Issue 115  /  June 9, 2026  /  7 min read

Thena Capital raises £45m for debut healthcare fund

Plus: Creator Fund closes €48.6M fund, Joyvié Health raises €897k for continence underwear, and AMH testing trends.

Thena Capital, an all-female GP firm, raised £45m for its debut healthcare fund, providing new capital opportunities for early-stage femtech operators and founders in Europe and the US. Concurrently, Creator Fund closed its €48.6 million fund with KfW Capital as its largest investor, signaling continued interest in early-stage European life sciences, including fertility innovations. These funding rounds for new and existing funds focus investment activity in digital health, AI, and biotech for femtech stakeholders. Five takes inside, plus a quick-hits roundup.

— The Luteal
In Today's Brief
Deals & Funding
VIA Sifted

All female-GP firm Thena Capital raises £45m for debut healthcare fund

Thena Capital raised £45m for its debut healthcare fund. The all-female GP firm plans to invest in 12-15 Seed to Series A stage digital health and AI companies across Europe and the US, including those focused on women’s health and fertility. This funding provides new capital opportunities for femtech operators and founders in early stages.

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— The Luteal Editorial Team
VIA EU-Startups

UK-based Creator Fund closes €48.6 million fund to back Europe’s scientific founders before pitch deck stage

Creator Fund closed its first European fund at €48.8 million ($56 million) with KfW Capital as its largest investor. The fund has made 11 investments to date, including Ovo Labs, a biotech company focused on reversing the aging of human eggs. This funding signals continued investor interest in early-stage European life sciences, including fertility innovations relevant to femtech operators.

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— The Luteal Editorial Team
VIA FemTech Insider

Joyvié Health Raises £771K to Redesign Continence Underwear From First Principles

Joyvié Health closed a £771K pre-seed round, with funding from Innovate UK, HERmesa Angels, SyndicateRoom, and Lavender Ventures. The UK-based company will develop patent-pending reusable continence underwear that contains stool in a disposable pouch immediately after excretion. This funding supports innovation in fecal incontinence solutions for femtech operators.

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— The Luteal Editorial Team
VIA EU-Startups

Founded after personal loss, Joyvié Health raises €897k to rethink continence underwear

Joyvié Health closed a €897k pre-Seed funding round. The funding, including an Innovate UK grant and investments from HERmesa Angels, SyndicateRoom, and Lavender Ventures, will support a direct-to-consumer product launch and clinical pilots. Joyvié's continence underwear demonstrated a 90% reduction in stool-to-skin contact and 70% faster changes in early testing, addressing faecal incontinence affecting 656 million people globally, disproportionately women. This funding for a women-founded startup in women's health impacts investors seeking opportunities in underserved markets.

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— The Luteal Editorial Team
Analysis
VIA FemTech World

AMH testing: the most misunderstood number in fertility – what it can and can’t tell you

AMH testing has become one of the most-requested blood tests in private women’s health in the UK and has gone mainstream over the past few years. However, AMH only indicates egg quantity, not quality, and fertility test results do not guarantee fertility outcomes. For femtech operators, clinicians, and consumers, this highlights the need for careful interpretation of AMH results, specifically when paired with age, imaging, and other markers by a clinician, especially given that no UK clinical body recommends AMH as a routine screening test for healthy women without fertility concerns.

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— The Luteal Editorial Team
Quick Hits