Menopause Startup Funding Data 2026: Full Round Ledger

Editorial independence: The HRT Index has an active affiliate relationship with Midi Health. That relationship did not determine inclusion, calculations, source treatment, or placement in this ledger. No link on this page is an affiliate link or routes to a provider comparison, review, or matching page.

Menopause startup funding reached at least $343,498,257 across 14 publicly disclosed financing events for six U.S. menopause-specialist clinical-care companies between August 2019 and August 3, 2026. Midi Health accounts for $252 million of that — 73.4% — and the three most-funded companies account for 89.8%.

Menopause startup funding benchmark at a glance

That concentration has deepened in every disclosure year since Midi entered the ledger. Midi Health accounted for 26.7% of the cohort's disclosed funding in 2022, 58.1% in 2023, 76.5% in 2024, 91.5% in 2025, and 100% through August 3, 2026.

Here is the part that surprised us. Public figures tied to the same calendar year can point to totals that are 18.5 times apart. Fierce Healthcare reported $10.2 million across 17 menopause-sector deals in 2022. CB Insights later reported $230 million in 2023, up 22% from 2022; that growth statement implies about $188.5 million for 2022. A single company in this ledger, Evernow, announced $28.5 million in April 2022.

Below is every event in the strict benchmark, where each figure came from, how the calculations work, and why broader published totals are so far apart.

How much menopause startup funding has been publicly disclosed?

Six U.S. menopause-specialist clinical-care companies have publicly disclosed at least $343.5 million across 14 financing events since August 2019. This is a floor supported by company announcements, investor announcements, SEC filings, and original reporting that directly quoted or confirmed the financing with the company — not an estimate of every dollar invested in menopause.

We chose the narrow definition on purpose. “Menopause startup” is not a standardized investment category. Widen it to include drug developers, wearables, supplement brands, employer-benefit platforms, or general women's-health companies that later added menopause care, and the headline can move by hundreds of millions without a single new transaction occurring. So we drew one line, wrote it down, and applied it to every company.

Menopause startup funding by company

Why we say “at least”

Private companies do not announce every financing publicly. The first publicly sized Evernow event located in this review is its 2022 Series A; that does not establish that no earlier capital existed.

Companies also describe rounded lifetime totals — “nearly $30 million,” “roughly $21 million,” or “about $150 million” — that do not equal the sum of their named public events. We do not invent a transaction to close the difference. We record the named events and log the mismatch.

The discrepancy ledger below contains five company-level cumulative-total gaps and two separate reconciliation cases. Three exact gaps total $2.85 million. Two others are approximate because the source itself used “nearly” or “roughly.”

The correct way to read $343.5 million is: this much is documented under the published rule. Not: this is all there was.

What does the menopause startup funding data show — and what does it not show?

The data shows a highly concentrated public funding record. Midi Health accounts for 73.4% of the disclosed benchmark, and the top three companies account for 89.8%. It does not show undisclosed financing, investor check sizes, company revenue or financial health, or the quality of any company's clinical care.

What it shows

• The minimum amount publicly documented for this cohort, event by event.
• Which companies raised it, when it became public, and which investors were named.
• How the concentration of disclosed capital changed by year.
• Where stated cumulative totals diverge from named public events.
• How taxonomy, currency, and timing choices change a published headline.
• What happened after financing for the outcomes that became publicly verifiable.

What it does not show

• Every dollar privately invested in these companies.
• How much each individual investor contributed. Announcements name participants; they rarely disclose check sizes.
• Revenue, profitability, runway, or financial stability, except where a company made a public statement that is clearly labeled as company-reported.
• Investment in menopause drugs, devices, diagnostics, supplements, beauty products, or broad women's-health platforms.
• Clinical quality. Money raised is not evidence that a company's care is good. This dataset records financing, not patient outcomes or medical quality.
• Whether the cohort is financially healthy. Funding is an input, not an outcome.

How was the menopause startup funding ledger built?

We reviewed company newsroom announcements, investor announcements, SEC Form D filings, and original reporting that directly quoted or confirmed a financing with the company. Every additive row carries a date, amount, event type, source class, source URL, reconciliation note, and verification date.

This section exists so the benchmark can be challenged precisely rather than vaguely.

Inclusion rule

A financing event is in the headline benchmark when all five of the following are true:

1. The company is U.S.-headquartered.
2. Menopause, perimenopause, or midlife hormonal care was central to its founding proposition — not a service line added later.
3. The company delivers or coordinates clinical care through telehealth, physical clinics, or a hybrid model.
4. The financing was described as closed, raised, completed, or sold — not merely targeted, offered, or projected.
5. A specific U.S.-dollar amount is publicly verifiable from a company announcement, investor announcement, SEC filing, or original reporting that directly quotes or confirms with the company.

