It’s About Time!

An underserved market finally getting the attention it deserves

It's About Time!

An underserved market finally getting the attention it deserves

Hi Everyone 👋 ,

Welcome to the +2,015 subscribers who have joined this week. If you’re reading this but haven’t subscribed, join our community of +42k smart, fun & edgy investors 👇

Five CEOs on their evolution in the femtech space | TechCrunch

“To describe my mother would be to write about a hurricane in its perfect power.” —Maya Angelou

Time to check sensitive masculinity at the door for this one.

I’m here to talk about the source of all life itself – the female body.

Rising awareness and acceptance of women's health issues have been driving a trend towards investing in female-focused digital healthcare solutions.


According to Pitchbook, 2021 has been a landmark year for Femtech with global VC investment crossing the $1 Billion mark for the first time:

This is incredibly empowering to see and has long been a far under-represented area.

But what are the driving factors behind this?

What deals are getting done? And which ones should we be paying attention to?

This week, in <5 minutes, we’ll cover Femtech:

  • Origins 👉 A Surprisingly New Concept

  • Addressable Market 👉 Large + Growing

  • The Big Players 👉 Incumbent’s Role in the Market

  • Women-Focused Deals 👉 Maven Clinic, Flo, Willow, Elvie

  • How GRIT’s Playing it 👉 New private deals on deck

Let’s get started!

1. Origins 👉 A Surprisingly New Concept

We’ve come a long way in accelerating social change in the last decade, which is why it’s so surprising that the term Femtech is still new. The term was coined in 2016 by Ida Tin, a Danish entrepreneur who founded Clue, a period and fertility tracking app.

Michelle Tempest, Partner at health care consultancy Candesic, says one reason women-related needs had not been focused on in the field of technology was that Life Science research was overwhelmingly “tailored to the male body.”

In 1977, the U.S. FDA excluded women of childbearing age from taking part in drug trials. Since then, women have been underrepresented in drug trials, Dr. Tempest said, because of a belief that fluctuations caused by menstrual cycles could affect trial results, and also because if a woman got pregnant after taking a trial drug, the drug could affect the fetus. As a result, she noted, “we do lag behind men.”

For change to drastically happen, women need to be placed in more leadership roles within healthcare organizations.

“According to the U.S. Bureau of Labor Statistics, nearly 80 percent of healthcare workers are women, yet they hold fewer than 20 percent of key leadership roles,”

– Katie Bell, Korn Ferry global account lead for the Healthcare Sector.

We’re starting to see a little bit of a change, but a more drastic one needs to happen in key leadership roles to move forward.

By largely neglecting this demographic, organizations are missing out on a massive opportunity, and more importantly, women are being drastically underserved in healthcare.

It’s time to bridge the gap.

Under the Radar

CHANGING THE WORLD ONE BITE AT A TIME: The Very Good Food Co.'s is still undervalued, but their products are not! Their new gluten and soy-free Butcher’s Select line just won a coveted NEXTY Award! This plant-based food leader increased Q2 YTD revenue by 280% compared to last year! Very Good’s plant-based foods make your mouth, body, and planet a better place. Judging by demand, revenue growth and production ramp up, they could do the same for your portfolio*!

WE SEE OPPORTUNITIES IN BLOCKCHAIN TECHNOLOGY: How can you get exposure to the hottest thing in crypto right now: NFTs!? Blockchain Foundry, the gateway to the decentralized universe, is developing an extended reality NFT marketplace, a white-label NFT product brand, and an NFT giving platform*!

DEVELOPING THE NEXT ERA OF SUSTAINABLE LIVING: The largest gain of wealth over the past 150 years remains to be Land Entitlement. That is converting a single-use property into higher density. Greenbriar made that big victory converting a raw land parcel into a permit for 995 new homes. Don't miss out*!

COMPLIANCE FIRST CRYPTO: Regulation & risk are two things people worry about when looking for crypto exposure. BIGG Digital is a fast-growing, compliance-first crypto business that sets the standard in BOTH with Netcoins (crypto brokerage) and Blockchain Intelligence Group (crypto forensics). They’re growing 800% YoY and boast clients like the US Secret Service*.

THE FUTURE OF FOOD HAS ARRIVED: Twenty. Five. Billion. Dollars. That’s what McKinsey estimates the lab grown meat market will be worth within the decade. CULT Food Science aims to be the first major company in North America to give investors access to the most innovative early-stage startups in this rapidly growing space*!

*This is sponsored advertising content.

2. Addressable Market 👉 Large + Growing

According to Grandview Research, the global women’s health market was valued at around USD$32 billion in 2019 and is projected to increase at a CAGR of 4.9% over the forecast period.

Market drivers include rising incidence of targeted diseases, increased life expectancy, increasing initiatives by governments to provide support, and rising publicly-funded family planning services. Restraining factors include patent expiry of major drugs, lawsuits related to products, and adverse effects associated with the use of contraceptive drugs and devices.

Now, let’s check in with our Outrageous Chartered FinMEME Analyst Dr. Patel!

