Femtech Funding Fell 49% in 2025. The Numbers Reveal Where the Sector Is Heading
The drop is not what it looks like. Two rounds distorted 2024. What the real data reveals is where capital goes next.
Femtech raised $615.9 million across 35 deals in 2025, down from $1.2 billion the year before, according to New Market Pitch's analysis of global deal data.
Flo Health's $200 million Series C and Maven Clinic's $125 million Series F together absorbed 43% of all femtech capital deployed that year. Strip those two rounds out and 2024 looks nearly identical to 2025. The average deal size held between $8 million and $12 million for four consecutive years, per New Market Pitch. What 2025 lost was not momentum. It lost its two largest outliers.
What 2025 produced in their absence was consolidation around a specific thesis. Fertility and IVF technology captured 44% of all femtech funding, with ReproNovo raising $65 million and Conceivable Life Sciences raising $50 million, per New Market Pitch. European companies accounted for 27% of global funding, up from 21% in 2023, led by Gesynta Pharma in Sweden and ReproNovo in Switzerland. The top three deals absorbed between 35% and 53% of the annual total. The concentration pattern held even as the pool shrank.
The most consequential variable for the sector in 2026 and 2027 is not deal count or total capital. It is whether Maven Clinic or Flo Health goes public. Maven's preparation is documented. In October 2024, the same month it announced its $125 million Series F at a $1.7 billion valuation, it replaced its CFO with Katie Rooney, who previously led Alight through a $4.8 billion divestiture and subsequent IPO, per Business Insider. By June 2025, Maven had added three more executives with direct public-market experience: a Chief Legal Officer who guided Life360 through its IPO, a Chief Communications Officer who guided Opendoor through its listing, and a Chief Commercial Officer from Salesforce, all per Maven's own press release.
The company grew its covered population from 17 million to 23 million in 2025 and partners with more than 2,000 employers and health plans, per company disclosures. Flo Health became femtech's first purely digital unicorn in July 2024 after raising $200 million in Series C funding from General Atlantic at a valuation above $1 billion, per Fierce Healthcare. It has 70 million monthly active users and was tracking toward $200 million in bookings in 2024. Unlike Maven, Flo has made no documented executive moves signaling IPO preparation. Healthcare.digital named it a candidate in its March 2026 FemTech IPO Outlook — that is informed analysis, not a primary signal.
A successful listing from Maven matters beyond its own cap table. The sector's last meaningful exit at scale was Progyny's 2019 IPO, a fertility benefits company now carrying a market capitalization above $1.8 billion. Galen Growth's 2025 FemTech report, which draws on its own proprietary dataset, found that 71% of femtech startups under six years old have not reached Series A. That rate does not improve until companies above them produce exits that return capital to LPs and justify earlier-stage risk. The IPO pipeline is the precondition for closing the funding gap.
The conditions attracting capital in 2024 and 2025 share one structural feature: a payer willing to cover them. Fertility has employer benefits — 40% of US employers covered fertility services in 2024, up from 30% in 2020, per Mordor Intelligence. Menopause reached institutional acceptance after Midi Health demonstrated that insurance-covered virtual care could scale. Maternal care has Medicaid and commercial contracts. Every femtech category that has moved past Series B has done so because a payer agreed to fund access to it.
The conditions that remain underfunded are those without that infrastructure.
Cardiovascular disease is the leading cause of death among women and is underrepresented in femtech venture portfolios, per Galen Growth. Endometriosis affects an estimated 190 million women globally and has no approved disease-modifying treatment, per the same report. Gesynta Pharma raised $31.5 million in 2025 for a non-hormonal endometriosis therapy — described by New Market Pitch as likely the largest single therapeutic investment the condition has received. Metri.Bio raised a $5 million pre-seed in late 2025 to develop endometrial disease therapeutics, per Betahaus. Neither represents a funded category. Both represent a category waiting for the reimbursement infrastructure that preceded every prior wave of femtech investment. North American venture capital captures 65% of global femtech funding, per Mordor Intelligence. The US has the employer benefits market that serves as the primary distribution channel for scaled femtech platforms, FDA breakthrough pathways that create regulatory moats, and the deepest pool of institutional capital with a healthcare thesis.
For companies outside the US, the path to scale runs through American employer contracts or American acquirers. Creator Fund closed a €48.6 million fund in 2025 with KfW Capital as its largest investor, backing European scientific founders before the pitch deck stage, per EU-Startups. Thena Capital raised £45 million for a debut healthcare fund targeting Seed to Series A across Europe and the US, per Sifted. European femtech is producing clinically rigorous companies at valuations below their American counterparts.
The gap is the geographic arbitrage. It is also the acquisition pipeline. The 2025 contraction is a reset, not a retreat.