Download pdf - F E M T E C H LANDSCAPE

1

F e m T e c h L a n d s c a p e 2 0 2 1

Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

2 0 2 1

Re s earche d, Au thore d, & I l lustrate d byDr. Br i ttany Barreto, PhD, Je ss ica K arr, Mia Farnham, Su We rn K hor, Mar iana Ke y mole n, Sang e etha Ranade e ve , K ala Pham, Br ianna Co chran, A l le y Ly le s , Dr. Ju l ie Hakim, MD A N N U A L R E P O R T

F E M T E C H L A N D S C A P E

C o - f o u n d i n g G e n e r a l P a r t n e r s D r . B r i t t a n y B a r r e t o & J e s s i c a K a r r

2


Fe

mT

e c

h F

o c

us

& C

o y

ote

Ve

ntu

re

s

Coyote Venture s is a new Venture Cap i ta l fund inve st ing in Seed- stage s tar tup s that a re innovat ing in women’s hea l th and we l lne s s , founded by Genera l Par tners who are sc ient is t s tu rned entrepreneurs tu rned inve stors . Dr. Br i t tany Barre to ho lds a PhD in Molecu lar and Human Genet ic s f rom Bay lor Co l le ge o f Medic ine , was fo rmer l y the founder and CEO o f a venture -backed s tar tup (Pheramor, the f i r s t nat ion-wide DNA-based dat ing app) , and led the launch o f the Houston and Gu l f Coast branch o f Cap i ta l Fac tor y, the mo st ac t i ve VC in Tex as . Je s s ica K arr ho lds an MS in B iochemist r y f rom UC San D ie go , was the 12 th employee o f Impo s s ib le Foods where she he lped to de ve lop and launch the Impo s s ib le Burger, has consu l ted wi th over a dozen s tar tup s in ternat iona l l y on produc t s t rate gy, and he lped launch a new impac t- focused Venture fund founded by Adr ian Gren ier, the ac tor and ac t i v is t . Je s s ica and Br i t tany launched Coyote Venture s in ear l y 202 1 to inve st in many o f the amaz ing companie s innovat ing in the FemTech space . Coyote

Venture s is a t the ground f loor o f women’s hea l th innovat ion , p ick ing winners at the ear l ie s t s tage whi le par tner ing wi th corporat ions to c reate par tnersh ip s and fo r downstream M&A ac t i v i t y.

I N T R O D U C T I O N T O C O Y O T E V E N T U R E SI N V E S T I N G I N W O M E N ’ S H E A LT H : W H Y I S N O W T H E R I G H T T I M E ?

3


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

F e m T e c h F o c u s F o u n d e r s D r . B r i t t a n y B a r r e t o & D r . J u l i e H a k i m

The FemTech indust ry needed a champion to d iscuss women ’s b io log ica l p rocesses , expose the ex tent to wh ich women are su f fe r ing and dy ing due to lack o f innovat ion , and promote the techno log ies that a re improv ing the i r l i ves . FemTech Focus i s that champion . THE MISSION: FemTech Focus i s a 501c3 non-pro f i t o rgan iza t ion founded to empower , equ ip , and br ing together hea l thcare pro fess iona ls , l i f e -sc ience ent repreneurs , and fo rward- th ink ing investors to revo lu t ion ize women ’s hea l th

and we l lness . OUR VIS ION: FemTech Focus i s determined to sh i f t FemTech f rom be ing perce ived as a n iche indust ry to one that i s a pr io r i t y w i th a surp lus o f inves tment and growth . We env is ion a wor ld where re search , med ic ine , and innovat ion pr io r i t i ze women-centered de s ign , women o f a l l race s rece ive equa l hea l thcare , and women’s repor t s o f pa in a re be l ie ved . The hea l th o f a l l sexe s , the p lane t , and the g loba l economy wi l l improve when we inve st in female - focused medic ine .

I N T R O D U C T I O N T O F E M T E C H F O C U S

Co-Founders Dr. Brittany Barreto (left) and Dr. Julie Hakim (right). Women’s Health is everyone’s health. Learn more at www.FemTechFocus.org

T H E F E M T E C H I N D U S T R Y N E E D E D A C H A M P I O N .

