Midi Health raises $100m Series D as women’s health market hits $100+b

What do you get when you add the words women and health together? Wealth.

Women’s telehealth company Midi Health announced a $100 million Series D fundraise on Feb. 3. The investment, led by Goodwater Capital, brings the company’s valuation to $1+ billion, according to a release.

This comes soon after cancer detection company AOA Dx reported that women’s health startups have reached an exit value, or how much investors make when selling their stake, of $100+ billion since 2000. But the work is only just beginning, according to Maria De Santis, principal at venture capital (VC) firm Muse Capital, a Midi investor.

“We see some clear, gaping holes that still need to be addressed,” De Santis told us.

Why women’s health? Muse Health focuses on early-stage consumer tech companies that work in “the future of how we care, play, and live,” De Santis said. This includes everything from digital health companies to entertainment to childcare.

In addition to Muse, its investments include hormone monitoring company Eli Health, egg freezing and donation company Cofertility, and breast cancer detection company BeSound.

Overall, though, Muse is looking for companies that “represent untapped potential and opportunity,” De Santis said. Women’s health falls under this category because it’s historically understudied and underfunded, she added.

“It’s about looking for markets that are ready to be discovered or ready to be re-innovated,” she said.

The femtech market is expected to reach $267 billion by 2035, up from $63.1 billion in 2025.

And Muse works to provide more than just funding. For example, De Santis said the VC helped connect Cofertility to tennis player Maria Sharapova in December, who ended up becoming an investor and spokesperson.

‘Reclassifying women’s health.’ In addition to the big number, one of De Santis’s biggest takeaways from the AOA Dx report was how it was “reclassifying women’s health.” She said women’s health is sometimes siloed to just reproductive care, which she said is definitely included but not the only focus.

Conditions that affect women and men but have a disproportionate or different impact on women can also fall under the category, like Alzheimer’s disease, for example. (Two-thirds of US residents with Alzheimer’s are women, according to nonprofit the Alzheimer’s Association.)

“Some of these massive deals like the [medical device] Ventana deal or the [cancer diagnostics] Genomic Health deal should be viewed as women’s health and not just necessarily oncology,” De Santis said.