But for consumer femtech, Flo has created a lead that now looks structural rather than temporary.
This chart, included in our femtech market deck, shows how Flo Health is capturing share in femtech
Is Pomelo Care becoming Maven's biggest competitor?
Pomelo Care is currently the strongest challenger to Maven because its growth comes with measurable medical outcomes and a payer model that can translate those outcomes directly into savings.
Pomelo was founded only in 2021. In a remarkably short period, the company went from a virtual maternity startup to a business valued at $1.7 billion after raising a $92 million Series C.
Its distribution expanded just as aggressively. Pomelo said it covered three million lives in 2024. By its latest financing, that figure had reached 25 million, and the company said its maternity program covered nearly 7% of US births.
More useful than the valuation is the clinical work published this year with the University of Pennsylvania's Leonard Davis Institute. In Pomelo's peer-reviewed maternity research, patients engaged for three months or longer showed a 24.4% reduction in preterm births and more than a 26% reduction in NICU length of stay. The improvement increased with longer engagement, giving the data a dose-response pattern rather than a single isolated result.
Pomelo has also released employer-level evidence. In a case study involving more than 3,000 Koch employees and family members, the company reported improved maternal and infant outcomes. Koch subsequently expanded its relationship with Pomelo into doula and midlife care.
We should still remember that much of the broader outcomes evidence comes from Pomelo or research conducted with company involvement. Independent replication will matter as the business grows.
Still, Pomelo now has the combination insurers care about: access, earlier intervention, lower expensive hospital utilization and evidence they can measure. That makes the company's expansion from maternity into broader women's and children's healthcare especially credible.
Is Midi Health now the clear menopause startup leader?
Midi Health has become the clear large-scale menopause and midlife-care startup, and the company is already trying to turn that lead into something much bigger.
Midi raised $100 million in a Series D this year at a valuation above $1 billion, bringing total funding to roughly $250 million. Reporting around the round put Midi at about 25,000 patients per week with insurance coverage potentially reaching 45 million women across the US.
That is a very different proposition from the early menopause startups built around cash-pay consultations, supplements or educational content. Midi behaves more like a national specialist medical practice delivered online.
The insurance piece has been crucial. Patients can receive recurring medical care without carrying the entire cost themselves, while Midi can expand state by state without building a physical clinic network.
The business had already been growing quickly before the latest round. Industry reporting put Midi at roughly a $150 million annual revenue run rate in 2025, compared with around $60 million toward the end of the previous year.
Midi is now widening its clinical scope into areas such as metabolic health, bone health, cardiovascular risk, sexual health and longevity. That expansion makes strategic sense because menopause sits in the middle of a much longer midlife-health relationship.
It also changes Midi's competitive set. Midi increasingly runs into Maven, Pomelo, Allara and mainstream virtual-care providers rather than competing only with menopause specialists such as Alloy.
For menopause itself, though, Midi has become the company everyone else has to catch.
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 funding in femtech startups
Is Carrot stronger than its old funding numbers make it look?
Carrot looks stronger today than a ranking based on recent venture rounds would suggest because the company has spent the last few years quietly accumulating customers, claims data and distribution.
Carrot's last famous funding announcement dates back several years, when it raised a $75 million Series C. The operating footprint kept growing after the fundraising headlines faded.
The company now says it serves more than 1,000 customers globally, supports members in more than 195 countries and gives access to more than 17,000 eligible providers. Carrot has also processed more than $1 billion of fertility and family-care claims.
That history has become a product asset. Earlier this year Carrot launched Carrot Intelligence, an AI platform built around its proprietary clinical and claims data. It also launched a global price-monitoring system designed to flag suspicious or abnormal fertility-care billing.
The commercial expansion is still happening. Last week Carrot became the preferred fertility and family-care provider for Healthcare Management Administrators, bringing the product to a self-funded employer base covering more than 140,000 enrolled employees across several US regions.
Carrot's strongest position may therefore be less glamorous than a consumer unicorn story. The company is becoming infrastructure between patients, fertility providers and the organizations paying the bills.
We rank Carrot below the four leaders because its current growth and valuation are less transparent. Operationally, though, more than 1,000 customers and a decade of claims history are harder to dismiss than an old funding date suggests.
Does Natural Cycles have the hardest consumer femtech moat to copy?
Natural Cycles probably has the hardest consumer femtech product to copy because competitors have to reproduce regulatory clearance and clinical validation rather than simply build a similar app.
Natural Cycles says more than six million people have used the platform, but scale alone does not explain why we rank it highly. Its core birth-control product is regulated as a medical device and remains the only FDA-cleared birth-control app.
