Women’s health funding: Promising signs, yet ‘woefully behind’

In the world of women’s health funding, the majority of founders, investors and advocates say the progress made in the last two years isn’t enough.

“We’re in the early innings,” said Gina Bartasi, CEO of fertility startup Kindbody. “We’re seeing more investments and more resources but we’re still woefully behind.”

While some areas of women’s health such as fertility and menopause have seen increased investment, those in the industry say the sector is still largely underfunded. There is also frustration around the lack of opportunities for women-led companies and companies focusing on women’s health.

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“Yes, there’s momentum,” said Andrea Ippolito, CEO of breastfeeding startup SimpliFed. “But no matter how much momentum there is, if investment dollars aren’t going to women, who tend to innovate more in the women’s health sector, then it’s still facing headwinds.”

Women’s health-focused startups in the U.S. received $952.5 million last year, down from $1.06 billion in 2021, according to market data and research company Pitchbook. The drop-off from 2021 to 2022 was smaller in women’s health than in digital health as a whole.

Progress is impeded by challenges with reimbursement, bad user experience and misguided perceptions on the category as a whole, experts say. The women’s health space is perceived by some investors and buyers as small, said Stephanie Palmieri, partner at venture capital firm NextView Ventures.