Overview
Nine companies are driving the growing menopause-care market with everything from virtual clinics and personalized treatment to innovative therapies, each with a goal of addressing women’s needs throughout menopause.
Menopause care has become an investment category, but the money is chasing different kinds of progress. Some companies are making existing care easier to reach. Others are developing new devices, drugs, and experimental therapies.
Investors deployed approximately $1.7 billion in menopause-focused companies from 2020 through 2025, according to PwC. The firm estimates that the global market is worth $10 billion to $15 billion and could grow 8 percent to 10 percent annually through 2030.
“There’s growth, and it’s not hype anymore,” says Sylvia Kang, MBA, founder and CEO of Mira, an at-home hormone-monitoring company.
Much of the investment has gone to care delivery. PwC found that venture capital accounted for more than 80 percent of deal volume, with investors concentrating on technology-supported platforms such as virtual clinics.
Kang sees a thinner pipeline for new diagnostics and therapeutics. “The real biotech play … is still thin,” she says. “Decades of underinvestment left the bar for ‘proof’ low, so a lot of what’s raising money right now is wellness wearing a menopause label.”
The companies in this list reflect both parts of the market. Midi Health, Elektra Health, Visana Health, and Winona are expanding access through virtual care. Osteoboost and Embr Labs offer devices for problems associated with menopause. Gameto and Vistagen are pursuing experimental therapies, while Astellas has brought a nonhormonal treatment to market.
Together, these companies show where the menopause-care boom is producing wider access and where it is beginning to generate new medical options.
Virtual Care and Treatment
Midi Health
Sector: Telehealth/virtual clinic for hormonal and non-hormonal treatment
HQ: Palo Alto, California
Year Founded: 2021
Origin Story: Joanna Strober co-founded the company after struggling to get effective treatment for her perimenopause symptoms
Key Leaders: Joanna Strober, MD, CEO and Co-Founder; Kathleen Jordan, MD, Chief Medical Officer and Co-Founder; Sharon Meersi, MD, President and Co-Founder; Mindy Goldman, MD, Chief Clinical Officer
Number of Employees: About 870
Stage: Series D
Financial Snapshot: $252M total raised; valuation surpassed $1B following its Series D; revenue run-rate of approximately $150M (2025).
Notable Investors: Goodwater Capital; Foresite Capital; Serena Ventures; Advance Venture Partners; GV (Google Ventures); Emerson Collective; SemperVirens; McKesson Ventures
Key Products: Virtual visits for perimenopause and menopause covering hormone therapy and non-hormonal options, weight management, and mental health support, delivered through a 550-provider clinician network across all 50 states.
Recent Highlights: On Feb 3, 2026, the company raised a $100M Series D at a valuation over $1B, hitting “unicorn” status. This made Midi the best-funded menopause-focused startup and.
Elektra Health
Sector: Telehealth plus education and community for hormonal and non-hormonal treatments
HQ: New York, New York
Year Founded: 2019
Key Leaders: Jannine Versi, Co-Founder and CEO; Nora Lansen, MD, Chief Medical Officer; Rachel Amalfitano, Chief Financial Officer
Employees: ~18
Stage: Seed
Financial Snapshot: $20.1M total raised; most recent disclosed round of $4.65M closed January 24, 2025
Notable Investors: UPMC Enterprises
Key Products: Telemedicine visits with menopause-trained clinicians
Recent Highlights: In October 2025, the company teamed up with Oscar Health, Inc., a leading healthcare technology company, to offer the first-ever menopause health plan, HelloMeno, in the Affordable Care Act (ACA) marketplace.
