FemTech
FemTech covers digital health, services and devices focused on women's health - fertility, maternity, menstrual and hormonal tracking, menopause, sexual and pelvic health, contraception and family planning, and broader female-specific chronic disease care. The category was treated as a side niche until the late 2010s but is now meaningfully funded, with several scaled platforms targeting the 50% of the population that has historically been underserved by both pharma and health benefits. Maven Clinic, the largest FemTech platform, was last valued at $1.7B in late 2024 and serves over 2,000 employer customers; Progyny (NYSE: PGNY) anchors the employer fertility benefit market; Carrot Fertility and Kindbody cover similar ground from different distribution angles. FDA approvals for natural-cycle contraception (Natural Cycles) and OTC oral contraception (Opill, 2023) have widened the addressable category.
The sector spans fertility benefits and clinical platforms, maternity and pregnancy care, menstrual and hormonal tracking apps, menopause and midlife care, pelvic floor and sexual health devices, contraception and family planning, and DTC women's health pharmacies.
Revenue comes from employer PMPM contracts on fertility and maternity benefits, capitated and bundled-payment arrangements with health plans, per-cycle and per-treatment fees on fertility clinical services, consumer subscriptions on tracking apps, device sales and refill subscriptions on pelvic and sexual health, and DTC prescription fulfilment revenue.
FemTech is part of Digital health.
$39B
Global market size
17
Public companies
Key VC investors
Key strategic buyers
How FemTech companies monetize?
Femtech companies monetize through employer fertility and maternity benefits, bundled treatment payments and DTC telehealth and pharmacy.
Employer fertility & maternity benefits
Self-insured employers pay PMPM plus bundled fees per treatment cycle. The Progyny, Maven, Carrot and Kindbody model.
Bundled treatment payments
Per-cycle bundled-payment arrangements with health plans and employers, replacing fee-for-service IVF billing. Progyny's core financial model.
Consumer app subscriptions
Monthly or annual subscriptions for menstrual tracking, fertility tracking, sleep, hormonal and menopause apps. The Flo, Clue and Natural Cycles model.
Device & refill subscriptions
One-time device sales paired with consumable refills or recurring app subscriptions. Used by Elvie, Willow (breast pumps), Kegg and Mira.
DTC telehealth & pharmacy
Virtual visits paired with prescription fulfilment for hormonal contraception, menopause hormone therapy and women's sexual health. The Hers, Wisp, Nurx and Midi Health model.
Per-treatment cash pay
Self-pay fees for IVF cycles, egg freezing and fertility services. Still material because of patchy insurance coverage in many US markets.
FemTech valuations in May 2026
Public FemTech comps trade at 2.4x EV/Revenue. Median revenue multiple across FemTech M&A deals was 2.6x in the last 12 months. Median revenue multiple across FemTech VC rounds was 12x in the last 12 months.
2.4x
Median EV/Revenue as of May 2026 for public FemTech companies
n/m
Hologic is the highest valued public FemTech company based on EV/Revenue (excluding outliers)
2.6x
Median EV/Revenue across FemTech M&A deals in the last 12 months
12x
Median EV/Revenue across FemTech VC rounds in the last 12 months
FemTech market segments
Femtech spans fertility benefits and clinical platforms, menstrual and fertility tracking apps and menopause and midlife care.
Fertility benefits & clinical platforms
Employer benefits managers, clinical networks and integrated fertility providers. The largest commercial segment of FemTech by revenue. Key players: Progyny (NYSE: PGNY), Carrot Fertility, Maven Clinic and Kindbody.
Maternity & family care platforms
Prenatal, postpartum and family-care platforms sold mainly to self-insured employers and Medicaid plans. Key players: Maven Clinic, Pomelo Care, Ovia Health (Labcorp) and Babyscripts.
Menstrual & fertility tracking apps
Consumer subscription apps for menstrual, fertility and hormonal tracking. The largest user base in FemTech. Key players: Flo Health, Clue, Natural Cycles (FDA-cleared contraception) and Glow.
Menopause & midlife care
Telehealth and prescription platforms targeting perimenopause and menopause. Funding accelerated through 2023-25. Key players: Midi Health, Elektra Health, Evernow and Alloy Women's Health.
Pelvic floor & sexual health devices
Connected pelvic floor trainers, breast pumps and sexual health devices for women. Key players: Elvie, Willow, Kegg and Joylux.
Contraception & family planning
DTC telehealth for birth control plus FDA-cleared contraception alternatives. The Opill 2023 OTC approval reshaped the category. Key players: Nurx (Thirty Madison), Wisp, Natural Cycles and Twentyeight Health.
Women's chronic disease & specialty care
Specialty conditions skewing female - PCOS, endometriosis, autoimmune and hormonal cancers. Key players: Allara Health, Tia, Hey Jane and Origin Health.
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For bootstrapped and already-VC-backed entrepreneurs who are looking to raise late stage venture or growth capital.
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For category-leading technology companies who are exploring exit alternatives with either financial or strategic acquirers.