The regulatory lead keeps getting deeper. Natural Cycles received its sixth FDA clearance recently for a new AI-powered fertility algorithm trained on tens of millions of real-world fertility data points. The company says the updated system can give many users more “Green Days” while maintaining its established effectiveness.
Distribution through wearables is expanding at the same time. Natural Cycles already works with devices including Oura Ring and Apple Watch. A new WHOOP partnership now gives eligible WHOOP members a year of Natural Cycles and allows compatible devices to feed overnight temperature data into the contraceptive algorithm.
This is a clever position because Natural Cycles does not need to beat Oura, WHOOP or Apple in hardware. Those platforms can become data-collection layers feeding the regulated Natural Cycles product.
A new fertility tracker could copy many interface features in months. Recreating six FDA clearances, years of clinical validation, millions of users and several wearable integrations would take considerably longer.
If you want more recent data on this point, please see our latest femtech market report.
This chart, included in our femtech market deck, compares the main business model options for menopause telehealth platforms
Can Clue still compete with Flo?
Clue can still build a very good femtech business, although catching Flo on consumer scale now looks extremely unlikely.
Clue has passed 100 million lifetime downloads and reached one million paid subscribers in 2025. That paying-user milestone is more interesting than downloads because subscription conversion has historically been one of the hardest problems in period-tracking apps.
The company also entered 2026 with fresh backing. Verdane made the single largest investment in Clue's history and became its largest investor. The exact amount was undisclosed, but Verdane said the investment came after a year that had created a clear path toward long-term profitability.
That phrase matters more here than another user-growth claim. Consumer femtech went through years when huge downloads could coexist with weak monetization. A million paying customers gives Clue a much more credible base.
The comparison with Flo remains brutal. Flo already had close to five times as many paid subscribers when it disclosed its previous figures, alongside an audience measured in tens of millions of monthly users.
Clue therefore belongs in the top group because it has built a large, durable paid product. Flo has already won the head-to-head scale battle.
Is Willow really a femtech winner after buying Elvie?
Willow has become the main consolidator in connected maternal-health hardware, although Elvie's collapse shows why we rank hardware companies below the strongest software and care platforms.
Elvie once looked like one of femtech's safest winners. The British company built globally recognizable wearable breast pumps and pelvic-floor devices, raised roughly $150 million and became one of the brands most closely associated with femtech.
The business still entered administration in 2025.
Willow, which had previously sued Elvie in a patent dispute, bought the company's business and assets. That gave Willow control of two major wearable-pump brands and a wider portfolio of maternal and pelvic-health products.
For Willow, buying Elvie could be far more valuable than trying to build that brand, customer base and intellectual property from scratch. For the wider market, the acquisition exposed the ugly side of connected hardware.
A physical femtech company has to finance inventory, manufacturing, returns, retail distribution, support and continuous product development. Software subscription companies avoid most of those costs, while virtual clinics can grow geographically without shipping millions of devices.
Willow remains important, especially now that the category has consolidated around fewer players. We simply see less attractive economics here than in Maven, Flo, Pomelo, Midi or Carrot.
This chart, featured in our femtech market deck, illustrates how revenue is divided among customer segments in the femtech market
Which smaller femtech startups could break into the top group?
Allara Health, Oula and Evvy are the three emerging femtech companies we would watch most closely because each is building a distinct clinical position rather than another generic women's-health app.
Allara is currently the closest to breaking upward. The company raised a $26 million Series B in 2025 and focuses on hormonal, metabolic and gynecological conditions such as PCOS, endometriosis and insulin resistance. Its 2025 outcomes report covered nearly 1,500 patients and reported a 5% mean BMI decline among patients beginning above a BMI of 30, a 9% decrease in HbA1c among patients with elevated levels and improved menstrual regularity among 69% of patients who began with irregular cycles.
Allara said it had treated more than 40,000 women when that report came out. Its homepage now says the service is “trusted by 100,000+ women.” We would keep those figures separate because “trusted by” is broader than treated patients, but the trajectory still suggests fast expansion.
Oula is taking a more physical approach. Its model combines midwives and obstetricians and has now supported more than 3,000 births. Oula reports a 25% lower C-section rate in its New York case study and about $3,000 in savings per birth from midwife-led care. Its expansion into Charlotte through Novant Health this year is particularly interesting because partnerships with established hospital systems could let Oula grow without carrying the full cost of building a national hospital network itself.
Evvy is the science-heavy bet. Its vaginal microbiome platform says it has now been used by more than 100,000 people, and its test uses metagenomic sequencing to analyze more than 700 bacteria and fungi. Evvy has also started turning that dataset into a broader care platform and recently launched an AI advisor built around its proprietary vaginal-microbiome data.