3. The Big Players 👉 Incumbent’s Role in the Market

Some of the key players operating in the pharma market are Allergan, Bayer, Merck, Pfizer; Teva, Agile, Amgen, AstraZeneca, Bristol-Myers Squibb, and Ferring. These companies focus on product development, expansion of product portfolios, and regional expansion in emerging markets as main market share drivers.

Big Pharma in this space has typically patented drugs that can be applied more broadly, but also for specific cases predominantly found in women.

For instance, women are more susceptible to various diseases, especially post-menopause such as osteoporosis, osteoarthritis, obesity, anemia, menstrual health disorders, depression, and fibromyalgia. According to the UN, about 10-15% of all adults age over 60 have some degree of osteoarthritis, and the condition is more prevalent in women.

In Pharma there is a discovery period followed by a trial period, then ultimately a patent is issued for a certain amount of time. After the patent expiration, many other producers can receive FDA approval for the generic version, ultimately making the drug more accessible and affordable.

For instance, after the patent expiry of Evista, a product of Eli Lilly and Company, more than 24 players manufacture its generic version. Evista is the trade name of raloxifene, which is a Selective Estrogen Receptor Modulator (SERM).

The drug is indicated for the treatment or prevention of postmenopausal osteoporosis in women. The patent for Evista expired in 2014. Raloxifene, the generic drug, was approved in 2014 for lowering the risk of breast cancer.

To stop this decrease, market players focus on gaining FDA approval for new indications (use cases listed in the patent) to prevent loss in revenue post-patent expiry.

For instance, Prolia is recommended for postmenopausal women who are susceptible to bone fractures due to osteoporosis. The indications differ according to the approvals across various geographies.

In the U.S. for instance, it is mainly used as a second or third line of treatment for women who have suffered at least one or multiple osteoporotic fractures. In Europe, it is prescribed for women with a high risk of osteoporotic fractures and as a treatment of osteoporosis.

By changing the indications across geographies, legacy drug providers effectively extend the value of their patents.

So that covers a brief overview of the operating environment in Big Pharma – long lead times with heavy R&D through trial phases, following by diligence in patent protection which ultimately leads to a generic, more affordable version of each drug.

Now let’s look at targeted solutions that focus on digital and consumer-facing women’s health.

4. Recent Deals 👉 Maven Clinic, Flo, Willow, Elvie

Maven Clinic

Maven Clinic was launched in 2014 as a virtual clinic for women’s and family health, offering care for fertility, pregnancy, and parenting. The company has supported more than 10 million women and families, and raised over $200 million. 

Maven has built out a telehealth network of more than 30 provider types with individual care navigation to support all parents and all paths to parenthood, from fertility through pregnancy, parenting, and pediatrics.

The secret sauce here is a more holistic platform that plugs into all aspects across the family.

Maven has also began offering fertility drug delivery to its members in a partnership with pharmacies Alto and SMP. The drug delivery program, called MavenRx, helps address two of the more challenging aspects of the fertility journey: the high cost of fertility medications and complexity around managing a strict regimen, including self-administration of injections.

Maven has seen rapid growth and significantly increased its client base across employers and payers. The company partners with four new Fortune 15 clients, including Microsoft, with membership in Maven's employer and payer-sponsored programs increasing 400%.

The company says it has a near 100% retention rate among existing clients like Boston Scientific, Booz Allen Hamilton and L'Oreal. Quality and accessibility have also remained high, with 27-minute average wait times for same-day appointments and a 4.9/5 appointment satisfaction rating across all specialties.


Flo is the creator of a period-tracking app that aims to enhance personalization and provide users with advanced cycle insights and symptom patterns to help them effectively manage and proactively improve their overall health.

The company runs a subscription-based model for more than 200 million users and aims to achieve $100 million in ARR (annual recurring revenue) by the end of this year. Founded in 2016, the London-based company is now valued at $800 million.


Elvie is a femtech company focused on the devices and wearable space. They have several products for every stage across the feeding journey. Their pump product is a silent, wearable electric breast pump designed to discreetly slip inside a bra, and is wire-free, hands-free, and controlled through a cellphone.

By integrating both hardware and software components, elvie is providing an apple-like user experience that brings women’s tech out of the dark ages.

5. How GRIT’s Playing it 👉 New private deal on deck!

I’m currently in discussions with a private femtech company that is also in the device space. This company is in a similar space to Elvie, where it looks to provide a personalized feeding system that allows customization of the bottle to ensure the best experience possible.

What I like about this company is that they have a companion app that provides personalization, tracking, and scheduling capabilities.

As with the leaders in traditional technology, providing a full support platform with a stress on the user experience is key for retention.

Make sure to sign up for the PAID version of the newsletter to get an inside scoop and access to up and coming deals.

Wrapping up…

I think every burgeoning sector has incumbents that need to get disrupted by emerging technology in order to ensure a more healthy and competitive ecosystem. We’ve seen how big Pharma can create massive moats with pricing power, but when looking at women’s health, we need to take a more holistic, platform-like approach.

