Just a few days ago Techcrunch asked: “Why aren’t more VCs funding more startups focused on menopause?”. And maybe slowly, but surely the times they are changing as VCs seem to get comfortable with the idea of funding products that target the high-value “female & 40+” demographic. Today following announcements from Vira (£9.2M), HerMD ($10M), and Gameto ($23M) earlier this year we get to report on another fundraise in the space, that could potentially be a game-changer for the entire ecosystem.
Evernow, a telehealth company dedicated to using science to transform care for women in perimenopause and menopause, is announcing the close of a $28.5M Series A led by NEA with participation from 8VC, Refactor Capital, Coelius Capital and most notably angel investors Gwyneth Paltrow, Drew Barrymore, Carla Harris, Cameron Diaz and Othman Laraki, who will support the company’s efforts to create awareness and destigmatize conversation about menopause.
More than two million women reach menopause per year. It’s part of a 10 to 20-year health journey that begins with perimenopause and includes constantly changing symptoms that require versatile management. Despite this, 75 percent of women who seek treatment don’t receive it, and for those who do, a lack of specialists, low prioritization, and insufficient patient-focused education have led to many existing recommendations falling short.
Evernow’s platform is meeting this challenge by using technology to match women with tailored prescription treatments and expert clinicians for ongoing virtual support through a beautifully-designed and user-friendly interface. The company delivers targeted healthcare that addresses not only the near term, but also the long-term symptoms that result from the critical hormone drops that start in perimenopause and extend through menopause and beyond.
Since its founding in 2019, Evernow has studied more than 100,000 women experiencing perimenopause and menopause symptoms. It is releasing a new set of findings today and is in the process of submitting a paper for academic publication that covers how most menopause symptoms differ by race. Evernow shares: “It’s long been known that Black women experience longer and more severe menopause symptoms than other groups, but this has typically been attributed to higher rates of obesity. In our study, we controlled for obesity and other factors, and the higher rates and more severe experiences persisted. Hispanic women were more likely to experience all symptoms except for weight gain. And Asian women were less likely to experience symptoms like night sweats and hot flashes.”
Evernow’s mission with this effort is to move science forward by helping to better map the health journey of women 40+. As a company, it is using this set of key moments to continue to grow in a way that ensures that the right interventions can be delivered at the right points in time to provide immediate symptom relief, supportive care, and the best possible treatments to set women up for long-term health.
Evernow CEO Alicia Jackson PhD explains: “Menopause and its health effects have been understudied, misunderstood, and poorly communicated—leaving so many women in the dark. Our mission is to advance our collective knowledge and improve access to the best treatments, thereby equipping women with the tools to be in control of their health and feel their best throughout the second half of their lifespan.”
With more public figures becoming advocates for women’s health and well-being, Evernow’s angel investors Gwyneth Paltrow, Glennon Doyle, Abby Wambach, Carla Harris (recent Vice Chairman and Managing Director at Morgan Stanley), Gwynne Shotwell, Sheila Lirio Marcelo (NEA Venture Partner and founder of Care.com and ProofofLearn), Drew Barrymore, and Cameron Diaz are committed to elevating and broadening the conversation about women’s health from age 40 onward.
Although focused on menopause for now, it seems like Evernow is getting ready to expand its 24/7 supportive care model to other indications in women’s health. The company plans to invest the new funds to expand its team, invest in community and product development with a focus on enhancing its science-based care delivery model.