Agetech and Femtech have a lot in common: both emerged in the 2010's, both address global challenges, and both have historically been underfunded. They also intersect, particularly around menopause. We've been noticing a gradual uptick in these deals for a some time...
Agetech x Femtech
Agetech and Femtech have a lot in common: both emerged in the 2010's, both address global challenges, and both have historically been underfunded. They also intersect, particularly around menopause.
We've been noticing a gradual uptick in these deals for a some time - deals related to menopause really stick in your mind, even for those who'll never experience it themselves. So, when 5 of the 28 Agetech deals this month turned out to also be Femtech, it sparked our curiosity. Just how rapidly is this space growing?
After some digging through news stories, tech blogs, vc portfolios and more, we were able to piece together a mostly complete list of funded menopause-related startups. As you can see above, not have the number of funded companies increased significantly over the past 4 years, but excitingly there's also been an increase in geographic diversity as well. With 5 more this month, three of which happened outside of the US, this trend looks like it'll continue to accelerate.
Learn more about them and all the other deals from February below, but first, coming up next month is...
Medicarians
The Home of Senior Health, Wealth, and Agetech
Over the course of three days, the brand-new Fontainebleau in Las Vegas will play host to a diverse gathering of Agetech investors, Agetech innovators, Medicare Advantage Plans, Medicare Brokers & Agents, and Financial Service Professionals. The variety of stakeholders of the event, which features a new RetireTech track, delivers a unique melting pot of opportunity alongside its highly targeted content.
Speaking of which, I'll be moderating a panel discussion on Medicare Supplemental Benefits, featuring key figures from major payors Cigna and Clever Care. Get your ticket now, use this link to save $200, and come say hi. See you in Vegas!
February Highlights
🎉 NurseLine, a national provider of after-hours hospice and home health triage services, was acquired by direct competitor IntellaTriage. Financial terms were not disclosed. This strategic move aims to enhance IntellaTriage's ability to assist post-acute providers by improving patient outcomes, reducing nurse burnout, and increasing operational efficiency. (Hospice News)
Accompany Health, which offers 24/7 virtual and in-person primary, behavioral, and social care services to low-income patients with complex needs, secured a $56 million Series A and launched. (MobiHealthNews)
Cohere Health, which leverages artificial intelligence to streamline prior authorization for health plans and risk-bearing providers, raised $50 million to meet growing demand. The company grew from less than 10 employees in 2020 to more than 700 employees today, now serving five health plans, processing 5.5 million prior authorizations annually for more than 15 million health plan members and 420,000 healthcare providers nationally. (PR Newswire)
🎉 Cotiviti, developer of SaaS tools for healthcare payors and providers to improve payment accuracy, risk adjustment, quality improvement and more, was recapitalized by KKR. The funds will be used to accelerate growth beyond the over two hundred healthcare payors it already counts as customers through continued investment in people and technology. (Cotiviti)
b.well Connected Health, which helps payors and providers integrate the various tools and vendors they use into a unified experience for their customers, raised a $40 million Series C to expand its operations and business reach. (FinSMEs)
HealthSnap, a platform aiding providers in implementing and billing for remote patient monitoring and chronic care management solutions, raised a $25 million Series B. The new funds will be used to expand their clinical capabilities, and customer base, nationwide. (HIT Consultant)
Carewell, an e-commerce destination for home health products with enhanced customer support to assist in selection, raised $24.7 million to enhance its technology platform, expand its product offerings, and increase its marketing efforts. (Home Health Care News)
Avation Medical, developer of a wearable neuromodulation device that treats urge urinary incontinence, raised $22 million to jumpstart the launch of its Vivally System in select US markets. (FinSMEs)
Redi Health, a digital health platform that connects pharmaceutical companies, healthcare providers, and patients to improve outcomes, raised a $14 million Series B off its success reaching millions of patients across the country. The funds will be used to foster innovation, launch new products, and accelerate growth. (PR Newswire)
Stepful, an online platform providing medical training for healthcare professionals, raised a $12 million Series A to expand its program offerings and ink new health care system partnerships. (Axios)
🎉 Twill, a health & wellness platform combining digital therapeutics, AI, live coaching and more, was acquired by DarioHealth, a multi-chronic condition digital therapeutics platform, for $10 million in cash and 10 million common shares. Simultaneously DarioHealth raised $22.4 million in preferred convertible stock. The acquisition is projected to nearly double Dario's revenue by providing access to Twill’s customer base of health plans, Fortune 100 employers, and pharmaceutical companies. (HIT Consultant)
Foodsmart, a food-as-medicine platform focused on managing and preventing chronic disease and encouraging alternatives to GLP-1s, raised $10 million. The funds will be used to expand its reach to 7.4 million patients across 3 major health systems and develop strategic partnerships, EHR integrations, and provider education programs. (The Spoon)
☠️ Peppermint, the "online clubhouse community” for adults aged 55+, went from raising $8 million out of Redesign Health last July to quietly closing up shop in November. Details are scarce, though it's very unlikely that they were blowing $2m a month and crashed. We'll be investigating and sharing what we find, if you have any info reach out.