This hasn’t gotten anywhere near the attention it deserves due to funding gaps as well as the lack of females in positions to implement change. Both of these are improving, but we still have a lot of work to do…

Until next time. Always Yours. Incessantly Chasing ROI,

-Genevieve Roch-Decter, CFA

P.S. Visa just announced that they are building an Ethererum-based layer 2 payment channel. How long can you afford not to be long crypto? Asking for a friend.

What else we Grittin’ On?

FOX. Did you catch Genevieve on Fox Business this week? Let’s just say she’s not a 45 year old man who gets scared and sells the dip. She’s got diamond hands and she ain’t afraid to show it ; )

INSIDER TRADING. New research shows insider trading is everywhere. Purchases made by U.S. executives outperformed the S&P 500 by an average of 5% percentage points between 2015 and 2020. Smells like Nancy Pelosi capital.

BTFD. Worst last day of the month for the S&P 500 in September in 10 years. Best first day of the month for the S&P 500 in October in 14 years.


Disclaimer: Grit Capital Corporation is a publisher of financial information, not an investment advisor. We rely upon the “publisher’s exclusion” from the definition of investment advisor under Section 202(a)(11)(D) of the Investment Advisors Act of 1940 and corresponding state securities laws. We also rely on the exemption from registration under Section 34 of the Securities Act (Ontario) and its equivalents in other Canadian jurisdictions.

We do not provide personalized or individualized investment advice or advice that is tailored to the needs of any particular recipient. Any information provided as part of the services is impersonal and not specific to any person’s investment needs. You acknowledge and agree that no content published or otherwise provided as part of any service constitutes a personalized recommendation or advice regarding the suitability of, or advisability of investing in, purchasing or selling any particular investment, security, portfolio, commodity, transaction or investment strategy. To the extent that any of the content may be deemed to be investment advice or recommendations in connection with a particular security, such information is impersonal and not tailored to the investment needs of any specific person.

No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned. While we believe the sources of information to be reliable, we in no way represent or guarantee the accuracy of the statements made herein. Grit Capital Corporation does not provide individual investment counseling, act as an advisor, or individually advocate the purchase or sale of any security or investment. You assume the entire cost and risk of any investing or trading you choose to undertake. You are solely responsible for making your own investment decisions.

Grit Capital Corporation is NOT a registered investment advisor or dealer. Subscribers should not view this publication as offering personalized legal or investment counseling. Investments discussed in this publication should only be made/considered after consulting with your investment advisor and only after reviewing the prospectus, other offering materials or financial statements of the issuer in question. Reading and using this website, newsletter or any content created by Grit Capital.

Corporation you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.

For Full Terms of Use Click HERE. For the Privacy Policy Click HERE.


No comments

Notify of
Inline Feedbacks
View all comments

Disclaimer:The publisher does not guarantee the accuracy or completeness of the information provided in this page.  All statements and expressions herein are the sole opinion of the author or paid advertiser.

Grit Capital Corporation is a publisher of financial information, not an investment advisor.  We do not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient.  


No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.  

Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable.  They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur.  Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein.  The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and the publisher undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

The publisher, its affiliates, and clients of the a publisher or its affiliates may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities).  To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.

By using the Site or any affiliated social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.

For Full Terms of Use Click HERE. For the Privacy Policy Click HERE. (“Grit”) is a website owned and operated by Substack. Grit is paid fees by the companies that make investment offerings on this website. Be aware that payment of these fees may put Grit in a conflict of interest with the investor. By accessing this website or any page thereof, you agree to be bound by the Terms of Use and Privacy Policy, in effect at the time you access this website or any page thereof. The Terms of Use and Privacy Policy may be amended from time to time. Nothing on this website shall constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, any securities to any person in any jurisdiction where such an offer or solicitation is against the law or to anyone to whom it is unlawful to make such offer or solicitation. Grit is not an underwriter, broker-dealer, Title III crowdfunding portal or a valuation service and does not engage in any activities requiring any such registration. Grit does not provide advice on investments or structure transactions. Offerings made under Regulation A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) are available to U.S. investors who are “accredited investors” as defined by Rule 501 of Regulation D under the Securities Act well as non-accredited investors, who are subject to certain investment limitations as set forth in Regulation A under the Securities Act. In order to invest in Regulation A offerings, investors may be asked to fill out a certification and provide necessary documentation as proof of your income and/or net worth to verify that you are qualified to invest in offerings posted on this website. All securities listed on this site are being offered by, and all information included on this site is the responsibility of, the applicable issuer of such securities. Grit does not verify the adequacy, accuracy or completeness of any information. Neither Grit nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy, valuations of securities or completeness of any information on this site or the use of information on this site. Neither Grit nor any of its directors, officers, employees, representatives, affiliates or agents shall have any liability whatsoever arising from any error or incompleteness of fact, or lack of care in the preparation of, any of the materials posted on this website. Investing in securities, especially those issued by start-up companies, involves substantial risk. investors should be able to bear the loss of their entire investment and should make their own determination of whether or not to make any investment based on their own independent evaluation and analysis.