Women are the “power buyers” of healthcare, controlling about 80% of the healthcare spend in the U.S., which is a nearly $4 trillion industry.
Women’s health is now in the spotlight, and investors have been quick to put their cash into this growing market.
Digital health startups focused on women’s health care pulled in $1.3 billion in funding across 26 deals by October 2021—nearly doubling all of 2020’s funding with four months still left to go, according to digital health venture fund Rock Health.
“You have to have blinders on, quite frankly, if you’re not understanding that dynamic and where the trend line is going,” said healthcare investor Lynne Chou O’Keefe, founder and managing partner at Define Ventures, during a Fierce JPM Week panel discussion.
“The question now is how do we now truly expand the definition of what is women’s health? I think that’s all our healthcare,” O’Keefe said.
O’Keefe’s venture capital firm has invested in several innovative startups, like Tia and Hims & Hers, offering new models of care that deliver an integrated experience to women.
Tia, a startup building what it calls a “modern medical home for women,” secured a hefty $100 million funding round in September, marking one of the largest series B investments ever for a healthcare company focused on women, according to the company.