Visana Health
Sector: Virtual-first women's health clinic providing care across all life stages
HQ: Minneapolis, Minnesota
Year Founded: 2019
Key Leaders: Joe Connolly, Co-Founder and CEO; Shelly Lanning, Co-Founder and President; Barbara Levy, MD, Chief Medical Officer; Carla L. Eckhardt Taracena, MSc, Chief Clinical Officer; Chevon Rariy, MD, Chief Medical Technology Officer
Employees: 51-200
Stage: Series A
Financial Snapshot: $24M Series A closed September 30, 2025; $49.57M total raised
Notable Investors: Noro-Moseley Partners; The Cigna Group Ventures; Intermountain Ventures; Flare Capital Partners; Frist Cressey Ventures
Key Products: Medical evaluation and hormonal and non-hormonal treatment for menopause and perimenopause
Recent Highlights: In September 2025, the company closed a $24M Series A to expand into weight loss, cardiometabolic care, and chronic-disease management. The funding will also help to expand its AI capabilities and reduce administrative burden on providers.
Winona
Sector: Menopause/perimenopause telehealth and women’s health
HQ: Austin, Texas
Year Founded: 2020
Key Leaders: Nancy Belcher, PhD, CEO and Co-Founder; Michael Green, MD, Chief Medical Officer; Cathleen Brown, MD, Medical Director and Medical Review; Ashlie Beiter, Co-Founder and VP of Marketing
Employees: 11-50 employees
Stage: Undisclosed
Notable Investors: Outliant Ventures
Key Products: Plant-derived bioidentical HR; physician-formulated supplement line designed to provide support for women who aren't interested in HRT or don't qualify because of medical reasons
Recent Highlights: In July 2026, the company launched a branded supplement line for women 35+ that targets bone density, muscle recovery, sleep, and gut health as a complement to or non-hormonal alternative to HRT.
Devices
Osteoboost
Sector: Non-drug bone-density treatment for postmenopausal women
HQ: San Francisco, California
Year Founded: 2018
Origin Story: The company was inspired and created based on NASA research on how mechanical vibration counters bone loss. CEO Laura Yecies has spoken publicly about her own osteopenia diagnosis despite regular exercise and meeting calcium goals, as personal motivation for the company’s mission.
Key Leaders: Laura Yecies, MBA, Chief Executive Officer and President; Pamela M. Peeke, MD, Chief Medical Officer
Employees: ~12
Stage: Series A
Financial Snapshot: $8M raised in financing round closed on April 9, 2026. Notable Investors: Ambit Health Ventures; Emmeline Ventures; Disrupt Health Impact Fund; Esplanade Ventures, Portfolia
Key Products: Osteoboost, a Class II prescription wearable belt that delivers low-magnitude vibration therapy to the lumbar spine and hips. It is the first and only FDA-cleared, non-drug treatment for osteopenia in postmenopausal women, and has received FDA Breakthrough Device designation.
Recent Highlights: In April 2026, the company closed an $8M round to scale manufacturing and commercial reach. In May 2025, a double-blinded University of Nebraska Medical Center trial found the device slowed bone-density loss by 85% in the spine and 55% in the hips with regular use.
Embr
Sector: Wearable device for temperature control
HQ: Boston, Massachusetts
Year Founded: 2014
Origin Story: Co-Founders Matthew Smith, David Cohen-Tanugi, Sam Shames, and Michael Gibson were engineering students at Massachusetts Institute of Technology (MIT) where they created a wrist-worn thermoelectric cooling and heating device that won the MIT MADMEC materials science design competition and helped launch the company. The Wristify project won the 2013 MADMEC competition and received the $10,000 grand prize.
Key Leaders: Elizabeth Gazda, CEO; Matthew Smith, Co-Founder and Chief Scientific Officer; Sam Shames, Co-Founder & Chief Revenue Officer; Maria Sophocles, MD, Chief Medical Officer; Heather Ritchie, Chief Operating Officer
Employees: ~18
Stage: Series C
Financial Snapshot: $76.8M total raised
Notable Investors: DigiTx Partners; Joy Ventures; Safar Partners; Bose Ventures; Intel Capital; Ghost Tree Partners. Awarded $2.5M+ in grant funding from the NIH, DOD, and the Massachusetts Life Sciences Center.
Key Products: Embr Wave 2, a wrist-worn thermal device that delivers calibrated cooling or warming sensations to help manage hot flashes, night sweats, sleep disruption, and stress via the autonomic nervous system.