F E M T E C H I N C L U D E S

PRODUCTS T YPICALLY FALL INTO ONE OF THESE CATEGORIES

4


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

D E F I N I N G F E M T E C H : D E F I N I N G F E M T E C H : T E C H N O L O G Y T H A T I M P R O V E S W O M E N , F E M A L E , & G I R L S ’ H E A L T H & W E L L N E S S .Is FemTech the r ight word ? We de f ine FemTech as techno logy that improve s women , female , and g i r ls ’ hea l th and we l lne s s by addre s s ing cond i t ions that so le l y, d ispropor t ionate l y, o r d i f fe rent l y a f fec t them. The te rm FemTech was co ined by Ida T in , founder o f C lue , in 2016 . S ince then , the industr y has e vo lved and some be l ie ve that ‘FemTech’ i s not the be st name to use . Some argue that ‘FemTech’ i s not inc lus ive enough a te rm and may exc lude ind iv idua ls that exper ience female hea l th is sue s bu t do not ident i f y as a woman. There ’s a lso a debate on whether FemTech shou ld inc lude women’s hea l th innovat ions that a re not tech-

enab led such as lac tat ion su i te s , the specu lum, and organ ic tampons . At FemTech Focus , we agree wi th the se po int s bu t a lso f ind that hav ing a te rm more spec i f i c than ‘ women’s hea l th ’ fo r the industr y a l lows us to f ind one another d ig i ta l l y and be yond. The te rm a l lows us to make women’s hea l th mainstream and re le vant . Moreover, we be l ie ve th is te rm is the cata l y s t beh ind a movement o f women- centered de s ign and sex & gender- spec i f i c ana l y s is in re search . We look fo r ward to a wor ld where women’s hea l th is su f f i c ient l y addre s sed in hea l thtech f rom benchtop to beds ide . Unt i l then , v i va la FemTech.

5


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

0 1

3 5 %3 5 %

$ 1 . 1 8 6 T$ 1 . 1 8 6 TE S T I M AT E D W O R T H

O f the marke t s i ze fo r FemTech wi l l be chron ic cond i t ions & reproduc t i ve hea l th by 202 7

Breas t /Ute r ine hea l th

M A R K E T S I Z E I S A N E S T I M A T E D $ 1 . 1 8 6 T R I L L I O N B Y 2 0 2 7

The women’s hea l th marke t s i ze is an e st imated $1 .186 Tr i l l i on g loba l l y. We do not c la im th is to be the FemTech marke t s i ze s ince pub l ished marke t s i ze s fo r hea l th cond i t ions do not d is t ingu ish the percentage o f the marke t used spec i f i ca l l y fo r tech- enab led produc t s and ser v ice s . We are conf ident that the marke t s i ze fo r women’s hea l th is an exce l lent and acceptab le quant i f i cat ion to re fe rence when innovat ing and inve st ing in FemTech s ince the do l la rs spent

ind icate s the s i ze o f the marke t and thereby the oppor tun i t y. The ana l y s is o f the women’s hea l th marke t s i ze inc lude s 97 hea l th cond i t ions that so le l y, d ispropor t ionate l y, o r d i f fe rent l y a f fec t g i r l s , female s , and women. The se cond i t ions fa l l in to the 23 sub sec t ions o f women’s hea l th l i s ted to the le ft . I f a cond i t ion was d ispropor t ionate l y o r d i f fe rent in female s then the corre spond ing rat io o f p re va lence based on sex was ca lcu lated in to the marke t va lue .

Tota l g loba l marke t s i ze by 202 7 fo r a l l e s t imated sub - indus t r i e s tha t fa l l under women ’s hea l th . Va lue s were ad jus ted accord ing to percentage o f f ema le s v s ma le s exper ienc ing the cond i t ion .

M A R K E T S I Z E

1 5 %

V E

6


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

0 2

As o f Ju l y 2 0 21, Fe mTe ch Fo cus and Coyote Ve nture s have a databas e o f 6 5 7 ac t i ve wome n’s heal th c ompanie s g lobal l y. A pprox imate l y 2 0 new c ompanie s are adde d p e r month. The mo st re c e nt databas e can b e found on the www.fe mte chfo cus . org re s ourc e s pag e . The most common subsec t ions o f f ema le hea l th tha t a re be ing addre s sed by the se g loba l , ac t i ve compan ie s a re menst ruat ion ( 100) , mate rna l hea l th (98 ) , f e r t i l i t y (8 1 ) , & sexua l we l lne s s (57 ) . The se four a reas account fo r 5 1% o f the to ta l f emtech s ta r tup landscape . The y a re by no means sa tu ra ted o r so l ved fo r women g loba l l y. S im i la r to the re s t o f women ’s hea l th , the y a re s t i l l i n de spera te need o f re search , inve s tment , and innovat ion .