All three remain well behind the top companies in commercial scale. Allara has the clearest near-term path upward; Oula has an interesting health-system expansion model; Evvy could become much more valuable if vaginal microbiome data proves consistently useful for clinical decisions.
Tia sits in a different position. The company helped pioneer integrated women's primary care and has raised around $150 million, but it cut roughly 23% of its workforce in 2025 while pushing toward profitability. We would currently put Tia below these faster-moving challengers.
Which femtech business model is actually working best?
Employer and payer-backed healthcare currently looks like the strongest femtech business model because customers can justify the product using healthcare costs rather than relying entirely on consumers choosing another monthly subscription.
Maven, Pomelo and Carrot all benefit from this structure in different ways. Maven sells broad women's and family care. Pomelo can argue that preventing a preterm birth or shortening a NICU stay saves a payer real money. Carrot can manage fertility spending while helping employers offer a benefit employees value.
Insurance-backed virtual specialty care is close behind. Midi shows how powerful that model can become: acquire women around an underserved medical problem, bill through existing insurance and gradually expand into adjacent conditions. Allara is trying a similar strategy earlier in the hormonal and metabolic journey.
Consumer subscriptions work brilliantly once enormous scale has been reached, which explains Flo's position. Natural Cycles adds the extra protection of a regulated medical-device product.
The difficult models are capital-heavy clinic networks and hardware. Tia's workforce reductions showed how hard hybrid clinics can be when labor costs and reimbursement pressure collide. Kindbody provides an even stronger warning. The fertility company reached a reported $1.8 billion valuation before clinic closures, management changes and extensive scrutiny of its operations. Elvie demonstrated the equivalent problem in hardware.
Those failures should influence a ranking much more than another fundraising announcement.
| Femtech model | Strong examples | Why it works | Main problem |
|---|---|---|---|
| Employer and payer care | Maven, Pomelo, Carrot | Existing healthcare budgets and measurable ROI | Long enterprise sales cycles |
| Insurance-backed virtual clinics | Midi, Allara | National reach with lower patient out-of-pocket costs | Clinical labor keeps costs high |
| Consumer subscriptions | Flo, Clue | Very scalable once retention works | Expensive acquisition and churn |
| Regulated digital products | Natural Cycles | Clinical and regulatory barriers | Narrower initial use case |
| Clinics and hardware | Tia, Willow, Kindbody | Deeper physical care or product ownership | Much heavier operating costs |
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 cycle tracking app technology has evolved over time
Are all the big femtech startups starting to compete with each other?
The biggest femtech startups are converging fast, so companies that once occupied separate niches are increasingly chasing the same long-term patient relationship.
Maven's expansion into hormones and metabolic care moves it closer to Midi. Midi's move beyond menopause brings it toward Maven and Allara. Pomelo is extending from maternity into reproductive care, pediatrics, menopause and long-term women's health.
Carrot has added hormonal, menopause and metabolic programs around its fertility base. Flo is extending the consumer relationship into perimenopause. Natural Cycles now positions its app across contraception, pregnancy, postpartum and perimenopause.
The direction is clear. A patient may originally arrive because she is trying to conceive, managing PCOS, entering perimenopause or looking for contraception. The company that solves that first problem already owns something valuable: trust, health history and a low-cost way to bring that person back.
That creates an incentive to keep expanding.
We expect femtech to become more competitive as a result. Today's neat categories such as “fertility startup,” “menopause startup” and “maternity startup” will become less useful for the largest companies. Maven, Pomelo, Midi and Carrot are already positioning themselves as much broader healthcare platforms.
The winners may eventually resemble specialized healthcare systems for women, delivered through a mixture of software, clinicians, insurance and data.
What are the top femtech startups today?
Maven Clinic is our top femtech startup today, followed by Flo Health, Pomelo Care and Midi Health; those four have created the clearest gap from the rest of the market.
Maven gets first place because it combines more than a decade of operating history, major employer and payer distribution, broad clinical coverage and a new direct-to-consumer channel. No competitor currently matches that entire package.
Flo ranks second because its consumer lead is extraordinary. Around 80 million monthly users give Flo a global distribution asset that every other femtech company would struggle to recreate.
Pomelo is third and has the strongest chance of moving higher. Few companies in the market have combined rapid payer adoption with peer-reviewed outcomes this quickly. Midi follows closely because it has turned menopause care into a national insurance-backed clinical business and is now expanding into wider midlife health.
Carrot gets fifth place on operating depth rather than hype. More than 1,000 customers, international infrastructure and years of fertility claims create a substantial base. Natural Cycles comes next because regulated contraception gives it one of the clearest product moats in the sector.
