Hormonal · Sub-beat · Market Map
Perimenopause & Menopause
The most capitalized sub-beat in Hormonal — and the most strategically important. Four marketed pharma assets (Astellas, Bayer, Pfizer, Gedeon Richter), two growth-stage virtual care platforms (Midi Health, Evernow), wearable thermal therapies (Embr, Amira, Oura), and a long wellness tail. The next five years decide which lane owns the customer relationship.
25
Companies
$733M
Disclosed funding
5
Clinical / pipeline
21
Commercial
8
Countries
7
Stage buckets
Capital concentration
Where the category sits on the maturity curve
Stage distribution across the indexed cohort. Each bar segment is a company count, ordered from pre-seed to public.
3
6
9
4
Pre-seed3
Seed1
Series A6
Series B1
Series C+1
Growth9
Public / Marketed4
The map
Companies by infrastructure lane
Infrastructure lane × stage. Cards ordered by maturity then disclosed funding within each row.
Diagnostics
Therapeutics
Pharma
Astellas (Veozah/Veoza)
Public / MarketedFirst non-hormonal treatment for menopausal vasomotor symptoms (hot flashes/night sweats)
Bayer (Lynkuet/elinzanetant)
Public / MarketedNK3 receptor antagonist for menopausal vasomotor symptoms; rival to Veozah
Gedeon Richter (Ryeqo)
Public / MarketedHormonal pill for endometriosis AND menopause VMS (dual indication)
Devices
Digital Health
Evela
GrowthMenopause care distributed via employers as workplace benefit
UK
Midi Health
Series C+Virtual clinic for perimenopause and menopause; insurance-covered specialist care
NNABI
Pre-seedEarly perimenopause preparation and education
Unknown
Signals
Recent funding & catalysts
- $254M totalMidi Health Digital HealthSeries D · $100M · Feb 2026Advance Venture Partners (Series C lead); Emerson Collective; GV; Felicis; Memorial Hermann; Anne Wojcicki; Amy Schumer; Tory Burch
- $65M totalReproNovo TherapeuticsSeries A · $65M · May 2025Jeito Capital (lead); AXA IM Alts (co-lead); M Ventures (founding); Ysios Capital; ALSA Ventures
- $6.7M totalHormona DiagnosticsSeed · $6.6M (£5M) · May 2025Voima Ventures (lead); SuperNode Global
- $1.7M totalDITTO Daily Wellness & ConsumerPre-seed · £1.35M (~$1.7M) · Aug 2025Unknown
- $0.65M totalValerie Wellness & ConsumerPre-seed · £514k (~$650k) · May 2025Unknown
Directory
All companies — sortable & filterable
| Company | Lane | Stage | HQ | Funding ↓ | Latest | Status |
|---|---|---|---|---|---|---|
Midi Health Virtual clinic for perimenopause and menopause; insurance-covered specialist care | Digital Health | Series C+ | USA (Los Altos CA) | $254M | Feb 2026 | Commercial – unicorn ($1B+ valuation Feb 2026); 230,000+ patients; all 50 states |
Oura Smart ring for health tracking; perimenopause research partnership | Devices | Growth | Finland / USA (Oulu, Finland) | $200M | Various | Commercial – peri-specific features in development 2025 |
Comanche Biopharma Preeclampsia treatment (serious pregnancy complication) – NOT menopause | Therapeutics | Series B | USA (Concord MA) | $136M | Jan 2024 | Phase 2 clinical development for preeclampsia |
ReproNovo Reproductive medicine: male and female infertility; uterine health (adenomyosis) | Therapeutics | Series A | Switzerland / Denmark (Lausanne / Copenhagen) | $65M | May 2025 | Phase 2 clinical trials ongoing |
Evernow Perimenopause and menopause telehealth + HRT delivery | Digital Health | Series A | USA (San Francisco CA) | $52.5M | Apr 2022 (confirmed round) | Commercial – Clearblue partnership Jan 2025; Talkspace partnership Dec 2023 |
Alloy Women's Health Online menopause and perimenopause treatment | Digital Health | Series A | USA (New York NY) | $16M | 2024 | Commercial – nationwide US |
Hormona At-home urine hormone testing + AI-driven cycle tracking and insights | Diagnostics | Seed | UK / Sweden (London / Stockholm) | $6.7M | May 2025 | Commercial – 2M+ data points; 185+ countries; SpaceX partnership |
DITTO Daily All-in-one cycle supplement for hormonal symptoms | Wellness & Consumer | Pre-seed | UK (London) | $1.7M | Aug 2025 | Early commercial – CES 2026 Innovation Award Honoree |