A N A LY S I S O F F E M A L E H E A LT H S U B S E C T I O N S B E I N G A D D R E S S E D

5 1 %5 1 %

1 %1 %

O f Fe mTe ch c ompanie s are addre ss ing me nstruat ion, mate rnal heal th , fe r t i l i t y, s exual wel lne ss

Addressing chronic condit ions

FemTech companie s a re addre s s ing re ve lent and d i re i s sue s . The materna l mor ta l i t y ra te i s increas ing , w i th the Un i ted Sta tes hav ing the h ighest materna l mor ta l i t y o f a l l deve loped count r ies 1. Women o f co lor a re more l i ke ly to d ie than whi te women 2. Th is i s an unacceptab le rea l i t y o f the hea l thcare sys tem that needs to be addressed immedia te ly . Menst ruat ion s imi la r l y i s not sa tura ted and requ i res more innovat ion . Acce s s to femin ine hyg iene produc t s cont inue s to be an is sue wi th 1 in 5 g i r l s in the Un i ted State s mis s ing a day o f schoo l due to lack o f acce s s to menstrua l p roduc t s 3. Moreover , san i ta ry pads and tampons are unsusta inab le w i th 20 b i l l ion menst rua l p roducts be ing sent to landf i l l s in Nor th Amer ica every year 4.

Any sa tura t ion that may ex is t t yp ica l l y ta rgets the a f f luent consumer . Access ib i l i t y & a f fo rdab i l i t y to hea l th products and serv ices remains a c r i t i ca l i ssue fo r women around the wor ld . There i s a market gap fo r brands and products that a re made fo r women o f co lor , in emerg ing markets , and/or low- income. There i s huge oppor tun i ty fo r innovat ion in women ’s u ter ine hea l th , menta l hea l th , chron ic cond i t ions , and card iovascu lar based on the la rge market s i ze , h igh demand , and l im i ted p layers in the space .

7


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

The mo st common produc t t y pe in FemTech is consumer produc t goods (CPG) . Menstrua l Hyg iene and Sexua l We l lne s s contr ibu te to CPGs the mo st wi th 38% and 18% o f the to ta l count , re spec t i ve l y. D ig i ta l Hea l th produc t s a re dominated by fe r t i l i t y (24%) and materna l hea l th ( 19%) app s fo r asp i r ing and current mothers . The ma jor i t y o f marke tp lace produc t s a re fo r materna l hea l th . Log is t ic s encompas se s ser v ice s such as breast mi lk s torage and t ranspor tat ion , lac tat ion su i te s , and menstrua l p roduc t

d ispensers in pub l ic re s t rooms . Consumer d ig i ta l p roduc t s inc lude produc t s such as sub scr ip t ion based v ideo tu tor ia ls fo r pe lv ic

f loor t ra in ing or lac tat ion c las se s . Appare l doe s not inc lude a l l female c lo th ing bu t rather spec i f i c

garment s that addre s s a female - spec i f i c hea l th cond i t ion .

A N A LY S I S O F F E M T E C H P R O D U C T T Y P E S

A notab le feature a r ise s when compar ing the f requenc y o f p roduc t t y pe s to f requenc y o f ex i t s : CPG is the mo st common FemTech company, ye t th is cate gor y rank s th i rd fo r ex i t s . A lack o f ex i t s fo r CPGs may be due to government re gu lat ions . For ex ample , Proc ter & Gamble (P&G) cou ld not acqu i re women’s beau t y produc t s s ta r tup B i l l i e , fo l lowing ac t ion taken by the U.S . Federa l Trade Commis s ion (F TC) . The F TC dec is ion was spurred by the lack o f compet i to rs in the space and the dea l wou ld have a l lowed P&G to cont inue to monopo l i ze the femcare marke tt . Thus , i t may be nece s sar y fo r companie s in CPG to IPO and then acqu i re o ther companie s . Add i t iona l l y, we can hy pothe s i ze that a lower number o f women- focused medica l companie s a re due to inequa l i t y a longs ide the h igh co st o f therapeu t ic drug re search . Women were banned f rom c l in ica l t r ia ls be t ween 197 7 and 1993 6 and on l y 4% o f pharmaceu t ica l budget s a re a l located to R&D for female - spec i f i c d rugs

