Deep Dive: Funding Innovations in Women's Health through Femtech

Max Fleitmann
Founder of VC Stack
Deep Dive: Funding Innovations in Women's Health through Femtech
Uma Patel
VC Content Creator

What is FemTech?

FemTech refers to tech-enabled products and services that address the healthcare needs of women. However, it’s important to note this term fails to acknowledge the fact that some members of the LGBTQ+ community have overlapping health needs that fall within this space. We recognize further research and discussions are needed to understand the industry’s intersectionality.

‘FemTech’ was coined in 2016 by Ida Tin, founder of Clue, a menstrual and fertility tracking app that now serves 11 million people across 190 countries. At the time, Tin was looking for a word that referenced companies building within women’s health in order to legitimize the space to male investors. Far from the niche market it was once thought to be, the global femtech market is forecasted to be worth $103 billion by the end of 2030.

Femtech falls within the broader health tech industry and can be broken down into four sub-categories:

  • General Health & Wellness
  • Healthcare & Diagnostics
  • Reproductive Health
  • Pregnancy & Family Care

Top distribution of FemTech companies by region (Q4 2022):

  • 47.8% in North America
  • 26.4% in Europe
  • 12.6% in Asia

The United States and the United Kingdom are the leading countries with the largest number of femtech companies.

The Push for Inclusive R&D

The goal of femtech is not to simply reposition health products and services but to push toward intentional innovation. Although women spend an estimated $500 billion in medical expenses only a mere 4% of all healthcare research and development is targeted at women’s health. In the U.S., it wasn’t until 1993 that the inclusion of women and minorities in clinical trials became law. However, the consequences of using male subjects as default for collecting data continue to play out, and as a result, women receive sub-optimal care.

We all know that some of the best founders solve problems personal to them. Therefore, it’s not a surprise that over 70% of femtech companies have at least one female founder. Yet, this often presents a challenge when it comes to seeking funding. According to PitchBook data for February, companies founded by women in 2022 received just 2% of the total capital invested in venture-backed startups in the U.S.

Interest in the space is certainly growing with $1.16 billion invested in U.S. femtech in 2022 yet compared to other industries this market continues to go underfunded. It’s important to bring femtech further into the discussion to break cultural stigmas and to emphasize the importance of studying and building for minority groups. Hopefully encouraging those who might not be the industry's target market to see the value of understanding the need, consulting with experts, and making investments.

Why invest in FemTech?

  • Wide Market. Women make up more than 50% of the global population and control the largest portion of consumer spending. The question is less “Is there a market?” and more of “Which need is being fulfilled?”.
  • Untapped Solutions. The depth of a woman’s health journey stretches from puberty, through fertile age and all the way to post-menopause totaling an average of 50 years. Meaning there is plenty of white space to build and scale solutions.
  • Positive Impact. An investment in femtech is an investment toward gender equality. When we can support women on the most fundamental level, we support their future which positively affects our economy, workplaces, and families.
  • Growing Interest. Women are 75% more likely to use digital healthcare tools than men. Especially after the onset of Covid-19, apps have been a popular tool to manage fluctuating symptoms around menstruation, fertility, and menopause.

FemTech Resources

Femtech Insider

Femtech Insider is the go-to platform and globally leading media outlet for all things femtech and women’s health innovation. Check out their Company Database! They also offer a number of services including Startup Scouting, Consulting, and Strategy Sessions.

FemHealth Insights

Led by a team of analysts and advisors who specialize in female health, FemHealth Insights is a female health-specific market research and analysis firm. The online community allows you to make connections with experienced entrepreneurs, learn how to get investment deals, and gain access to the FemHealth Insights database.


Femstreet sends out a weekly digest of timely, must-read posts by female investors and operators. In case you’re looking for an employee or new job there is also a Femstreet talent directory. New roles are added every Friday.

Femtech Focus

Hosted by Dr. Brittany Barreto, the FemTech Focus podcast engages people supporting, investing, and innovating in the FemHealth market to talk about present innovations and the future of female health and wellness.

The Heart of Healthcare

Join host Halle Tecco for authentic and compelling conversations with founders, innovators, and thought leaders as we deconstruct underlying problems and identify how we can work together to solve them.

VC Funds Backing FemTech & Minority Founders

Coyote Ventures

We invest seed-stage in companies based in the United States that are innovating women's health & wellness.

Female Founders Fund

We are a seed-stage venture fund that invests exclusively in female-founded companies. We believe strongly in the exponential power of exceptional female talent.

BBG Ventures

We are an early-stage fund backing female founders with big ideas that will reshape the way we live.

SoGal Ventures

We invest and co-create the early stage of the future of living, working, and staying healthy. Supporting diverse founders in US & Asia.

Chingona Ventures

We invest pre-seed in financial technology, female technology, food technology, health/wellness, and the future of learning.

Fearless Fund

We invest in women of color-led businesses seeking pre-seed, seed-level, or series A financing.

Backstage Capital

We are a venture capital fund investing pre-seed and seed in the best startups led by underrepresented founders in the U.S.

The Helm

We are an early-stage venture firm investing in world-changing North American-based companies founded by women.

Serena Ventures

We invest in early-stage companies with an emphasis on overlooked and underrepresented founders.

Female Founders

We are a European-based sector-agnostic fund. We invest in gender-diverse founder teams who are solving the biggest challenges of the 21st century.

Additional Readings