Menopause-focused telehealth startup Evernow has scooped up $28.5 million in Series A funding.
The round was led by NEA, with participation from 8VC, Refactor Capital and Coelius Capital, plus angel investors including Color CEO Othman Laraki, former Morgan Stanley vice chairman Carla Harris, Gwyneth Paltrow, Drew Barrymore, Cameron Diaz and Abby Wambach.
WHAT IT DOES
Evernow provides hormone therapy, like the estradiol patch or pill, and paroxetine, an SSRI that can be used to treat night sweats and hot flashes. When users sign up for the service, they’re matched with a clinician who helps build their treatment plan based on the patient’s health history.
Medications are delivered to the patients’ homes, and they can continue messaging with their providers as needed.
“We’ve spent a significant amount of time exploring the women’s health space and were stunned at how little attention has been focused on the menopause market despite its permanence and enormity,” Vanessa Larco, partner at NEA, said in a statement.
“When we first met Evernow, we were impressed by the caliber of expertise on the team, their early traction, and their tech-enabled and science-based approach to treatment, resources, and communication. We are thrilled to partner with Evernow to fuel a new era of prioritizing women’s health.”
The startup said it will use the investment for hiring, building its member community and using the data it has collected for new product development.
Though funding is increasing for women’s health startups – reproductive and maternal health was one of Rock Health’s higher-funded clinical areas in the first quarter this year – it still makes up a small portion of overall digital health investment.
Though many tools focus on menstruation, pregnancy and fertility, companies are starting to shift to other areas, including menopause, according to a report by Frost & Sullivan.
Other companies that offer virtual menopause care include London-based employee health platform Peppy, Gennev (formerly Genneve) and direct-to-consumer virtual care company Ro through its Rory brand.