and de v ice s . In academia , i t i s s t i l l a cha l lenge to obta in grant fund ing fo r women’s hea l th . For ex ample , in 2018 endometr io s is rece ived on l y $7M in N IH fund ing mak ing i t one o f the least funded re search areas e ven though 1 in 10 women in the US l i ve wi th the d isorder 7 . Areas where we ant ic ipate more s tar tup s addre s s ing inc lude supp lement s , b io tech , insur tech , and f in tech . De ve lop ing supp lement s is d ramat ica l l y le s s expens ive than therapeu t ic drugs , there fore we ant ic ipate more natura l remedie s fo r sy mptoms o f women’s hea l th cond i t ions . Sc ient i f i c advancement s such as s ing le ce l l techno logy, gene ed i t ing too ls , and ar t i f i c ia l in te l l igence wi l l l ead to more b io tech FemTech produc t s . L ast l y, insur tech and f in tech s tar tup s have mo st l y addre s sed the expense o f fe r t i l i t y t reatment s . We pred ic t more innovat ion fo r co st mi t igat ion in women’s hea l thcare cata l y zed by employers de s i re to ma inta in female employee s and advancement s in f inanc ia l tech .

0 3

8


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

A C Q U I S I T I O N S & I P O SK ick star t ing FemTech ex i t s was

Ho log ic wi th an In i t ia l Pub l ic O ffe r ing ( IPO) in 1990. Ho log ic has s ince become the mo st ac t i ve acqu i re r o f o ther FemTech companie s (20 o f the 10 5 to ta l ex i t s to date) . We see a s tead y increase in FemTech over the las t 30 years as the FemTech industr y cont inue s to grow. 2020 showed an unprecedented number o f FemTech ex i t s and 202 1 has a l read y shown a favorab le number o f ex i t s . Women’s hea l th d iagno st ic s and medica l de v ice s a re the mo st ex i ted produc t t y pe . Med ica l p rocedure s a lso exh ib i t a h igh number o f ex i t s ; e .g . Ace s sa Hea l th c reated a spec ia l so ft ware and too l to ab late u ter ine t i s sue in a le s s-pa in fu l and more e f f i c ient way. O ther medica l p rocedure s we ant ic ipate more innovat ion inc lude ch i ldb i r th ( inc lud ing cae sarean sec t ion) , b reast cancer d iagno st ic s , and pe lv ic f loor rehab i l i ta t ion .

A N A LY S I S O F H I S T O R I C A L E X I T SA C Q U I S I T I O N S & I P O S0 4

We pred ic t an upcoming conso l idat ion wi th in the industr y through mergers and acqu is i t ions be t ween s tar tup s . Th is wi l l a l low companie s to expand marke t reach , shor ten re search and de ve lopment t ime , and ga in new competenc ie s and re source s . Though CPG ho lds s ign i f i cant marke t share in the number o f FemTech companie s , i t on l y rank s th i rd in number o f ex i t s , ou tpaced by medica l de v ice s and d iagno st ic s . Add i t iona l l y, 3 o f the 4 un icorns (ex i ted fo r >$1B) f rom the FemTech industr y fa l l in to the se t wo cate gor ie s . Paragard (ak a Te va Pharmaceu t ica ls ) de ve lop s in t rau ter ine de v ice s ( IUDs) fo r long-term b i r th contro l o r contracept ion . G y rus Group create s gy neco log ica l surg ica l too ls . C y t yc focuse s on women’s hea l th d iagno st ic s . The four th un icorn is Sprou t Pharmaceu t ica ls , the f i r s t FDA- approved sexua l d y s func t ion drug fo r women (whi le men had 26 marke t opt ions) . We pred ic ted an increase in te lehea l th ex i t s po st- pandemic and CPG companie s acqu i r ing o ther CPGs to expand the i r p roduc t l ine s . In d ig i ta l hea l th , there a re mul t ip le app s ta rge t ing cer ta in sy mptoms o f au to immune d isease s , female -centered f i tne s s , and spec i f i c menta l hea l th cond i t ions . We ant ic ipate la rger hea l thcare sy stems acqu i r ing the se app s a long wi th the i r user base in the coming years .

An ex i t i s when a company i s purchased by o r merge s

wi th another company o r en te rs the pub l i c marke t

th rough an in i t ia l pub l i c o f f e r ing ( IPO) . E x i t s can be a

measure o f succe s s fo r an indus t r y.

