Midi Health, a rapidly growing virtual care clinic for women navigating perimenopause and menopause, announced the closing of a $60 million Series B funding round led by Emerson Collective. This brings the company’s total funding raised to date to $100 million.
The additional investors include GV (Google Ventures) – who led the previous funding round – and Memorial Hermann, SemperVirens, Felicis, Icon Ventures, Black Angel Group, Gingerbread Capital, Able Partners, G9, and Operator Collective. They also join a syndicate of primarily female-led investors, including F7, Steel Sky Ventures, Avestria, Muse Capital, 1843 Capital, Anne Wojcicki, Susan Wojcicki, and K50 Ventures.
(Midi Health’s Series B round investors and founders from left to right: GV Executive Venture Partner Cathy Friedman, Midi Health Co-founder Kathleen Jordan, MD, Midi Health Co-founder Jill Herzig, Felicis Ventures General Partner Victoria Treyger, Operator Collective Founder Mallun Yen, Midi Health Co-founder Sharon Meers, Midi Health Co-founder and CEO Joanna Strober, Emerson Collective Managing Partner Fern Mandelbaum, SemperViren Partner Allison Baum Gates, GV General Partner Frederique Dame)
Women spend over a third of their lives in perimenopause or menopause, with over 1.2 billion women globally expected to be in these life stages within the next few years. And as high as 85% of women will experience menopausal symptoms that could negatively impact their productivity and quality of life. However, 75% of women who seek care for these symptoms do not receive any treatment. The main reason is that only 1 in 5 OB/GYNs and even fewer primary care physicians receive specialized menopause training.
An innovator in the midlife women’s health space, Midi Health was launched in 2021 to close this care gap. It is now the fastest-growing virtual clinic focused on treating women in perimenopause and menopause. In the last year, the company has cared for tens of thousands of patients, expanded to all 50 states, added Fortune 100 employers offering Midi as a workplace benefit, and launched partnerships with major healthcare systems like Memorial Hermann and benefits platforms like Progyny and Cleo.
This funding round will enable Midi to expand insurance coverage, hire and upskill 150 clinicians by the end of the year, diversify service lines, enhance the conversation around midlife women’s healthcare, and scale to care for 1+ million women per year by 2029.
In a recent survey featuring 2,200 patients, Midi’s care was validated, with 91% reporting overall symptom improvement within two months of their first Midi visit. Of those patients, 94% reported improvement in hot flashes and night sweats within three months, and 93% reported improvement in insomnia within five months.
Midi also shows similarly solid results for several other health concerns, and the clinical team is well-positioned to meet many more needs for women between the ages of 35 and 65 this year.
This new funding round reflects a growing national awareness of women’s unmet healthcare challenges and support for innovative solutions to fill care gaps. This year, President Biden signed an Executive Order to advance women’s health research and innovation, focusing on menopause and a groundswell of corporate employers who have added menopause benefits.
(Midi Health’s founders from left to right: CEO Joanna Strober, COO Sharon Meers, Chief Medical Officer Kathleen Jordan, MD, Chief Brand Officer Jill Herzig)
KEY QUOTES:
“We started Midi with just one specific focus: helping women access world-class, expert perimenopause and menopause care, covered by insurance, and we have been at the forefront of delivering on that promise. But what we have also learned is that addressing the health concerns of women in midlife is more complex than simply treating hot flashes and prescribing hormone replacement therapy. Midi takes a multi-symptom, holistic approach to care designed to help women live their best, most productive and fulfilling lives—whether that involves medication, lifestyle coaching, natural supplements, or other support. Our goal now is to expand services and scope to continue this comprehensive, personalized care far beyond menopause.”
- Joanna Strober, CEO and Co-founder of Midi Health
“Historically, women’s healthcare has been neglected, with perimenopause and menopause having significant unmet needs. Midi is providing expert, empathetic care coupled with comprehensive insurance coverage, finally addressing this gap and ensuring that all women receive the support they need and deserve.”
- Fern Mandelbaum of Emerson Collective
