Virtual women's health clinic Midi Health banked a $100 million series D round, hitting "unicorn" status.
The company's financial milestone further validates that investing in women's health is a smart bet as the virtual care startup looks to scale across the country.
"Investors are backing us because we can demonstrate that there's an opportunity to build a national healthcare company," Joanna Strober, co-founder and CEO of Midi Health, told Fierce Healthcare. "Prior to COVID, that wasn't possible. Healthcare was always local. Now we can show that you can build a national healthcare company and scale access to really high-quality care, and there are lots and lots of women who need this care. We've identified a clear market opportunity to build a company here that patients are looking for."
Midi Health, which initially focused on perimenopause and menopause care, now has a valuation of $1 billion, according to executives.
Goodwater Capital led the series D round. New investors Foresite Capital and Serena Ventures and existing investors Advance Venture Partners, GV (Google Ventures), Emerson Collective, SemperVirens and McKesson Ventures also backed the round.
The five-year-old startup, a Fierce 15 of 2025 honoree, is building a comprehensive healthcare platform that serves women across every life stage with an ongoing focus on midlife women’s health conditions. The company plans to offer new care lines addressing metabolic health, weight management, musculoskeletal health and long-term wellness.
"We're really following the women, we're really responding to demand and what they're asking us for," Strober said. "We are very much like a multispecialty platform. People come to us, and they may or may not have a primary care provider, so then we have to make sure that they get their preventive care done, and we have to make sure they get their mammograms, their colonoscopies and their blood tests, and then we get the results of those and then we have to direct them to care."
She added, "We're figuring out what parts of that care we want to do ourselves, and what parts of our care we should be doing elsewhere. We're also seeing younger women coming to us. We're seeing older women coming to us. We're very much responding to the demands that we're seeing."
The $100 million round, and the 10-figure valuation, bolsters Midi Health's focus to elevate women's health, an area of healthcare that was long considered niche.
“Women’s health has been treated like an afterthought for too long. This funding gives us the resources to rewrite that story at scale," Strober said.
Midi Health has grown rapidly in the past five years with a clinician network that spans 500 providers across 50 states serving more than 230,000 patients. The company provides insurance-backed medical care, which makes services accessible regardless of location, Strober said.
Midi Health says it provides care to 25,000 patients each week. The company's nationwide insurance coverage now reaches more than 45 million women. Expanding services to Medicare and Medicaid patients is part of Midi Health's roadmap. "I'm not sure exactly when but we will absolutely do that," Strober said.
The fresh funding will support Midi Health's growth and investments in its tech platform to build a scalable system, Strober said. "We're building a lot of technology to make our care both high-quality and efficient," she said. The company also is hiring more clinicians.
Midi Health is a heavily funded player in the women's health market, having raised more than $250 million to date. The company pocketed a $50 million series C funding round in the spring of 2025, Business Insider reported.
The company has been building out an artificial-intelligence-enabled platform, including AI-powered chart analysis to support faster, more accurate diagnosis and care management and automation tools to improve efficiency in scheduling, triage and documentation, executives said.
“Technology is key to the success of our company. We are essentially building a health system without walls,” Strober said. “When you think about all the technology that health systems need to build whether it's pre-authorization software, billing software, confirmation that someone is in network, using AI scribes, using AI to surface care protocols, using AI to do chart review. We’re using AI in every part of the business to create a scalable, efficient system.”
The women's health market continues to grow with virtual care providers that work with employers offering their employees access to care. Midi Health's model is direct-to-patient to offer insurance-covered care, Strober noted.
"One thing that happens for most other companies is when you lose your job, or you leave your job, you lose your care. With us, you don't lose your care. You can keep us. We're seeing women keep us through many jobs and many years, like a traditional provider, as opposed to like an employee benefit. You're able to get care on a longitudinal basis that is not connected to whether you have a specific employer. I think that's really helping our growth," she noted.
Midi Health's infrastructure combines AI, a large data layer in women's health and specialty clinicians. The company claims this approach is driving improvements in patient health.
Among its patients, the company reports a 28 percentage point increase in breast cancer screening adherence, an 11 percentage point increase in colorectal cancer screening adherence and up to 13% lower total cost of care, matched to a comparison group.
Midi has also observed significant reductions in A1c and LDL levels in its patient data.
Midi Health is not just focused on expanding access to care but enhancing the quality of care for women and improving health outcomes in a cost-effective way, according to Strober.
“We are now working with a number of payers to do cost studies to demonstrate that working with Midi will significantly reduce healthcare costs, both because patients come to us instead of expensive treatments and we're also identifying disease earlier. What we're trying to prove is that specialized women's healthcare both improves outcomes and reduce costs,” she said.
With more than 230,000 patients, Midi Health can use its large clinical dataset to fuel research and refine clinical protocols for women's health, Strober noted.
Midi Health was founded in 2021 to treat women in midlife experiencing perimenopause and menopause and who often have few options for receiving adequate treatment due to a lack of physician training on menopause and the stigma around the condition. Midi offers telehealth services and hormonal treatments, nonhormonal treatments and supplements to treat the symptoms of menopause.
Until a few years ago, menopause care was a largely untapped market ripe for innovation.
Two million U.S. women enter menopause each year, and untreated symptoms alone cost an estimated $25 billion annually in medical expenses and lost productivity, according to a Mayo Clinic study in 2023. Closing this gap—alongside many others women face across the lifespan—could add nearly $295 billion to the U.S. economy by 2040, an analysis from the World Economic Forum and McKinsey Health Institute found.
The growth of companies like Midi Health are proof points of the value of the women's health market. A recent analysis found that women's health, which spans gynecologic health to fertility and maternal health to oncology, has produced more than $100 billion in exits—acquisitions and IPOs—in the past 25 years.
"There's a quote from the field of dreams where they say, 'If you build it, they will come,'" Strober said. "Very few things have been built historically focused on women's health, and so you didn't have the proof points that were needed to get more money. What we're showing is that there is a big demand for women's healthcare, and we are building in response to that demand. The market is demonstrating that when you build those companies and they're high quality, women will use those companies. That's where our growth is coming from—women looking for a product that they didn't have access to before."
“When women founders and women customers are heard, entire systems change,” said Serena Williams, managing partner at Serena Ventures, in a statement. “We have been following Joanna and the team for years and are impressed by the scale they have achieved. They are delivering care that’s critical for every woman to have access to, in a space that represents billions of dollars of healthcare spend.”
Eric Kim, co-founder and managing partner at Goodwater Capital, said, “Midi’s rise as the fastest-growing women’s health platform in the world is a testament to their entire care team, patient-centric approach, and AI advancements that deliver highly personalized care and scalable growth.”’
Midi Health also announced a number of leadership hires. Jason Wheeler, a former executive at Tesla, Google and Forward, has joined as chief financial officer, and Melissa Waters, Midi Health's new chief marketing officer, joined the company, bringing experience at Meta, Lyft and Hims & Hers. Matt Cook, a health tech executive who worked at Omada Health and Firefly Health, jumped on board as chief commercial officer.