9


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

O V E R V I E W

For produc t t y pe s , CPG has had on average one year l y ex i t s ince 2010 and showed a h igher f requenc y o f ex i t s in 2016-2020. Medica l De v ice seems to ex i t in c yc le s , bu t has shown cons is tent ex i t s s ince 2002 . His tor ica l l y over a 20 year per iod , th is produc t t y pe has demonstrated abou t a 65% l ike l ihood o f a t l east one ex i t per year. From 2014-2018 , Therapeu t ic Drug had a s t reak o f a t l east one ex i t per year. Med ica l De v ice , D iagno st ic s , Therapeu t ic Drug , and Medica l Procedure have shown ex i t s s ince 1990, hence the h igher overa l l f requenc y. Companie s that were c reated a fte r 2010 had an average t ime to ex i t o f 4 .5 years , wh i le companie s founded be fore 2010 averaged 13 .5 years , ind icat ing growing marke t potent ia l .

H I S T O R I C A L E X I T S B Y P R O D U C T T Y P E

*41 o f the 105 ex i t s had und isc losed purchas ing p r i ce s . There fo re a to ta l va lue c rea ted o f $20.4B i s c r i t i ca l l y under va lued .

as o f Ju l y 202 1

0 5

1 0


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

Due to insurance coverage o ften be ing l im i ted fo r new women’s hea l thcare drugs , de v ice s , and procedure s , many s tar tup s wi l l go d i rec t-to - consumer and have the consumer pay ou t o f pocke t . Unfor tunate l y th is go - to -marke t s t rate gy o ften re su l t s in produc t s be ing ava i lab le on l y fo r a f f luent ind iv idua ls . Not on l y shou ld founders be mind fu l abou t acce s s to the i r p roduc t s re gard le s s o f coverage , bu t there a re a lso oppor tun i t ie s to innovate spec i f i ca l l y fo r the se women e ven in seeming l y saturated marke t s .

Women have h is tor ica l l y & sy stemat ica l l y been exc luded f rom re search due to fear o f hormona l c yc le s in ter fe r ing wi th exper imenta l re su l t s & the r isk o f harming a fe tus . Women were banned f rom c l in ica l t r ia ls f rom 197 7-’93 .11 On l y 4% o f pharmaceu t ica l R&D budget s a re fo r women’s hea l th .12 The lack o f sc ient i f i c knowledge re su l t s in a lack o f innovat ion and h igher barr ie rs fo r FDA approva l . The burden o f R&D o ften fa l l s on the FemTech founder.

1 . F U N D I N G 3 . B L O C K E D A D SO ver 80% o f FemTech s tar tup s have a female founder. Female founders rece ive le s s venture cap i ta l fund ing than male counterpar t s . 9 Even more cha l leng ing is fundra is ing as a female founder fo r a women’s hea l th produc t . 95% o f inve stors a re male .10 Due to soc ie t y s t igma aga inst women’s bod ie s , ma le inve stors f requent l y perce ive FemTech as n iche as the y have o ften ne ver heard abou t the is sue s founders a re de scr ib ing . Moreover there ’s been a mas s ive data gap on the FemTech marke t wi th unto ld ex i t s and marke t va lue . We ant ic ipate th is repor t to sh i f t parad igms wi th in the industr y and thereby increase fundra is ing to s ta r tup s addre s s ing the se non-n iche prob lems .

There is a c r i t i ca l i s sue wi th marke t ing FemTech produc t s . O ften adver t isement s on p lat fo rms such as soc ia l med ia , te le v is ion , and goog le a re b locked fo r be ing a l le ged l y inappropr iate . Th is censorsh ip not on l y a f fec t s sexua l we l lne s s produc t s , bu t mo st women’s hea l th inc lud ing ur inar y hea l th , fe r t i l i t y, b reast feed ing , and materna l hea l th produc t s . The insu l t to in ju r y i s that men’s hea l th ads that use words such as e rec t i le d y s func t iona l , semen , and e jacu late a re o ften accepted . The re su l t ing consequence fo r FemTech s tar tup s is a h igh co st to acqu i re a customer (CAC) . The censorsh ip batt le i s a cont inuous one that sh ine s l ight on the sy stemic sexua l i zat ion and d iscomfor t soc ie t y has around women’s bod ie s .

