Midi Health
- Women’s health startup Midi Health raised $50 million in Series C funding, Business Insider learned.
- CEO Joanna Strober said Midi has surged to a $150 million run rate, with 20,000 weekly patients.
- The menopause care company is now building its own AI search engine for women’s health.
Women’s health startup Midi Health has raised a fresh round of venture funding, Business Insider has learned.
Midi, which provides virtual care for perimenopause, menopause, and other midlife women’s health conditions, has raised $50 million in a Series C round led by Advance Venture Partners. The raise brings its total funding to about $150 million.Cofounder and CEO Joanna Strober confirmed the raise in an interview with BI. Midi has a $150 million revenue run rate, Strober said, up from about $60 million at the end of 2024. A run rate predicts how much revenue the company will generate in the next year if it continues at its current pace of performance.
Since its 2021 founding, Midi has raised more money than any other startup with menopause at its core. Its rise reflects a slow but steady shift in how the healthcare market treats midlife women: employers are adding menopause care to their benefits, venture dollars are flowing, celebrities are speaking up, and a once-taboo topic is entering the mainstream.
Midi offers personalized care that can include hormonal and non-hormonal medications, blood and genetic testing, lifestyle coaching, and supplements. The startup is now serving about 20,000 women every week, Strober said, roughly double its patient base in January.
As Midi scales, it’s making a few buzzy bets. The startup launched a new longevity program earlier this year. And Midi is now building its own AI search engine, something of a ChatGPT for women’s health, Strober told BI.
Strober said she’s found that other AI-powered medical search tools sometimes surface outdated and inaccurate women’s health information. She’s previously criticized companies like OpenEvidence, including in a LinkedIn post that Doximity cited in its recent lawsuit against OpenEvidence.
“They don’t necessarily prioritize the right research or the newest research,” Strober said of current medical search tools. “We want to make sure you can go someplace to search for the right answers, and it will be far more vetted and curated than any other database.”
The $50 million Series C is Advance Venture Partners’ first investment in Midi. Midi’s previous backers include Emerson Collective, GV, and angel investors like 23andMe cofounder Anne Wojcicki.
The company declined to share its current valuation. BI previously reported that Midi raised its $60 million Series B in April 2024 at a valuation between $300 and $310 million.
Menopause goes mainstream
Menopause education is central to Midi’s business, Strober said, and it’s no longer niche players pushing the issue — celebrities, regulators, and venture firms are all piling in.
Actress Halle Berry started a menopause education company earlier this year. Midi’s own cap table includes celebrities like Amy Schumer and Tory Burch. Regulators are taking notice, too; in July, the Food and Drug Administration hosted an expert panel about menopausal hormone therapies, where doctors urged the agency to ease warning labels on low-dose estrogen treatments that they argued can discourage women from seeking necessary care.
That momentum is drawing investor dollars. While women’s health startups still capture a small percentage of all healthcare venture dollars, funding to the sector climbed last year, jumping 55% to $2.6 billion, according to Silicon Valley Bank.
Midi has also been pushing into longevity this year. In May, the startup launched a preventive care program called AgeWell, focused on preventing conditions like cardiovascular disease and cancer while promoting brain and bone health. Midi says it’s the first longevity offering tailored to women.
Longevity has become one of the buzziest corners of healthtech, attracting billions of dollars from tech executives and venture firms alike. Biotech startup Retro Biosciences, which nabbed $180 million from OpenAI CEO Sam Altman in 2023, said in September it’s set to begin clinical trials for a pill to reverse Alzheimer’s disease. Consumer health startup Function Health has attracted hundreds of thousands of members, as well as celebrity investors like Matt Damon and Zac Efron, to its blood testing platform.
Much of the longevity market has skewed male, often dominated by high-profile “biohackers” like Bryan Johnson. Strober said Midi is deliberately taking a more grounded, female-focused approach.
“We’re not the tech bro type of longevity care. We’re focused on proven solutions that are relevant and tailored,” she said. “We’re not trying to get you to optimize every day. It’s a much more practical approach to longevity.”
Like the rest of Midi’s virtual care offerings, AgeWell visits are covered by major commercial insurers like UnitedHealthcare, Cigna, and Aetna. Midi doesn’t work with Medicare or Medicaid plans.
Pressure points
Midi faces a growing pack of rivals as it expands its reach.
Startups from women’s health company Maven Clinic, valued at $1.7 billion and long seen as a likely IPO candidate for the next wave of digital health publics, to early-stage player Elektra Health, are touting their own menopause care offerings. Amazon’s One Medical rolled out menopause care across its primary care clinics in September. And now that Midi is providing longevity care, it’s overlapping with preventive health companies like Function Health.
Strober said Midi is spending its new cash on technology, like its AI search tool, and on hiring and training providers. Most OB-GYNs aren’t formally trained in perimenopause and menopause care. Strober said Midi has built an intensive training protocol, encompassing both women’s health and primary care.
Midi is currently operating without a chief financial officer after its former CFO Brandon Poe left the company this summer, BI learned. Strober declined to comment on Poe’s departure.
The company has hired multiple C-suite executives this year, including new COO Amy Gershkoff Bolles, who joined the company in June. Midi cofounder Sharon Meers, who had been Midi’s COO since 2021, now serves as the startup’s president. Strober noted that Bolles has plenty of finance experience as a former executive at companies like Levi Strauss and Tradesy, and is handling many CFO responsibilities while Midi looks for a permanent replacement.
Midi isn’t profitable yet, though Strober says the startup has a clear path to profitability. She’s unsure if or when Midi will go public, but she’s not interested in turning the business over to the highest bidder.
“I’m concerned that if we sold the company, the acquirer might not care about it as much as I do and as much as we do,” she said. “I am optimistic that we will build a profitable company that does not need to be acquired by anyone.”
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