9amHealth, a virtual cardiometabolic clinic preventing and treating diabetes, obesity, high cholesterol, and hypertension, raised a $9.5 Series A extension led by Cigna Group Ventures. The funds will help grow its clinical staff to further scale its flagship product - providing employers a 4x ROI and $284 savings pmpm by encouraging alternatives to GLP-1s. (PR Newswire)
Anatomy Financial, an AI-based "financial operating system" for entities that bill health insurers, raised $7.6 million and launched. (Business Wire)
SiftWell Analytics, an AI-based population health platform that improves outcomes for payors and providers, raised $5.8 million to enhance its technology and expand its team. (Fierce Healthcare)
Axle Health, a scheduling and workforce management platform for home health, raised $4.2 million in seed funding to hire additional software and machine learning engineers. (Business Wire)
Elektra Health, an evidence-based menopause care platform, raised a $3.75 million seed extension to expand its model to new payors, self-insured employers, and markets. (FemTech Insider)
Elidah, a medical device company developing innovative products for women, raised a $3.5 million Series A. The funds will accelerate the commercialization of its flagship product, Elitone, a non-invasive treatment for stress urinary incontinence. (Femtech Insider)
RapidClaims, an AI-based SaaS tool for providers that automates medical coding to reduce claim denials, raised $3.1 million as it exited stealth. (HIT Consultant)
Healthly, which enables primary care physicians to participate and succeed in Medicare value-based care, raised an undisclosed amount of growth capital. The funds will be used to provide new tools, training, and support while also enabling the company to pursue strategic acquisitions and partnerships. (PR Newswire)
Around the World
Lilli, a UK-based AI-driven remote monitoring device supporting home care and home health, raised £8.2 million. The funds will be used to capitalize on its reported 9:1 ROI by expanding internationally and launching a direct-to-consumer offering. (Tech.eu)
myo, a Berlin-based communication and service app tailored for senior care facilities, raised €8 million. The funds will be used to fuel further growth in the DACH region, where it already serves over 400 customers, and facilitate expansion into the UK. (GlobeNewswire)
Sorella, a France-based hybrid physical & virtual healthcare platform providing women of all ages access to specialized healthcare, raised €5 million. The funds will drive expansion all across France, with plans to open three clinics this year, reaching a total of twelve by 2026. (FemTech Insider)
Khyaal, a super-app designed to assist India's older adults in everything from booking transportation, preventing fraud, and reducing loneliness, raised $4.2 million to continue enhancing its community and introduce additional services. (PR Newswire)
Unfabled, a UK-based online marketplace focused on women's health and wellness products, raised $2 million to support improvements to its technology and expansion of its product range. (Unfabled)
Domma, a Spanish startup leveraging scientific research to create non-invasive treatments for menopausal hormonal imbalance, raised €950k. The investment will be directed towards scientific research and the development of nutraceuticals and other solutions aimed at improving health for midlife women. (FemTech Insider)
Ivory, an India-based startup specializing in brain health, raised $500k to enhance its product development and expand its reach to over 15 million Indians at risk of dementia. (Indian Startup News)
