Midi Health announced the close of a $25M Series A funding round led by GV (Google Ventures). Investors Frederique Dame and Cathy Friedman from GV are joined by current investors Felicis, Semper Virens, Icon, 25M and Operator Collective, bringing the company’s total funding raised to date to $40M.
In the year since the company officially launched to consumers, Midi Health has already helped tens of thousands of patients and provides care covered by all the major insurance carriers, expanding to 50 states by January 2024. The company will leverage the new capital to expand operations nationwide and to launch additional partnerships with some of the largest hospital systems in the country, as well as major U.S. employers. Midi Health recently announced a partnership with fertility benefits leader, Progyny, to bring midlife care to employers across the US. Current employer clients include Stanford University and ServiceNow, and agreements are in place with healthcare systems clients such as Lifepoint Health.
“Midi has seen meaningful traction since its launch and takes an innovative approach to address an unmet need for nearly half the global population,” said Frederique Dame, General Partner at GV. “Midi’s world-class executive and advisory team has decades of clinical and healthcare expertise and a vision for personalized, affordable, and accessible midlife care. GV is proud to back Midi as they modernize perimenopause and menopause care for women everywhere.”
Every day in the U.S. 6,000 women hit menopause, which is defined as starting 12 months after a woman’s last period. They reach that milestone, on average, at age 51, but perimenopause, the precursor to menopause, can occur much earlier. This lead-up period, when hormones can fluctuate wildly and symptoms may be at their worst and most unpredictable, lasts four to seven years. Symptoms, which may include hot flashes, insomnia, anxiety, depression, brain fog, memory loss, joint pain, and genitourinary problems, have a significant impact on women’s quality of life and career growth. In fact, a recent Mayo Clinic study found that 15% of women cut back on hours or missed work entirely due to their symptoms, costing them about $1.8 billion a year in lost wages.
“It’s clear that menopausal symptoms can derail women’s lives. With far too few practitioners trained in managing menopause, women are underdiagnosed, undertreated, and underserved,” said Midi Health CEO & Founder Joanna Strober. “Midi provides an insurance-covered solution that focuses on women’s unique needs, closing a major gap in health access, quality, and equity.”
To address that gap, Midi Health is rapidly expanding its team of clinicians trained in women’s health. They complete a rigorous training program and participate in ongoing education overseen by world class experts in perimenopause and menopause. The result: A patient CSAT score averaging 95 percent.
Every Midi Health patient receives a personalized care plan based on her health history (including any history of breast and other female cancers), genetic risk factors, ethnicity, and race. Care plans are holistic, combining hormonal and non-hormonal prescription medications, behavior change coaching, evidence-based supplements, and integrative therapy recommendations.