2 . A C C E S S I B I L I T Y 4 . R E S E A R C H

I N D U S T R Y T R E N D S : T H E F U T U R E A N D O P P O R T U N I T I E S T O G R O W

1 1


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

F E M T E C H L A N D S C A P E 2 0 2 1

O U R E C O S Y S T E M

1 2


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

C O N C L U S I O N

There is a un ique oppor tun i t y in an underrepre sented sec tor o f venture cap i ta l to not on l y enhance the l i ve s o f ha l f the wor ld ’s popu lat ion , bu t to cap i ta l i ze on the much needed and heav i l y ant ic ipated d isrupt ion in FemTech. We ’ ve ident i f i ed the top 4 reasons why to inve st :

0 1

0 2

0 3

T h e r e a r e 3 . 8 B i l l i o n w o m e n i n t h e w o r l d . Wo m e n h a v e m a s s i v e p u r c h a s i n g p o w e r w i t h $ 2 0 T p e r y e a r , c o n t r o l u p w a r d s o f 8 5 % o f t h e d a y - t o - d a y s p e n d i n g f o r a h o u s e h o l d , a n d o v e r 8 0 % o f h e a l t h c a r e d e c i s i o n s [ c i t a t i o n s ] . F e mTe c h i s n o t n i c h e w i t h h u g e p o t e n t i a l f o r c a p i t a l g a i n s . 13

4 % p h a r m a R & D b u d g e t i s f o r w o m e n ’s h e a l t h a s t h e d e f a u l t i s M a l e -C e n t e r e d D e s i g n . Wo m e n a r e i n c r e a s i n g t h e i r h e a l t h e x p e c t a t i o n s b u t l e s s t h a n 1 % o f V C f u n d i n g i s g o i n g t o F e mTe c h .

F e m a l e f o u n d e r s h a v e 2 X r e v e n u e , 3 5 % H i g h e r R O I , a n d 2 2 % l o w e r e m p l o y e e t u r n o v e r . B e y o n d s t a r t u p s , w e s e e t h a t c o m p a n i e s w i t h t h e m o s t w o m e n i n l e a d e r s h i p f i n a n c i a l l y o u t p e r f o r m t h o s e w i t h t h e f e w e s t .

$ 1 T R I L L I O N M A R K E T S I Z E

P R I M E F O R D I S R U P T I O N

8 0 % F E M A L E F O U N D E R S

0 4 M & A D i r e c t o r s a r e s e e k i n g t o e x p a n d f e m a l e c o n s u m e r p o r t f o l i o . F e m a l e -f o u n d e d e x i t s i n c r e a s e d 1 6 % y e a r - o v e r - y e a r w h i l e m a l e - f o u n d e d e x i t s d e c l i n e d b y 2 % ( 2 0 1 9 -2 0 2 0 ) w i t h 5 .1 X m e d i a n r e t u r n o n F e mTe c h e x i t s . F e mTe c h c o m p a n i e s a r e n o w e x i t i n g f a s t e r , w i t h a n a v e r a g e o f 4 y e a r s .

A V E R A G E E X I T V A L U E $ 3 0 1 M

Medic ine has long misd iagno sed and mis t reated women based on misconcept ions o f female anatomy and b io logy. In 192 1 , Margare t Sanger founded the Amer ican B i r th Contro l League , the precursor o f P lanned Parenthood . In the 100 years s ince , we have seen progre s s towards demy st i f y ing and empower ing women’s hea l th and ye t there remains a t remendous amount le ft to improve . The movement fo r women’s r ight s and equa l i t y in a l l aspec t s o f l i fe s ta r t s wi th ensur ing that women and g i r ls a re kept a l i ve and hea l thy. We ant ic ipate mas s ive grow th

in the industr y over decade s to come wi th b i l l ions in cap i ta l to be c reated . Moreover, the soc ia l impac t o f FemTech innovat ions is obv ious . When women thr i ve , so do the i r fami l ie s , communi t ie s , and economie s . Hence why we are bu l l i sh on more men becoming invo lved in Femtech. In a wor ld where rocke t s can land on boat s , d rone s are f lown on Mars , and ent i re nat ions use b i tco in as currenc y ; we cannot use hormone c yc le s as an excuse to not inc lude women in re search and medic ine . I t ’s t ime fo r women to rece ive hea l thcare that was made fo r them.

