Femtech
The startups addressing women’s long-ignored needs
Last updated: 27 Jan 2022
Market 101
Six years ago, the term femtech didn’t exist — today it’s a small but rapidly growing healthcare segment. The market opportunity was staring everyone in the face: only 4% of global healthcare R&D funding is allocated to women’s health. That’s despite women outspending men by almost a third on healthcare — and most of them being the primary decision makers for their family.
While femtech first movers brought much-needed visibility to the sector, plenty of others are now joining them, and broadening the sector's focus beyond period and fertility tracking apps. Today it’s about addressing any health issues faced by women at any point in their lives, including more taboo topics like menopause or endometriosis. Turning all of this into a business opportunity is not only a matter of developing the right tech, but raising further awareness among investors and consumers. The wellbeing of half of the world’s population depends on it.
Early stage market map
Key facts
€19bn
femtech market size in 2020 (set to increase to €53bn by 2027)1
1.4
% of global healthcare capital invested in femtech2
10x
increase in global VC investment in femtech from 2012-20203
Trends to watch
1. Bundling up
→ Startups that initially focused on a particular niche are now broadening their focus, such as fertility apps integrating services for menopause.
→ Eventually, the aim is to capture the whole life cycle of women’s health, thus addressing a larger overall market and providing a better user experience within a single app or platform.
2. Zooming in
→ One underserved subsector of femtech is providing specialised care for women struggling with specific conditions.
→ This could include endometriosis or hormonal imbalances as well as conditions more prevalent in women than in men, like autoimmune disorders or mental health issues.
3. Partnering up
→ Femtech started out by following a DTC approach, but in the longer term startups may find it easier to extend their reach by partnering with healthcare incumbents.
→ With more women in the labour force than ever, startups may also seek out companies offering their services as employee benefits.
4. The big picture
→ Raising awareness is critical to femtech’s success, especially since startups are pitching their ideas to investors who are — more often than not — men.
→ Some startups are now making this part of their product, for example by offering “partner modes” within apps and providing free educational content.
Startups tracked by Sifted
Sifted take
Femtech has moved on from the early days — when the focus was periods and fertility — and has seen a steady increase in funding overall. Despite the recent jump in investor interest, not all of the sector’s players have benefited equally. It remains to be seen whether VCs will broaden their focus beyond content and community platforms and include more deeptech solutions, especially around underserved areas like sexual and menstrual health.
Rising stars
Europe's leading pre-Series A startups (all published data verified) We identify companies as ‘rising stars’ using a number of criteria including founder backgrounds, investor track record, funding and valuation, and growth signals
Develops a tampon infused with CBD, or cannabidiol, a compound found in marijuana and hemp, to relieve period cramps.
Round
Seed
Date
2020
Size
€5m
Backed by UK startup Babylon Health, this startup developed a digital health assistant for women in developing countries that has 800k users currently.
Round
Seed
Date
2021
Size
€2.6m
Backed by LocalGlobe, Vira Health developed an app to guide women through menopause with personalised support. The cofounders combine medical and business expertise, with Rebecca Love holding a PhD in medical sciences and Andrea Berchowitz having previously worked at McKinsey as associate partner.
Round
Seed
Date
2021
Size
€1.5m
Early stage startups to watch
Artemis
Menstrual health
€180k
€150k
€420k
Body Collective (formerly Baby2Body)
Pregnancy & postnatal
€3m
€500k
€25m
breathe ilo GmbH
Fertility
-
€5.5m
€2.5m
€10m
Béa Fertility
Fertility
€910k
€910k
€2.3m
DAME
Menstrual health
€2m
€1m
-
Fertility Circle
Fertility
€730k
€730k
€2.4m
Freda Health
Menstrual health
€165k
€165k
€2m
Grace Health
Online chats & consultations
€5m
€2.6m
-
Hashiona
Women's health issues
Hashiomoto's disease
€450k
€450k
€2.3m
Imvitro
Fertility
€1.4m
€1.3m
€5m
Juno Bio
Gynecological health
Vaginal microbiome analysis
€1.5m
€1m
-
LactApp
Pregnancy & postnatal
€1m
€440k
€5m
Lattice Medical
Women's health issues
Breast reconstruction
€5m
€1.3m
-
Lola&Lykke
Pregnancy & postnatal
€750k
€660k
€4m
Loopeeze Ltd (trading as FabLittleBag)
Menstrual health
€579k
€119k
€2.4m
Momunity
Community & social networks
€450k
€450k
€6m
Moonai
Menstrual health
€100k
€100k
€666k
MPowder
Menopause
€600k
€600k
€3m
Nourish Parents Limited
Wellbeing & mental health
€180k
€180k
€1m
Syrona Health
Online chats & consultations
€1.1m
€437k
-
Tilly
Fertility
€400k
€300k
€2m
Tuune
Birth control
€4.2m
€4.1m
-
Unfabled
Menstrual health
€317k
€317k
-
Velmio
Pregnancy & postnatal
€70k
€70k
€500k
Vira Health
Menopause
€1.5m
€12m
-
Your KAYA
Menstrual health
€2.3m
€1.1m
€9.6m
Europe’s success stories
Who early stage startups are up against
(Pre-)Seed
Series A
Series B
Series C
Series D+
IPO/Exit
→ Has developed a period tracking app with 12m users, as well as a digital contraceptive that gained FDA [US regulator] approval this year
→ Cofounder and CEO Ida Tin first coined the term femtech at an industry event in 2016
(Pre-)Seed
Series A
Series B
Series C
Series D+
IPO/Exit
→ Has developed a connected breast pump and a smart pelvic floor exerciser, for which it has partnered with the UK’s NHS
KaNDy Therapeutics
(Pre-)Seed
Series A
Series B
Series C
Series D+
IPO/Exit
→ Is developing a non-hormonal treatment for menopause symptoms
→ Acquired by German pharma company Bayer in 2020 for up to €700m
(Pre-)Seed
Series A
Series B
Series C
Series D+
IPO/Exit
Sources
Research reports
1, 2, 3 FemTech Industry Landscape 2021 | 2021 | FemTech Analytics
News articles
Trends to watch in femtech in 2022 and beyond | January 2022 | Sifted
These are Europe’s top startups tackling menopause | October 2021 | Sifted
Femtech startups to watch in Europe, according to top VCs | August 2021 | Sifted
Femtech in France | March 2021 | Speedinvest
Femtech poised for growth beyond fertility | August 2020 | TechCrunch
Femtech is now focusing on menopause and endometriosis | March 2020 | Sifted
Menopause tech and the startups innovating the space | June 2019 | Sifted
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