In 2024, venture capital investment in women’s health saw both progress and setbacks. The total amount raised by U.S.-based, VC-backed companies in the sector reached $1.19 billion across 111 deals, a slight increase from 2023’s $1.14 billion across 120 deals. However, this fell short of the record highs in 2021, when 177 deals raised $1.31 billion.
The average deal size for women’s health companies in 2024 was $10.71 million, a slight increase from 2023’s $10.36 million. This consistent year-over-year increase in deal size indicates positive, albeit slow, growth. Despite the increase in average deal sizes, the percentage of VC funding received by women’s healthcare companies decreased dramatically compared to general healthcare companies.
In 2024, women’s health companies received only 2.3% of total healthcare venture capital funding, a significant drop from 2023’s record-high of 4.1%. The public sector showed a remarkable interest in women’s health in 2024. The White House Initiative on Women’s Health Research, which started in early 2024, highlighted the importance of this sector, mainly focusing on menopause research. Dr.
Jill Biden played a pivotal role, advocating for better menopause research and treatments.
Mixed progress in venture capital
However, not all federal initiatives saw success.
The Menopause Research and Equity Act, introduced to Congress in December 2023, stagnated without further action. Another critical piece of legislation, the Women’s Health Protection Act, was re-introduced in March 2023. This Act aimed to create a federal right to provide and receive abortion care throughout the U.S. Although the House passed it in 2021 and 2022, it failed in the Senate. This is not the aim of the First Lady; she has been working on menopause research, and it’s helping.
In the absence of federal protection, states took the initiative, with several states voting to protect abortion access in 2022 and 2024. While there were no new U.S.-based women’s health unicorns in 2024, the sector saw significant successes. Companies raised substantial amounts, with more firms exceeding the average deal size and raising over $25 million in a single deal compared to 2023.
This indicates growing investor confidence in the value of women’s health companies. 2024 was a year of both progression and setbacks for women’s health venture investments. Although average deal sizes grew, the percentage of total healthcare venture capital going to women’s health fell.
Government and public attention surged, particularly concerning reproductive rights and menopause, pointing to a future where women’s health could see more consistent and higher investments.