1 3


Fe

mT

ec

h F

oc

us

& C

oy

ote

Ve

ntu

re

s

R E F E R E N C E S

1 . M a t e r n a l M o r t a l i t y M a t e r n i t y C a r e U S C o m p a r e d 1 0 O t h e r C o u n t r i e s | C o m m o n w e a l t h F u n d . C o m m o n w e a l t h f u n d . o r g . ( 2 0 2 0 ) . R e t r i e v e d 1 0 J u n e 2 0 2 1 , f r o m h t t p s : / / w w w . c o m m o n w e a l t h f u n d . o r g / p u b l i c a t i o n s /i s s u e - b r i e f s / 2 0 2 0 / n o v / m a t e r n a l - m o r t a l i t y - m a t e r n i t y - c a r e - u s - c o m -p a r e d - 1 0 - c o u n t r i e s .

2 . N a t i o n a l C e n t e r f o r H e a l t h S t a t i s t i c s . ( 2 0 2 0 ) P r e g n a n c y - r e l a t e d d e a t h s b y r a c e i n t h e U . S . , 2 0 0 7 t o 2 0 1 6 . U n i t e d S t a t e s : U . S . D E P A R T M E N T O F H E A LT H A N D H U M A N S E R V I C E S .

3 . N e a r l y 1 i n 5 A m e r i c a n G i r l s H a v e M i s s e d S c h o o l D u e t o L a c k o f P e r i o d P r o t e c t i o n : A l w a y s ® J o i n s F o r c e s w i t h G i n a R o d r i g u e z & F e e d i n g A m e r -i c a ® t o H e l p # E n d P e r i o d P o v e r t y a n d K e e p G i r l s i n S c h o o l | P & G N e w s | E v e n t s , M u l t i m e d i a , P u b l i c R e l a t i o n s . h t t p s : / / n e w s . p g . c o m / p r e s s - r e -l e a s e / p g - c o r p o r a t e - a n n o u n c e m e n t s / n e a r l y - 1 - 5 - a m e r i c a n - g i r l s - h a v e -m i s s e d - s c h o o l - d u e - l a c k - p e r i o . A c c e s s e d N o v e m b e r 1 3 , 2 0 1 9 .

4 . B o r u n d a , A . ( 2 0 1 9 ) . H o w t a m p o n s a n d p a d s b e c a m e u n s u s t a i n a b l e a n d f i l l e d w i t h p l a s t i c . n a t i o n a l g e o g r a p h i c . c o m . R e t r i e v e d 1 0 J u n e 2 0 2 1 , f r o m h t t p s : / / w w w . n a t i o n a l g e o g r a p h i c . c o m / e n v i r o n m e n t / a r t i c l e / h o w - t a m -p o n s - p a d s - b e c a m e - u n s u s t a i n a b l e - s t o r y - o f - p l a s t i c .

5 . K a i s e r F a m i l y F o u n d a t i o n S u r v e y o f M e d i c a i d O f f i c i a l s i n 5 0 s t a t e s a n d D C c o n d u c t e d b y H e a l t h M a n a g e m e n t A s s o c i a t e s , O c t o b e r 2 0 1 9 .

6 . C a t h e r i n e Y . S p o n g , M . ( 2 0 2 1 ) . A d d r e s s i n g i n e q u a l i t i e s i n w o m e n ’ s h e a l t h r e s e a r c h . R e t r i e v e d 2 A u g u s t 2 0 2 1 , f r o m h t t p s : / / w w w . c o n t e m p o r a r y o b g y n .n e t / v i e w / a d d r e s s i n g - i n e q u a l i t i e s - i n - w o m e n - s - h e a l t h - r e s e a r c h

7 . O r t m a n , E . ( 2 0 2 1 ) . A r e N I H P o l i c i e s U n i n t e n t i o n a l l y I m p e d i n g W o m e n ’ s H e a l t h R e s e a r c h ? - S W H R . R e t r i e v e d 2 A u g u s t 2 0 2 1 , f r o m h t t p s : / / s w h r .o r g / a r e - n i h - p o l i c i e s - u n i n t e n t i o n a l l y - i m p e d i n g - w o m e n s - h e a l t h - r e s e a r c h /

8 . W o m e n i n t h e W o r k p l a c e 2 0 2 0 . m c k i n s e y . c o m . ( 2 0 2 1 ) . R e t r i e v e d 1 0 J u n e 2 0 2 1 , f r o m h t t p s : / / w w w . m c k i n s e y . c o m / f e a t u r e d - i n s i g h t s / d i v e r s i t y - a n d - i n -c l u s i o n / w o m e n - i n - t h e - w o r k p l a c e # .

