Midi Health Closes $100M Series D, Crosses $1B Valuation
Women’s Health Market Surpasses $100 Billion in Exits
Midi Health Raises $100M Series D, Hits Unicorn Status
"Women + Health = Wealth" — VC expert says women’s health is being reclassified
Original: Healthcare Brew, Cassie McGrath (Feb. 6, 2026) |
Women’s telehealth company Midi Health announced on February 3 that it has raised $100 million in a Series D round. The round was led by Goodwater Capital, with new participation from Foresite Capital and Serena Ventures, alongside continued backing from GV (Google Ventures), Emerson Collective, SemperVirens, McKesson Ventures, and Felicis Ventures. The financing values Midi Health at over $1 billion, placing it among a small group of women’s health unicorns.
Co-founder and CEO Joanna Strober said: “Women’s health has been treated like an afterthought for too long. This funding gives us the resources to rewrite that story at scale.” She noted that prior to COVID, healthcare was always local, but Midi has proven it is possible to build a national-scale healthcare company serving women who desperately need this care.
Serena Williams, managing partner at Serena Ventures, added: “When women founders and women customers are heard, entire systems change.”
Notably, the round was led by Goodwater Capital, a firm known for consumer tech investments in companies like Spotify and Twitter—not a traditional healthcare investor. Fortune reported that this signals Strober’s ambition to build Midi as a true consumer brand, not a B2B business like many healthcare unicorns. The other major women’s health company to cross a $1 billion valuation is Maven Clinic, which sells family care benefits to employers.(Fortune, Feb. 5, 2026)
An AI-Enabled Platform: 50 States, 230,000+ Patients
Midi Health originally launched as a virtual clinic focused on perimenopause and menopause care. It has since expanded into a comprehensive, multi-specialty healthcare platform spanning OB-GYN, internal medicine, cardiology, endocrinology, obesity, sleep medicine, mood disorders, dermatology, longevity, and naturopathic medicine. The company now operates with over 500 clinicians across all 50 U.S. states, serving more than 230,000 patients. Weekly active patients exceed 25,000, and insurance coverage reaches over 45 million women nationwide.(Fierce Healthcare, Feb. 3, 2026; HLTH Insights, Feb. 4, 2026)
A key differentiator is Midi’s proprietary AI engine, which drives value in three core areas:
- Personalizing care: AI-powered chart analysis tailors each patient’s care journey and supports faster, more accurate diagnosis and care management.
- Streamlining operations: Automation improves efficiency in scheduling, triage, and documentation, reducing clinician burden.
- Refining clinical protocols: Analysis of one of the largest datasets focused on midlife women supports research and continuous improvement in outcomes.(Midi Health press release, Feb. 3, 2026; HLTH Insights, Feb. 4, 2026)
The clinical results are compelling:
- 28 percentage point increase in breast cancer screening adherence
- 11 percentage point increase in colorectal cancer screening adherence
- Up to 13% lower total cost of care compared to a matched comparison group
(Midi Health press release, Feb. 3, 2026; FinSMEs, Feb. 3, 2026)
Alongside the funding, Midi bolstered its executive team: Jason Wheeler (formerly Tesla, Google, Forward) as CFO; Melissa Waters (formerly Meta, Lyft, Hims & Hers) as CMO; and Matt Cook (formerly Omada Health, Firefly Health) as CCO.(Athletech News, Feb. 3, 2026; FutureFemHealth, Feb. 3, 2026)
Women’s Health Startups: $100+ Billion in Cumulative Exit Value
Midi’s unicorn milestone is part of a broader explosion in the women’s health market. Cancer detection company AOA Dx released a landmark report titled “Follow the Exits” at the 2026 J.P. Morgan Healthcare Conference. It tracked 276 women’s health company exits between 2000 and 2024, revealing over $100 billion in total exit value and 27 billion-dollar transactions.