What we excluded, and why

Source priority

1. Company newsroom or company-issued announcement.
2. Lead-investor or named-investor announcement.
3. SEC Form D or another official filing.
4. Original reporting that directly quotes the company or states that the company confirmed the financing.
5. Commercial deal databases, used to discover a possible event but not as the sole evidence for an additive amount when a stronger source is available.

Two rules that do most of the work

Superseded disclosures replace; they never add. Midi Health first announced a $60 million Series B in April 2024. In September 2024, the company described the same round as an oversubscribed $63 million Series B that included a $5 million special-purpose vehicle. Those are not two rounds. We count the final $63 million once.

Stated cumulative totals never override named events. When a company says it has raised “nearly $30 million” but the public record contains $28 million in identifiable events, we record $28 million and log the approximate difference. A lifetime descriptor is context, not a separately identified financing event.

Which date we use

Annual totals use the date a financing became publicly verifiable, not necessarily the legal closing or first-sale date. Midi Health's $50 million Series C was disclosed on October 2, 2025, while the company told Business Insider that the round closed in the spring. The annual table assigns it to 2025 either way, but the distinction matters for quarterly and event-timing analysis.

For SEC filings, the ledger records both the public filing date and the filing's stated first-sale date when available.

Every disclosed menopause startup funding round, 2019–2026

The strict ledger contains 14 additive financing events, from Gennev's $4 million seed round in August 2019 to Midi Health's $100 million Series D in February 2026. Each row identifies the public date, financing event, amount, named principal investors, source, and treatment.

This is the asset. Every company total, annual total, concentration statistic, and benchmark on this page is derived from these rows.

Full round-by-round menopause startup funding ledger

Row notes

• Gennev. The company described a $4 million investment. GeekWire reported that the round brought cumulative funding to $5.3 million. We count the named $4 million event and log the earlier $1.3 million as unitemized.
• Midi Health Series A. The company announced a $25 million Series A and said cumulative funding was $40 million. The named $14 million seed plus $25 million Series A equals $39 million. We do not create a $1 million event.
• Midi Health Series B. The company first announced $60 million on April 24, 2024, then described the oversubscribed round as $63 million on September 19, 2024, including a $5 million Operator Collective special-purpose vehicle. We count one Series B at the final $63 million amount.
• Elektra Health Form D. The new notice reports a first sale on January 24, 2025, $4,648,257 sold of a $5.75 million offering, and five investors. A separate Form D/A reports $3,876,652 sold, six investors, and an October 4, 2024 first-sale date. Public materials do not establish the two filings as separate additive events, so the amendment is disclosed in the reconciliation table but not added.
• Midi Health Series C. Business Insider published the financing on October 2, 2025, after the CEO confirmed it and said it had closed in the spring. The annual ledger uses the public-disclosure date.

Which menopause startups have raised the most funding?

Midi Health has $252 million across five included events — 73.4% of the strict benchmark. Evernow and HerMD are next at $28.5 million and $28 million. Midi's named total is 8.8 times Evernow's, the second-largest company total in the ledger.

That is not a statement about which company is best, most durable, or most clinically effective. It is a statement about the concentration of named public financing.

Midi Health's share of disclosed funding by year

Every dollar added to the strict benchmark in 2026 through August 3 came from one disclosed transaction: Midi's $100 million Series D. That does not establish that no other financing occurred. It means no other event meeting the inclusion rule had become publicly verifiable by the cutoff.

The counterexample worth keeping beside the table

Alloy Women's Health has $19.3 million in named rounds against Midi's $252 million. In November 2024, Fortune reported that Alloy was profitable and had raised a $16 million Series A to move from profitability into growth. We have not reviewed Alloy's financial statements and cannot independently verify profitability; this is a company-reported operating claim carried by original reporting.

The point is not that one model wins. The point is that the funding table cannot answer the question. More capital can buy speed, capacity, hiring, and distribution. It does not prove durability, profitability, or better care.

How has menopause startup funding changed by year?

Funding assigned by public-disclosure date rose from $4 million in 2019 to $82.3 million in 2024, then reached $54.6 million in 2025 and $100 million through August 3, 2026. The pattern is volatile because the cohort is small and a single Midi Health round can define an entire year.

Menopause startup funding by public-disclosure year

2026 is the largest disclosure year in the ledger so far, and it is one event. Any claim about “menopause startup funding growth in 2026” built from this table is mostly a claim about Midi Health's Series D.