9 . G a r r e t t , B . ( 2 0 2 1 ) . T h e r e ’ s S t i l l A $ 1 8 9 B i l l i o n G e n d e r G a p I n S t a r t u p F u n d i n g — B u t E f f o r t s T o M o v e T h e N e e d l e A r e S t r o n g e r T h a n E v e r . R e -t r i e v e d 2 A u g u s t 2 0 2 1 , f r o m h t t p s : / / w w w . f o r b e s . c o m / s i t e s / b r i a n n e g a r -r e t t / 2 0 2 0 / 0 3 / 0 4 / t h e r e s - s t i l l - a - g e n d e r - g a p - i n - s t a r t u p - f u n d i n g - b u t - e f -f o r t s - t o - m o v e - t h e - n e e d l e - a r e - s t r o n g e r - t h a n - e v e r / ? s h = 4 2 8 b a e 8 3 5 f 3 9

1 0 . A b e y t a , L . ( 2 0 2 1 ) . W o m e n N o w M a k e U p A l m o s t 5 P e r c e n t o f I n v e s t o r s i n t h e U . S . R e t r i e v e d 2 A u g u s t 2 0 2 1 , f r o m h t t p s : / / w w w . i n c . c o m / l i s a - a b e y t a /w o m e n - n o w - m a k e - u p - a l m o s t - f i v e - p e r c e n t - o f - i n v e s t o r s - i n - u s . h t m l # : ~ : t e x -t = T h e % 2 0 m a j o r i t y % 2 0 o f % 2 0 i n v e s t o r s % 2 0 a r e , b e s t % 2 C % 2 0 m a l e % 2 D l e d % 2 0s t a r t u p s

1 1 . M c C a r t h y , C R . ( 1 9 9 4 ) . H i s t o r i c a l b a c k g r o u n d o f c l i n i c a l t r i a l s i n v o l v i n g w o m e n a n d m i n o r i t i e s . A c a d M e d ; 6 9 ( 9 ) : 6 9 5 - 8 . N I H , O R W H , I n c l u s i o n o f W o m e n a n d M i n o r i t i e s i n C l i n i c a l R e s e a r c h .

1 2 . S l a w s o n , N . ( 2 0 1 9 ) . ‘ W o m e n h a v e b e e n w o e f u l l y n e g l e c t e d ’ : d o e s m e d i -c a l s c i e n c e h a v e a g e n d e r p r o b l e m ? . t h e g u a r d i a n . c o m . R e t r i e v e d 1 0 J u n e 2 0 2 1 , f r o m h t t p s : / / w w w . t h e g u a r d i a n . c o m / e d u c a t i o n / 2 0 1 9 / d e c / 1 8 / w o m -e n - h a v e - b e e n - w o e f u l l y - n e g l e c t e d - d o e s - m e d i c a l - s c i e n c e - h a v e - a - g e n d e r -p r o b l e m .

1 3 . W y m a n , O . ( 2 0 2 1 ) . N e w R e p o r t : W o m e n M a k e 8 0 % O f B u y i n g D e c i s i o n s B u t R e p r e s e n t O n l y 1 3 % O f C E O s . R e t r i e v e d 2 A u g u s t 2 0 2 1 , f r o m h t t p s : / /h e a l t h . o l i v e r w y m a n . c o m / 2 0 1 9 / 0 1 / w o m e n - i n - h e a l t h c a r e - m a k e - 8 0 - - o f - p u r -c h a s i n g - d e c i s i o n s - - y e t - 1 3 - - o f . h t m l

F E M T E C H L A N D S C A P E2 0 2 1

Reach the au thors at He y@FemTechFocus .org . Sub scr ibe to the FemTech Focus podcast and jo in the v i r tua l communi t y a t www.FemTechFocus .mn.co . Send your women’s hea l th dea l to Dea ls@Coyote .Venture s and sub scr ibe to

the venture ’s newsle tte r a t Coyote .Venture s .

F e m T e c h F o c u s & C o y o t e V e n t u r e s

FemTech LandscapeCopyright © 2021No part of this publication text may be uploaded or posted online without the prior written permission of the publisher.For permission requests, e-mail us at [email protected] with the subject "Publication Permission Request"Researched, Authored, & Illustrated by Dr. Brittany Barreto, PhD, Jessica Karr, Mia Farnham, Su Wern Khor, Mariana Keymolen, Sangeetha Ranadeeve, Kala Pham, Brianna Cochran, Alley Lyles, Dr. Julie Hakim, MD