Clue remains a strong subscription company even with Flo far ahead. Allara is the emerging virtual-care company we think has the best chance of climbing this ranking. Oula deserves a place because its maternity model is producing interesting outcomes and has started expanding through major health systems. Willow completes the top ten after becoming the consolidator of connected maternal-health hardware.
The larger conclusion is much clearer now than it would have been a few years ago. Femtech has a genuine top tier. The strongest companies have moved beyond clever apps and attractive branding into payer contracts, clinical delivery, regulated products, large subscription businesses and measurable health outcomes.
| Rank | Startup | Why we rank it here |
|---|---|---|
| 1 | Maven Clinic | Broadest proven women's and family-health platform |
| 2 | Flo Health | Clear global consumer femtech leader |
| 3 | Pomelo Care | Fastest-rising payer-backed clinical platform |
| 4 | Midi Health | Dominant menopause and midlife virtual-care startup |
| 5 | Carrot | Deepest fertility-benefits infrastructure and employer distribution |
| 6 | Natural Cycles | Strongest regulated consumer femtech moat |
| 7 | Clue | Large, increasingly durable paid consumer business |
| 8 | Allara Health | Best emerging hormonal and metabolic-care challenger |
| 9 | Oula | Most interesting emerging maternity-care model |
| 10 | Willow | Leading connected maternal-health hardware consolidator |
If you want more recent data on this point, please see our latest femtech market report.
In our femtech market deck, we identify pain points entrepreneurs should prioritize
OUR METHODOLOGY
This ranking asks which femtech startups have built the strongest positions today across a market that now spans consumer apps, employer benefits, payer-backed care, insurance-funded virtual clinics, regulated digital products and hardware. We did not treat valuation, funding or user count as a universal leaderboard.
We broke the question into the dimensions that make the companies genuinely comparable: real usage or patient volume, commercial distribution, clinical and regulatory strength, business durability, competitive defensibility and recent momentum. The ranking comes from aggregating those dimensions rather than letting one headline number decide the result.
We treated each scale metric according to what it actually measures. Flo's monthly active users describe active consumer usage; Pomelo's covered lives describe access through payer contracts; Midi's weekly patient count describes delivered care. Those figures are useful, but they are not interchangeable.
Funding and valuation were used as supporting evidence, not as proof of leadership. The history of Kindbody and Elvie is a useful check here: both became major femtech names and raised substantial capital, yet later operating problems showed how quickly a strong financing story can diverge from business durability.
Clinical and regulatory evidence received extra weight where it creates a hard-to-copy advantage. That includes Pomelo's maternity outcomes research, Midi's insurance-backed care volume, Natural Cycles' FDA-cleared contraception product, and the outcomes work published by emerging companies such as Allara and Oula.
We also gave more weight to distribution that can compound over time: employer and health-plan relationships, insurance coverage, recurring subscribers, proprietary claims history, health-system partnerships and integrations with major wearable platforms. These are generally harder to reproduce than a one-off product launch or fundraising announcement.
Recent momentum was assessed using current expansion, new care categories, fresh partnerships and operating growth rather than simply asking which companies raised money most recently. That is why Carrot still ranks highly despite an older headline funding round, while younger companies such as Pomelo and Midi rank highly because their newer growth is tied to care delivery and distribution.
Key sources include https://www.svb.com/trends-insights/reports/womens-health-report/, https://files.pitchbook.com/website/files/pdf/2025_Femtech_VC_Market_Snapshot_Preview.pdf, https://www.mavenclinic.com/about, https://flo.health/newsroom/the-perimenopause-conversation-has-arrived-but-clarity-has-not-flo-health-aims-to-change-that, https://www.pomelocare.com/articles/press-release-pomelo-care-raises-92-million-series-c-reaches-1-7-billion-valuation-to-expand-its-proven-model-beyond-maternity-set-a-new-national-standard-for-womens-and-childrens-healthcare, https://www.pomelocare.com/articles/pomelo-care-publishes-peer-reviewed-research-linking-virtual-maternity-care-to-improved-outcomes-and-reduced-nicu-utilization, https://www.joinmidi.com/press-release/series-d-announcement, https://www.get-carrot.com/, https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfpmn/denovo.cfm?ID=DEN170052, https://verdane.com/verdane-invests-in-clue-to-accelerate-the-future-of-womens-health/, https://www.allarahealth.com/blog/allara-health-expands-nationally-and-reports-significant-clinical-outcomes-in-womens-hormonal-and-metabolic-health, https://oulahealth.com/employers-payers/, https://www.novanthealth.org/newsroom/releases-20260611, and https://www.evvy.com/.
This chart, included in our femtech market deck, illustrates how revenue is divided by region across Europe, Asia, North America, Africa, and South America in the femtech market