We do not calculate a compound annual growth rate from these observations. The series contains a zero year, a partial year, a changing company cohort, and a small number of events dominated by one company. A neat growth percentage would create more certainty than the data supports.

Who is funding menopause startups?

The named investor base includes generalist venture firms, healthcare-focused funds, corporate venture arms, a health system, and individual investors. JAZZ Venture Partners is the only investor explicitly identified as the lead in more than one included event: HerMD's 2022 Series A and its 2023 extension.

Lead or named principal investors by company and event

Three patterns are visible without estimating anyone's check size.

Midi named a different lead at every round. Several earlier investors appeared again in later announcements, but each new financing brought a newly named lead as the company moved from seed through Series D.

Provider and strategic capital appears in later events. UPMC Enterprises led Elektra's 2024 financing. Memorial Hermann Health System participated in Midi's Series B, and McKesson Ventures participated in its Series D.

Investor appearances are not investor dollars. Public materials identify leads and participants, not each party's contribution. This page does not estimate investment amounts by investor.

What changes when the definition of a menopause startup changes?

Moving beyond U.S. specialist clinical care immediately brings in employer-benefit platforms, digital tools, biotech, and devices, plus companies reporting in different currencies. Those events are real, but summing them into the strict benchmark would answer a different question.

The selected register below is not a second market total and is not presented as exhaustive. It shows how quickly the boundary moves.

Selected adjacent and non-U.S. financing events

Two rows show the boundary problem plainly. Osteoboost is a prescription medical device for postmenopausal bone density. Oviva was an ovarian-longevity biotechnology company. Both can appear in a broad menopause-market analysis. Neither belongs in a clinical-care startup benchmark under the rule used here.

That is the whole problem in one paragraph: same real world, different line, different total.

Where do menopause startup funding totals not add up?

Five company-level cumulative totals exceed the sum of named events in the public record. The three exact gaps total $2.85 million; two additional gaps are approximate. Midi's revised Series B and Elektra's overlapping-looking SEC filings are separate reconciliation problems, not ordinary cumulative-total gaps.

This is the audit trail. It shows exactly where the headline could change if new evidence appears.

Discrepancy and reconciliation ledger

Cumulative figures that do not reconcile cleanly are common. Small extensions, pre-seed checks, notes, and rounding can all create a real difference. The problem begins only when a rounded total is treated as another additive financing event. This ledger keeps the figure visible without pretending to know the missing event.

Why do published menopause startup funding estimates differ so much?

Published figures range from $10.2 million for one year to approximately $1.7 billion over six years. They are not competing answers to one standardized question. They measure different company sets, transaction types, geographies, currencies, and time windows — and most do not publish the deal list behind the number.

Published menopause funding figures compared

The $10.2 million problem

Fierce Healthcare reported that $10.2 million was deployed across 17 menopause-sector deals in 2022. The accessible text of SJF Ventures' analysis — the source Fierce cited — does not contain that figure. It may have come from an embedded chart or underlying database, but the 17 deals are not publicly listed.

The strict ledger on this page contains three 2022 events totaling $52.5 million:

• HerMD: $10 million
• Evernow: $28.5 million
• Midi Health: $14 million

Evernow's single round is 2.8 times Fierce's full-year figure. The three strict-cohort events are 5.1 times the reported $10.2 million.

CB Insights creates a second comparison. Its public page says 2023 menopause-care equity funding was $230 million, up 22% from 2022. Dividing $230 million by 1.22 implies approximately $188.5 million for 2022 — 18.5 times Fierce's $10.2 million.

That does not prove which figure is closer to a universal truth, because there is no universal category and neither publisher exposes the underlying 2022 deal list. It proves that a menopause-funding number without its company list and inclusion rule is not safely reusable.

Six reasons the totals do not match

1. The category has no standard boundary. SJF Ventures included 50 companies across five sectors. PwC's analysis reaches clinical care, pharmaceuticals, consumer health, diagnostics, devices, and larger corporate transactions. This page uses a strict U.S. clinical-care rule.

2. The same round can have more than one public amount. Midi Health's Series B appeared first as $60 million and later as a final $63 million. A tracker must replace the preliminary figure, not add both.

3. Currency of record changes the apparent number. Vira Health's 2022 financing was reported as $12 million in one source and appeared in pounds or euros elsewhere. Converting all events requires an exchange-rate date and convention. Leaving some converted and others unconverted is worse.