(Femtech Insider, Jan. 14, 2026; Fortune, Jan. 13, 2026)
AOA Dx co-founder Anna Milik Jeter wrote: “Market narratives have long framed women’s health as niche or narrowly focused on reproductive care—a misconception that has obscured the sector’s true scale and returns. Viewed through this lens, women’s health is not a nascent opportunity. It is a substantial, established segment of healthcare with a long track record of value creation.”(Femtech Insider, Jan. 14, 2026)
Key findings from the report:
- Strategic buyers accounted for 91% of women’s health exits; only 9% occurred through IPOs
- Hologic completed 22 acquisitions totaling $14.16 billion; CooperSurgical made 21 acquisitions totaling $4.5 billion
- The past 5 years saw a rapid acceleration, with $48.2 billion in exits—roughly half of the 25-year total
- 2024 alone reached $21.4 billion in exit value—a record year for the category
- Biopharma, diagnostics, and devices drove 80% of total value; diagnostics showed the highest capital efficiency
(Femtech Insider, Jan. 14, 2026; Fortune, Jan. 13, 2026; MedCity News, Feb. 2026)
Muse Capital’s Perspective: “A Market Ready to Be Discovered”
Maria De Santis, principal at VC firm Muse Capital and a Midi investor, told Healthcare Brew: “We see some clear, gaping holes that still need to be addressed.” Muse focuses on early-stage consumer tech companies working in “the future of how we care, play, and live,” with a portfolio that includes hormone monitoring company Eli Health, egg freezing and donation company Cofertility, and breast cancer detection company BeSound.
De Santis described women’s health as historically understudied and underfunded: “It’s about looking for markets that are ready to be discovered or ready to be re-innovated.” Muse provides more than just funding—for instance, the firm helped connect Cofertility to tennis player Maria Sharapova in December 2024, who became an investor and spokesperson.(Healthcare Brew, Feb. 6, 2026)
Reclassifying Women’s Health
De Santis’s biggest takeaway from the AOA Dx report was how it is “reclassifying women’s health.” Traditionally, the category has been siloed to reproductive care alone. The report expands the definition into three tiers:
- Conditions unique to women — reproductive health, menopause, etc.
- Conditions that manifest differently due to sex-based biology — cardiovascular disease, Alzheimer’s, etc.
- Conditions that disproportionately affect women — autoimmune disorders, osteoporosis, etc.
According to McKinsey data cited in the report, just 5% of the overall disease burden affecting women is exclusive to female biology. The remaining 95% comes from conditions that affect women disproportionately or differently—yet these have historically received far less attention from investors focused on women’s health.(Femtech Insider, Jan. 14, 2026; Fortune, Jan. 13, 2026)
A striking example is Alzheimer’s disease: two-thirds of U.S. residents with Alzheimer’s are women (Alzheimer’s Association), yet Alzheimer’s companies have been classified under “neuroscience,” not women’s health.
De Santis argued that major deals like the Ventana (medical device) acquisition and the Genomic Health (cancer diagnostics) deal “should be viewed as women’s health and not just necessarily oncology.” As the AOA Dx report put it, this “legacy misclassification”—particularly in oncology, diagnostics, and chronic disease—has caused many women’s health exits to be tracked outside the category, understating its historical scale and creating pricing inefficiencies for investors.(Healthcare Brew, Feb. 6, 2026; Femtech Insider, Jan. 14, 2026)
The Hologic Deal: $18.3 Billion and the Largest Women’s Health Transaction Ever
The “reclassification” thesis is most vividly illustrated by the Hologic acquisition. In October 2025, Blackstone and TPG announced a definitive agreement to acquire the women’s health diagnostics leader for up to $18.3 billion—$76 per share in cash plus a contingent value right (CVR) of up to $3 per share tied to breast health revenue milestones. This represented a 46% premium to Hologic’s pre-announcement share price.(Blackstone press release, Oct. 21, 2025; CNBC, Oct. 21, 2025)
Hologic holds approximately 60% U.S. market share in mammography systems with over 12,000 units installed globally, making it the undisputed global leader in women’s health diagnostics. The deal, backed by minority investments from the Abu Dhabi Investment Authority (ADIA) and GIC, is the largest women’s health transaction on record and signals deep private equity conviction in the sector’s long-term value.(Fierce Biotech, Oct. 22, 2025; Dakota, Oct. 22, 2025)
The Hologic deal was not included in the AOA Dx report (which covered data through 2024). If included, total cumulative women’s health exit value would approach $120 billion.
FemTech Market Projected to Reach $267 Billion by 2035
The global FemTech market is expanding rapidly. According to an Astute Analytica report published in January 2026, the market was valued at $63.1 billion in 2025 and is projected to reach approximately $267 billion by 2035, representing a CAGR of 15.51%.
