Midi Health, the Fastest-Growing Virtual Clinic for Perimenopause and Menopause, Raises an Additional $60M in Series B Round - $100M Total Funding to Date - to Transform Women's Healthcare
Lead investor Emerson Collective champions Midi's mission to expand access to expert, insurance-covered care for women in midlife and beyond
LOS ALTOS, Calif., April 24, 2024 /PRNewswire/ -- Midi Health, the fastest-growing virtual care clinic for women navigating perimenopause and menopause, today announced the close of a $60M Series B funding round led by Emerson Collective, bringing the company's total funding raised to date to $100M. Additional investors include GV (Google Ventures), who led the previous funding round, along with Memorial Hermann, SemperVirens, Felicis, Icon Ventures, Black Angel Group, Gingerbread Capital, Able Partners, G9 and Operator Collective. They 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.
Women spend more than a third of their lives in perimenopause or menopause, with more than 1.2 billion women globally expected to be in these life stages by 2030. Upwards of 85 percent of women will experience menopausal symptoms that can negatively impact their productivity and quality of life, yet 75% of women who seek care for these symptoms do not receive any treatment. The primary reason is that only about 1 in 5 OB/GYNs, and even fewer primary care physicians, receive specialized menopause education or training.
"Historically, women's healthcare has been neglected, with perimenopause and menopause having significant unmet needs," said Fern Mandelbaum of Emerson Collective. "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."
A pioneer in the midlife women's health space, Midi Health was founded in 2021 with a mission to close this care gap, and is now the fastest-growing virtual clinic focused on treating women in perimenopause and menopause. Over the past 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 such as Memorial Hermann and benefits platforms such as Progyny and Cleo.
The additional round of funding will allow Midi to expand insurance coverage (already established nationwide), hire and upskill an additional 150 clinicians by end of year, diversify service lines, amplify the conversation around midlife women's healthcare, and scale to care for 1 million+ women per year by 2029.
The quality of Midi's care is validated by a recent survey of 2,200 patients, in which:
- 91% report overall symptom improvement within 2 months of their first Midi visit. Broken down for several symptoms:
- 94% report improvement of hot flashes and night sweats within 3 months
- 93% report improvement of insomnia within 5 months
- 92% report improvement of moodiness, anxiety, and/or depression within 2 months
- 89% report improvement of brain fog and memory lapses within 5 months
Midi shows similarly strong results for a number of other health concerns, and the clinical team is well positioned to meet many more needs for women between the ages of 35 and 65 over the course of 2024.
The new funding reflects a growing national awareness of women's unmet healthcare challenges, and support for innovative solutions designed to fill care gaps. This year, President Biden signed an Executive Order aimed at advancing women's health research and innovation, with a specific focus on menopause, and a groundswell of corporate employers have added menopause benefits. Midi has seized this unprecedented opportunity to transform midlife well-being for the 1 in 4 women in the U.S. over the age of 40. The benefits extend far beyond a patient population: Addressing the care gap for women in perimenopause and menopause can boost the average per capita GDP generated by women by 1.7%, contributing at least $1 trillion to the global economy by 2040 (Source: McKinsey Report).
"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," said Joanna Strober, CEO and Co-founder of Midi Health. "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."
For visual assets including photos and b-roll, visit https://www.joinmidi.com/press-room. For patient stories and more comments from Midi Health CEO Joanna Strober, visit joinmidi.com/series-b-announcement.
About Midi Health
Midi Health is the fastest growing virtual care clinic focused on women navigating midlife hormonal change and beyond. With treatment protocols created by world-class medical experts in perimenopause and menopause, delivered by clinicians trained in women's midlife health, Midi Health provides patients with personalized care plans that include hormonal and non-hormonal medications, supplements, lifestyle coaching and more. All services are covered by insurance, and conveniently accessible through telehealth visits and 24/7 messaging. To learn more, visit www.joinmidi.com.
Media Contact:
Aimee Grove for Midi Health: [email protected]; 415-706-1906
SOURCE Midi Health
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