4. Announcement date and close date are not always the same. Midi Health's Series C was disclosed in October 2025 but described as having closed in the spring. A quarterly chart can change depending on which date is used.

5. Filings, extensions, and special-purpose vehicles can overlap. Midi's Series B included a later-announced SPV inside the final round size. Elektra has an amendment and a new Form D whose public relationship is not explicit. Adding every filing and headline mechanically creates double counting.

6. Public disclosure is incomplete. A company with no publicly sized round contributes zero to this ledger even if it has raised undisclosed capital. The benchmark is a public-evidence floor, not a complete census of private financing.

What counts as a menopause startup in this dataset?

A company belongs in the headline benchmark when menopause, perimenopause, or midlife hormonal care was central to its founding proposition and it delivers or coordinates clinical care. A company does not qualify merely because it later added menopause services or sells a related drug, device, supplement, test, or consumer product.

Inclusion taxonomy

SJF Ventures explicitly excluded large health-technology companies such as Everlywell and Maven Clinic even though they offer menopause care as part of a broader suite. This page takes that logic one step further by separating specialist clinical-care companies from apps, benefits, biotech, devices, and consumer products.

The exclusion with the largest practical effect is often not geography. It is business model. A broad platform may have substantial capital, but attributing all of it to menopause because one service line covers menopause would tell a reader very little about the financing of menopause-specialist care.

What happened to the companies after they raised funding?

The outcomes are mixed. Midi Health announced a valuation above $1 billion. Gennev was acquired for undisclosed terms. HerMD closed its physical locations, launched virtual care, and was later acquired. Alloy's founders reported profitability. For Elektra and Evernow, the latest included financing events remain the most recent publicly sized events located in this review.

Publicly verifiable outcomes for the strict cohort

A $425 million adjacent acquisition that does not belong in the funding total

Pharmavite announced a $425 million acquisition of Bonafide Health on November 30, 2023. Bonafide is a menopause-focused consumer health and supplement business, so neither its financing nor its acquisition price belongs in the strict clinical-care funding benchmark.

It still matters to the market history. The transaction shows why an outcomes section and a funding section need separate rules: a large disclosed acquisition can occur in a category intentionally excluded from the venture-financing total.

Why does menopause startup funding matter now?

Employer interest in menopause resources has increased while the strict funding record has become more concentrated. Mercer reported that 18% of surveyed employers planned to offer specific menopause resources in 2025, up from 4% in 2023. Over the disclosure years in this ledger, Midi Health's share rose from 58.1% in 2023 to 76.5% in 2024, 91.5% in 2025, and 100% through August 3, 2026.

Those figures describe separate things. Mercer's survey measures planned employer benefits; this ledger measures named public financing in a narrow company cohort. The juxtaposition is useful, but it does not establish that one caused the other.

The pharmaceutical side also shows why scope matters. The FDA approved Bayer's Lynkuet on October 24, 2025, for moderate-to-severe vasomotor symptoms due to menopause. A broad menopause-investment analysis may include the capital and corporate transactions behind pharmaceutical development. This clinical-care benchmark does not.

The number a writer chooses encodes a definition. A strict care-delivery number says the public startup record is small and concentrated. A broad market number can say the field has attracted more than a billion dollars across clinical care, drugs, devices, consumer products, and corporate transactions. Both can be accurately reported when the scope travels with the number.

What are the limitations of this menopause startup funding data?

This tracker is a public-evidence floor built from a judgment-based taxonomy. It is reproducible under the published rule, but it cannot reveal undisclosed financings, private check sizes, or a single universally correct definition of a menopause startup.

These limitations matter before the figures are reused.

Disclosure is incomplete. A private financing can exist without a public company announcement or a readily located filing. Every additive figure on this page is documented; undocumented capital is not estimated.

The inclusion rule is a judgment. Another analyst may include employer-benefit companies, devices, biotech, supplements, or broad women's-health platforms. The selected adjacent register shows where those decisions begin to move the boundary.

Round labels are self-assigned and inconsistent. HerMD's 2023 event was described as additional Series A funding and a Series A extension. This page preserves the source description but does not build stage-level statistics from a small, inconsistently labeled dataset.

Pre-2019 coverage is thin. Earlier menopause-related companies raised capital, but clean round-level histories are not always reconstructible from public sources. The benchmark begins with the earliest additive event that met the rule and was included in version 1.0.

Where sources disagree, the disagreement remains visible. The final Midi Series B replaces the preliminary amount. Approximate cumulative totals remain separate from named events. Elektra's two SEC filings remain an unresolved reconciliation case.