Recent Highlights: In February 2025, the Embr Wave made The Oprah Daily Menopause O-wards 2025 list for best Tech. In September 2023, Embr Labs announced a continued research partnership with UMass Amherst’s Institute for Applied Life Sciences to work on its next generation device.
Therapeutics
Gameto
Sector: Cell engineering/implantable cell therapy for menopause
HQ: Austin, Texas and New York, New York
Year Founded: 2020
Origin Story: Co-founded by physician-turned-entrepreneur Dina Turner and serial entrepreneur Martin Varsavsky by building on cell-engineering research developed with George Church’s lab at Harvard Medical School.
Key Leaders: Dina Turner, Co-Founder & CEO; Martin Varsavsky, Co-Founder & Chairman; Christian Kramme, Chief Scientific Officer; Gus Haddad, Chief Medical Officer
Employees: ~47
Stage: Series C
Financial Snapshot: $127M total raised across 5 rounds
Notable Investors: Overwater Ventures; Insight Partners; RA Capital; Two Sigma Ventures; BOLD Capital Partners; Future Ventures; Ingeborg Investments, Portfolia
Key Products: Fertilo, in Phase 3 for infertility using engineered ovarian support cells to mature eggs outside the body; Ameno, a preclinical-stage program comprising an implantable cell therapy designed to restore ovarian hormone production by responding to natural brain–ovary signaling
Recent Highlights: In January 2026, Gameto announced that it exclusively licensed additional intellectual property from Harvard University related to the induction of meiosis in human cells. The IP built upon the company’s prior sponsored research agreement with George Church’s laboratory at Harvard Medical School and the Wyss Institute for Biologically Inspired Engineering. In August 2025, the company closed a $44M Series C to advance the Ameno menopause program, building on a $10M ARPA-H “Sprint for Women’s Health" award received in January 2025 specifically for Ameno’s preclinical development.
Astellos Pharma
Sector: Non-hormonal pharmaceutical for menopause
HQ: Northbrook, Illinois and Tokyo, Japan
Year Founded: 2005
Origin Story: Astellas was established through the merger of two companies – Yamanouchi Pharmaceutical (founded in 1923) and Fujisawa Pharmaceutical (founded in 1894). Veozah, the company’s medication for treatment of moderate to severe hot flashes was FDA approved in 2023.
Key Leaders: Naoki Okamura, President & CEO; Tadaaki Taniguchi, MD, PhD, Chief Research & Development Officer
Employees: 13,500 + globally
Stage: Commercial
Financial Snapshot: Veozah generated in-market sales of roughly JPY 35.2 billion (~$230–240M) in Q3 YTD FY2025 alone.
Notable Investors: Publicly traded
Key Products: Veozah (fezolinetant), is a once-daily oral tablet to treat moderate-to-severe hot flashes and night sweats due to menopause.
Recent Highlights: In August 2026, Astellas entered an agreement with the US government to lower the prices of medicines in Medicaid. In December 2024, the FDA added a Boxed Warning for potential hepatotoxicity to Veozah’s label following a postmarketing case of liver injury reported through the FDA Adverse Event Reporting System (FAERS).
Vistagen Therapeutics
Sector: Intranasal, non-hormonal drug for vasomotor symptoms
HQ: South San Francisco, California
Year Founded: 1998
Key Leaders: Shawn Singh, JD, President & CEO; Angel Angelov, MD, MBA, Chief Medical Officer; Nick Tressler, MBA, Chief Financial Officer
Employees: ~41
Stage: Publicly traded
Financial Snapshot: The company’s market cap was $10.45 million as of September 2026.
Notable Investors: Holders include Commodore Capital Lp; Vanguard Capital Management LLC; Two Sigma Investments, LP
Key Products: Refisolone, an intranasal, non-hormonal, non-systemically-absorbed nasal spray in Phase 2 development to treat hot flashes due to menopause. In an exploratory Phase 2a study, it reduced hot flash frequency by 80% versus 36% for placebo, with effects seen as early as one week.
Recent Highlights: In April 2026, the company received an FDA “Study May Proceed” letter under its refisolone IND application, clearing the way for further U.S. Phase 2 development for menopausal VMS.
