Midi Health has successfully concluded its Series A funding round, amassing a substantial £25M. This round saw GV (formerly known as Google Ventures) at the helm. Joining the financial foray were investors Frederique Dame and Cathy Friedman from GV, accompanied by existing investors such as Felicis, Semper Virens, Icon, 25M, and Operator Collective. This influx has propelled the company’s total capital accumulation to an impressive £40M.
In a mere year since its official introduction to the consumer market, Midi Health has made significant strides. The company boasts of extending its expert care to tens of thousands of patients, with coverage from all major insurance providers. This expansive reach is set to span all 50 states by January 2024. The newly acquired capital will be channelled to bolster operations across the nation. Furthermore, Midi Health has set its sights on forging new alliances with some of the most prominent hospital systems in the US and major American employers. In a recent development, the company unveiled a collaboration with Progyny, a leader in fertility benefits, aiming to offer midlife care solutions to employers throughout the US. Among their current employer clientele are renowned names like Stanford University and ServiceNow. Additionally, they have secured agreements with healthcare giants such as Lifepoint Health.
Frederique Dame, a General Partner at GV, expressed her sentiments on Midi’s rapid ascent, stating, “Midi has witnessed considerable momentum post its launch, pioneering an innovative solution to a need that remains unaddressed for almost half of the global populace.” Their shared vision is to offer personalised, affordable, and easily accessible midlife care. Dame added, “GV is elated to support Midi in their endeavour to contemporise perimenopause and menopause care for women globally.”
Every day, approximately 6,000 women in the US enter menopause. Typically, this phase commences 12 months after a woman’s final menstrual cycle. The average age for this transition is 51. However, perimenopause, the phase leading up to menopause, can occur much earlier. This phase, characterised by erratic hormonal shifts and potentially severe symptoms, can last between four to seven years. The symptoms, ranging from hot flashes, insomnia, and anxiety to memory loss and joint pain, can severely hamper a woman’s quality of life and professional trajectory. A study conducted by the Mayo Clinic revealed that these symptoms led 15% of women to either reduce their working hours or take leave, resulting in an annual wage loss of approximately £1.8 billion.
Joanna Strober, the Founder and CEO of Midi Health, commented on the pressing issue, “The symptoms of menopause can significantly disrupt women’s lives. With a glaring shortage of practitioners adept at managing menopause, countless women find themselves misdiagnosed, inadequately treated, and underserved.” She elaborated on Midi’s mission: “Midi offers a solution covered by insurance, tailored to address the distinct needs of women, bridging a significant chasm in healthcare access, quality, and equity.”
To bridge this gap, Midi Health is fervently augmenting its team of clinicians specialising in women’s health. These professionals undergo stringent training and partake in continuous education, mentored by global experts in perimenopause and menopause. The outcome of this process is evident in the company’s patient CSAT score, which averages a commendable 95 percent.
Every patient under Midi Health’s care is bestowed with a customised care plan. This plan considers various factors such as the patient’s health history, potential genetic risks, ethnicity, and race. These comprehensive care plans amalgamate hormonal and non-hormonal prescription medications, behavioural coaching, evidence-backed supplements, and integrative therapy recommendations.
The rapid ascent of Midi Health in the women’s midlife healthcare sector underscores a broader trend in the healthtech industry: the increasing recognition of historically underserved health concerns. By focusing on a niche yet profoundly impactful area like midlife care for women, Midi Health addresses a significant market gap and sets a precedent for other healthtech startups. The emphasis on personalised care, combined with technology integration, positions Midi Health at the forefront of a new era in women’s health, where technology and empathy converge to offer holistic solutions.
