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Femtech

VC funding for European femtech reaches record heights

Women’s health needs are getting more attention and VC appetite for femtech is following.

European startups in the femtech vertical pulled in a record amount of venture capital funding this year as improved awareness around women’s health fuels growth.

Around €339.4 million (around $366.3 million) has been invested across 47 femtech deals so far this year, according to PitchBook data, beating 2021’s previous peak of €325 million with almost two months still left in the year.

At the current pace, European femtech deal value is expected to reach €436.7 million for the year—more than double the amount raised last year.

Much of the year’s funding came from UK-based period-tracking app developer Flo Health’s $200 million Series C from General Atlantic, giving the company a valuation of over $1 billion. The round is Europe’s only mega-deal—defined as over €100 million—in the space in the past decade.

Investor appetite for femtech seems to be concentrated on apps, with the year’s second-largest deal coming from Sweden-based Natural Cycles. The startup, which has developed a birth control app, raised a $55 million Series C led by Lauxera Capital Partners in May.

Startups developing app-based solutions for women’s health, such as fertility tracking and period management, typically have a broader addressable market than biotech or medical-device companies.

Faster development timelines and lower R&D expenses allow VCs to tap into consumers’ appetite for female-focused products while minimizing some of the risks.

The largest femtech medical device round to close in Europe this year was Paris-based May Health’s $25 million Series B led by Bpifrance and Trill Impact in May. The startup specializes in treating polycystic ovary syndrome.

Featured image courtesy of Flo Health

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    About Leah Hodgson
    Leah Hodgson is a London-based senior reporter for PitchBook, covering the venture capital ecosystem across Europe and the Middle East. Leah, who joined PitchBook in 2018, graduated from the University of Surrey with a BA in international politics with French. She has previously been a radio reporter in France. She later turned to financial journalism, covering the wealth management industry.
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