(Astute Analytica / GlobeNewswire, Jan. 7, 2026)
The report describes a fundamental structural shift in the FemTech industry—from “reproductive wellness” to “clinical longevity and deep tech.” The most defining change is the explosive rise of the menopause vertical. Approximately 2 million women in the U.S. enter menopause each year, and untreated symptoms are estimated to cost $25 billion annually in healthcare spending and lost productivity.(FutureFemHealth, Feb. 3, 2026; HLTH Insights, Feb. 4, 2026)
North America accounted for 38.64% of the global FemTech market in 2024, driven overwhelmingly by the U.S. In LinkedIn News’s 2026 annual “Big Ideas” roundup, Melinda French Gates named women’s health as one of the defining trends for 2026.(Athletech News, Jan. 8, 2026)
The Women’s Health Unicorn Wave
Midi’s milestone is part of an accelerating wave of large-scale investments in women’s health:
(Athletech News, Feb. 3, 2026; company press releases)
Despite the momentum, women’s health still accounts for a small fraction of total healthcare VC. In 2023, only 4% of the $26.5 billion invested in healthcare companies went to women’s health (Accenture & Springboard report). In 2024, however, investment surged 55% year-over-year to $2.6 billion. When the category is expanded to include all health issues that disproportionately affect women, the figure rises to $10.7 billion.(HLTH 2025 Panel; SVB Innovation in Women’s Health Report)
Implications: Women’s Health Is No Longer a Niche Market
“Women + Health = Wealth” is no longer a clever wordplay—it is becoming market reality. Midi Health’s unicorn milestone, AOA Dx’s $100 billion exit analysis, Hologic’s record-breaking $18.3 billion acquisition, and the FemTech market’s $267 billion projection all converge on a single conclusion: early 2026 marks an inflection point where women’s healthcare transitions from a perceived “emerging market” to a proven, large-scale investment category.
The key is reclassification. By moving beyond the narrow definition that confined women’s health to reproductive care alone—and recognizing Alzheimer’s, cardiovascular disease, autoimmune disorders, and oncology as integral parts of women’s health—the true scale of the market and its investment opportunities come into view. AI-powered telehealth, precision diagnostics, and digital health platforms are emerging as the keys to addressing this massive pool of unmet needs.
Sources
Midi Health Press Release (Feb. 3, 2026) — https://www.joinmidi.com/press-release/series-d-announcement
Fierce Healthcare, Heather Landi (Feb. 3, 2026) — https://www.fiercehealthcare.com/health-tech/womens-health-clinic-midi-health-closes-100m-series-d-round-hitting-1b-valuation
Fortune (Feb. 5, 2026) — https://fortune.com/2026/02/05/midi-just-hit-a-1-billion-valuation-with-plans-to-become-the-biggest-consumer-brand-in-womens-health/
Healthcare Brew, Cassie McGrath (Feb. 6, 2026) — https://www.healthcare-brew.com/stories/2026/02/06/midi-health-series-d-womens-health
Athletech News (Feb. 3, 2026) — https://athletechnews.com/midi-health-reaches-unicorn-status-100-million-funding-round/
FutureFemHealth (Feb. 3, 2026) — https://www.futurefemhealth.com/p/midi-health-raises-100m-series-d
HLTH Insights (Feb. 4, 2026) — https://hlth.com/insights/news/midi-health-reaches-1b-valuation-following-100m-series-d-2026-02-04
Femtech Insider – AOA Dx Report (Jan. 14, 2026) — https://femtechinsider.com/new-report-finds-100-billion-in-womens-health-exits-over-25-years-challenging-emerging-market-narrative/
Fortune – AOA Dx Analysis (Jan. 13, 2026) — https://fortune.com/2026/01/13/womens-health-category-research-100-billion-exits-diagnostics-oncology/
MedCity FemFwd Podcast (Feb. 2026) — https://medcitynews.com/2026/02/medcity-femfwd-why-womens-health-is-a-scalable-sector/
Astute Analytica FemTech Report (Jan. 7, 2026) — https://www.globenewswire.com/news-release/2026/01/07/3214622/0/en/FemTech-Market-Projected-to-Reach-US-266-99-Billion-by-2035
Athletech News – FemTech Market (Jan. 8, 2026) — https://athletechnews.com/femtech-sector-267-billion-future-market-report/
Blackstone Press Release (Oct. 21, 2025) — https://www.blackstone.com/news/press/hologic-to-be-acquired-by-blackstone-and-tpg-for-up-to-79-per-share/
CNBC – Hologic Acquisition (Oct. 21, 2025) — https://www.cnbc.com/2025/10/21/hologic-to-go-private-in-up-to-18point3-billion-deal-backed-by-blackstone-tpg-.html
Fierce Biotech – Hologic Analysis (Oct. 22, 2025) — https://www.fiercebiotech.com/medtech/hologic-go-private-183b-acquisition-blackstone-and-tpg
HLTH 2025 Women’s Health Panel (Oct. 23, 2025) — https://www.fiercehealthcare.com/providers/hlth25-womens-health-takes-center-stageSVB Innovation in Women’s Health Report — https://www.svb.com/trends-insights/reports/womens-health-report/