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