Valerie Perimenopause-targeted supplements | Wellness & Consumer | Pre-seed | UK (London) | $0.65M | May 2025 | Early commercial |
Mira Care Quantitative hormonal health monitoring across all life stages | Diagnostics | Growth | USA (San Francisco CA) | — | Ongoing | Commercial – Oura integration 2025; CES 2026 Innovation Award Honoree |
Elektra Health Evidence-based menopause and perimenopause care; health plan innovation | Digital Health | Growth | USA | — | Unknown | Commercial; HelloMeno ACA plan launched Jan 2026 |
Stella Perimenopause and menopause holistic virtual care | Digital Health | Series A | USA | — | Unknown | Commercial |
Gennev Menopause healthcare and community platform | Digital Health | Growth | USA | — | Unknown | Commercial – one of earliest dedicated menopause telehealth platforms |
Embr Labs Wearable thermal therapy for menopausal hot flashes | Devices | Growth | USA | — | Unknown | Commercial – market pioneer in VMS wearables |
Amira / Grace Wearable predicting and preventing hot flashes | Devices | Series A | Unknown | — | 2024 | Launched 2024 |
NNABI Early perimenopause preparation and education | Digital Health | Pre-seed | Unknown | — | 2024 | Launched 2024 |
Evela Menopause care distributed via employers as workplace benefit | Digital Health | Growth | UK | — | 2025 | Commercial – B2B employer model |
Peppy Employee menopause, fertility, and musculoskeletal health platform | Digital Health | Series A | UK (London) | — | Various | Commercial – enterprise focus |
Stripes Beauty Menopause-focused skincare and wellness brand | Wellness & Consumer | Growth | USA | — | Unknown | Commercial |
Astellas (Veozah/Veoza) First non-hormonal treatment for menopausal vasomotor symptoms (hot flashes/night sweats) | Pharma | Public / Marketed | Japan (Tokyo) | — | N/A | Marketed: US FDA approved May 2023 (Veozah); EU EC approved Dec 2023 (Veoza). FY2024 revenue ¥33.8B (~$220M). FY2025 target ¥50B (~$330M). Black box warning for liver toxicity. |
Bayer (Lynkuet/elinzanetant) NK3 receptor antagonist for menopausal vasomotor symptoms; rival to Veozah | Pharma | Public / Marketed | Germany (Leverkusen) | — | N/A | FDA approved Oct 2025. EU filing underway. Acquired via KaNDy Therapeutics ($875M acquisition, 2020). Peak sales forecast $1B+. |
Gedeon Richter (Ryeqo) Hormonal pill for endometriosis AND menopause VMS (dual indication) | Pharma | Public / Marketed | Hungary (Budapest) | — | N/A | EU approved; NHS England approved Mar 2025. Consolidated group sales HUF 928.96B in 2025 (+8.3% YoY). Acquired Celmatix portfolio Mar 2026. |
Pfizer (Myfembree) Relugolix combination for menopause VMS and endometriosis | Pharma | Public / Marketed | USA (New York NY) | — | N/A | Marketed US – FDA approved. Co-developed with Myovant Sciences (acquired by Pfizer/Sumitomo 2023). |
HerMD Whole-person menopause and sexual health care | Digital Health | Growth | USA | — | Unknown | Commercial |
Winona Menopause HRT online prescriptions; bioidentical hormones | Digital Health | Growth | USA | — | Unknown | Commercial |
25 of 25
Analyst POV
Where the white space is
Pharma vs digital, head-to-head. NK3 antagonists (Veozah, Lynkuet) and GnRH antagonists (Ryeqo, Myfembree) are the first new chemical entities for menopause in a generation. They will be sold through traditional channels — but the digital incumbents own the diagnosis and adherence layer.
Capital concentration is real. Midi Health ($254M) and Evernow ($52M+) are the only US virtual-care players with growth capital. Most peers are pre-Series A. Expect 2–3 acquisitions in the next 18 months.
Wearables remain unproven. Embr, Amira, and Oura cycle features are commercial but lack clinical-grade efficacy data. Insurance reimbursement is the next test.
Workplace benefits. Peppy in the UK and HerMD in the US are converting employer demand into recurring revenue — the steadiest cash flow in the category.
As of 2026-06-12 · 25 companies · The Index
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