Key FemTech KPIs to track
Members or covered lives, cycles or treatments per quarter, ARPU per member and clinical outcomes are the metrics investors track in femtech.
| KPI | Definition |
|---|---|
| Members or covered lives | Employer-covered lives across maternity, fertility and women's benefits. The scale metric for Maven, Carrot, Progyny and Kindbody. |
| Cycles or treatments per quarter | Fertility cycles initiated or completed in a period. The activity metric driving revenue at Progyny, Kindbody and similar. |
| ARPU per member | Revenue divided by active member count. The economics line tracked by employer-paid FemTech platforms across renewal periods. |
| Paying app subscribers | Active paid users on consumer subscription apps. Flo claims over 70M monthly active users and double-digit-million paying subscribers. |
| Net revenue retention | Existing-customer revenue 12 months later. B2B FemTech platforms target 115%+ NRR through expansion of services within employer accounts. |
| Clinical outcomes | IVF success rate, NICU rate, preterm birth rate and similar. Increasingly contractually tied to fees at Progyny, Carrot and Maven. |
| Take rate (treatment networks) | Share of clinic revenue captured by the network operator. The economics for Progyny's clinic management model. |
| Reimbursement coverage | Covered lives under employer-paid or plan-paid benefit. Step-changes when a new payer extends coverage to fertility, menopause or maternity services. |
Main FemTech players globally
The most active femtech companies and category leaders globally.
| Company | HQ | Overview |
|---|---|---|
Maven Clinic mavenclinic.com |  New York | Largest FemTech employer platform, covering preconception, fertility, maternity, postpartum and menopause. Raised $125M at $1.7B valuation in late 2024; serves over 2,000 employer customers globally. |
Progyny progyny.com | New York | Largest US fertility benefits manager (NASDAQ: PGNY). Bundled-payment model serving roughly 6M covered lives across 460 employer customers. The reference public FemTech asset. |
Carrot Fertility get-carrot.com | Menlo Park | Employer fertility benefit covering preservation, IVF, adoption, surrogacy and menopause. Last valued at $1.5B at the 2023 round led by CRV and Maverick; serves over 1,000 employer customers globally. |
Kindbody kindbody.com | New York | Vertically integrated fertility clinics and employer benefits platform. Reset valuation in 2024 after operational issues; CEO change and refocus to clinical operations. |
Flo Health flo.health |  London | Largest menstrual and fertility tracking app, with over 70M monthly active users. Raised $200M Series C at $1B+ valuation in 2024; first FemTech unicorn from the consumer subscription side. |
Clue helloclue.com |  Berlin | Menstrual and fertility tracking app with FDA-cleared digital birth control feature (Clue Birth Control, 2021). Serves a large European-led user base; co-founder Ida Tin coined the term FemTech. |
Natural Cycles naturalcycles.com |  Stockholm | First FDA-cleared digital contraception app. Combines basal body temperature data with algorithmic interpretation; partnered with Oura ring for temperature input. |
Elvie elvie.com | London | Connected pelvic floor trainer and silent breast pump. Restructured in 2024 under CEO Anita Mitchell; backers include Octopus Ventures, IPGL and BlackRock. |
Midi Health joinmidi.com | Menlo Park | Virtual menopause and midlife care platform combining hormone therapy and other prescription care. Raised $60M Series B in 2024; backed by Google Ventures and Felicis. |
Tia asktia.com | New York | Hybrid in-person plus virtual primary care clinics for women. Raised $100M Series B in 2021; restructured around clinical operations in 2023. |
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Key FemTech market trends
Opill OTC oral contraception, the menopause care funding surge and reproductive health data scrutiny post-Dobbs are reshaping femtech right now.
Opill OTC oral contraception
Perrigo's Opill became the first FDA-approved OTC oral contraceptive in July 2023 and launched in early 2024. The approval restructures the DTC contraception market; Nurx, Wisp and Hers women's repositioned their offerings around the OTC channel.
Menopause care funding surge
Midi Health, Elektra, Evernow and Alloy raised material rounds through 2024-25 as employers added menopause to benefit RFPs. Maven's menopause offering also became a major part of employer renewal expansion.
Privacy and reproductive health data post-Dobbs
Period-tracking apps faced sustained scrutiny over data handling following the 2022 Dobbs decision. Flo's anonymous mode (2022) and the FTC's case against BetterHelp set standards across the category; data handling has become a structural cost line.
Fertility coverage expansion
Employer fertility benefits coverage continued to expand through 2024-25, with Progyny adding mid-market accounts and Carrot expanding internationally. Public-payer coverage (Medicaid) remains limited but several states have added partial coverage.
GLP-1 impact on PCOS and women's metabolic care
GLP-1 medication adoption has reshaped care for PCOS and women's metabolic conditions. Allara Health, Hers and Midi all launched GLP-1 companion programs through 2024-25 targeting hormonal and weight-related women's health.
FemTech IPO window still closed
Maven Clinic, Carrot Fertility and Kindbody all remain private through mid-2026. The Progyny multiple has compressed since 2021, and recent comparable IPOs (Hinge Health, Omada in 2025) have set valuation expectations that still gate the next FemTech listings.
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