Foreign-currency rounds are not converted. A conversion requires an exchange-rate source and date. The adjacent register preserves the amount as reported rather than creating false precision.

Some market estimates cannot be independently reconstructed. PwC and CB Insights publish headline figures and framing without a public round-level transaction list. This page reports those figures as their estimates, not as values independently validated by this ledger.

Absence statements are limited by the review. “No public listing located” and “latest publicly sized event located” describe the result of the source review through August 3, 2026. They do not prove a private event does not exist.

This is a market-data reference, not advice. Nothing on this page is medical, legal, financial, or investment advice. It does not evaluate clinical quality, treatment outcomes, safety, financial prospects, or suitability for any patient. Medical questions about menopause or hormone therapy belong with a qualified clinician.

Frequently asked questions

How much funding have menopause startups raised?

At least $343.5 million across 14 publicly disclosed financing events for six U.S. menopause-specialist clinical-care companies between August 2019 and August 3, 2026. Broader estimates are higher because they include different companies, sectors, transaction types, geographies, or time periods.

Which menopause startup has raised the most funding?

Midi Health has $252 million across five included events: a $14 million seed investment, a $25 million Series A, a final $63 million Series B, a $50 million Series C, and a $100 million Series D. That is 73.4% of the strict benchmark.

Why is the total described as “at least” $343.5 million?

Private financings are not always publicly sized, and several companies have reported rounded lifetime totals that exceed the sum of their named public events. The ledger adds only specific amounts tied to a verifiable event, so the result is a documented minimum.

Does the benchmark include pharmaceutical, device, or supplement companies?

No. The headline benchmark covers U.S. companies founded around menopause-specialist clinical care. Pharmaceuticals, biotech, devices, diagnostics, supplements, beauty and wellness brands, broad women's-health platforms, acquisitions, grants, and non-U.S. companies are excluded. Selected adjacent examples appear separately without a combined subtotal.

Why do other menopause funding reports show larger totals?

They count different things. PwC's approximately $1.7 billion covers a broad 2020–2025 menopause-investment universe that includes pharmaceuticals, consumer health, diagnostics, devices, care delivery, and larger corporate transactions. SJF Ventures' approximately $530 million covered 50 companies across five sectors through Q1 2023. Those figures answer broader questions than this U.S. clinical-care benchmark.

Is menopause startup funding growing?

The amount publicly disclosed through August 3, 2026 — $100 million — is higher than any prior full-year total in this ledger, but it comes from one Midi Health Series D. The dataset is too small, uneven, and concentrated to support a clean category growth rate.

Has any company in the benchmark gone public or been acquired?

This source review found no public-market listing for the six-company cohort through August 3, 2026. Gennev was acquired by Unified Women's Healthcare in October 2022, and Joi + Blokes announced its acquisition of HerMD in December 2025. Financial terms were not disclosed in either cited announcement.

Does more funding mean better care?

No. Funding records disclosed capital raised. It does not establish clinical quality, patient outcomes, safety, profitability, durability, or whether a company is appropriate for a particular patient.

How to cite this page

The HRT Index Editorial Team. “Menopause Startup Funding: 2026 Data and the Full Round-by-Round Ledger.” The HRT Index Research. Published and last verified August 3, 2026. https://thehrtindex.com/research/menopause-startup-funding/

Dataset: The HRT Index Menopause Startup Funding Tracker Version: 1.0 Data cutoff: August 3, 2026 Headline scope: Publicly disclosed financing events for U.S. menopause-specialist clinical-care companies Machine-readable file: CSV dataset

The CSV contains the 14 additive round-level records, source URLs, investor-attribution notes, reconciliation notes, and verification dates used in the headline calculation.

Version history

Review cadence: Event check monthly and after a material public financing announcement; full source reconciliation quarterly. The visible last-verified date changes only after the source set and calculations are actually rechecked.

Research standards

• Methodology
• Editorial standards
• Affiliate disclosure
• Corrections
• The HRT Index Editorial Team

Editorial independence

The HRT Index Research is the independent research and reference section of The HRT Index, an educational menopause and hormone-therapy publication. The HRT Index is published by The HRT Index LLC and is not a healthcare provider, pharmacy, or telehealth service.

The HRT Index has an active affiliate relationship with Midi Health. The relationship did not determine inclusion, calculations, source treatment, criticism, or placement in this ledger. No company reviewed, approved, funded, or was shown this page before publication. No link on this page is an affiliate link or routes to a commercial provider page on The HRT Index.

Corrections to the dataset are recorded in the version history and on the site's corrections page. A correction changes the visible last-verified date only when the affected evidence and calculations have been rechecked.