Elektra Health Raises $3.75M to Support Women Through Menopause

The Often-Unspoken Transition: Elektra Health Secures Seed Funding

Menopause is a life stage every woman will experience; however, open discussion surrounding it remains surprisingly limited, mirroring a broader trend within the femtech sector.

Introducing Elektra Health

Elektra Health, a pioneering women’s health technology company, has successfully raised $3.75 million in seed funding. This investment will facilitate the continued development of their platform, designed to deliver evidence-based support, educational resources, and a supportive community for women navigating the complexities of menopause.

A Significant Market Opportunity

Co-founders Alessandra Henderson and Jannine Versi highlighted to TechCrunch that over 50 million women in the United States are currently experiencing some phase of menopause. This represents a substantial global market, estimated at a value of $600 billion.

The Genesis of Elektra Health

CEO Henderson, drawing on her experience with business creation platform Human Ventures, describes menopause as a growing “cultural zeitgeist.” She notes an increasing willingness to discuss the topic and a rising investor confidence in Elektra’s core mission. The company also holds personal significance for Henderson, stemming from her own four-year journey addressing unexplained hormonal health symptoms.

Initially seeking to launch a femtech company, Henderson observed a gap in the market. While reproductive health received considerable attention, the subsequent stages of a woman’s life, particularly menopause, were largely overlooked. A connection with co-founder Jannine Versi, whose expertise lies in digital health, proved pivotal in solidifying the concept for Elektra.

Understanding Menopause and its Impact

Menopause signifies a natural hormonal transition, typically beginning in a woman’s 40s or 50s. Up to 34 distinct symptoms have been identified, and research indicates that 80% of women report a negative impact on their quality of life due to these symptoms.

Despite the prevalence of menopause, education regarding it remains deficient within medical training. Less than 20% of obstetrics/gynecology residency programs provide comprehensive instruction on menopause management.

Elektra’s Comprehensive Platform

Elektra’s platform addresses this educational gap by offering clinical care through telemedicine. It features the proprietary “Meno-morphosis” program, providing evidence-based guidance on symptom management, a supportive community forum, and access to dedicated menopause experts. Full public access to the program is scheduled for 2022.

“Our focus is on providing women with comprehensive care – content, education, clinical support, coaching, and counseling – throughout their entire journey,” Versi explained. “The intimate nature of this topic fosters strong referral rates, with 40% of women recommending the platform to friends. Cultivating this sense of community is paramount to our success.”

Investment and Future Growth

The seed funding round was co-led by Seven Seven Six, founded by Alexis Ohanian, and Flare Capital Partners. Additional participation came from City Light Capital, January Ventures, Human Ventures, The Fund, Community Fund, and a group of angel investors, including Hannah and Guy Raz, Claire Diaz-Ortiz, and Jenny Fielding.

These funds will be allocated to team expansion and the broadening of Elektra’s integrative, evidence-based solutions to reach millions of women both within the U.S. and internationally.

Early Success and Beta Program

Since its inception in 2019, Elektra’s private beta educational programming has engaged over 1,800 women.

“The past year was dedicated to understanding and implementing the features women truly desire,” Henderson stated. “We are demonstrably improving the lives of women in a meaningful way.”

A Growing Field of Femtech

While much of women’s health technology concentrates on fertility, Elektra Health is not alone in addressing menopause. Peppy, a new startup, recently secured funding to provide menopause support within employee health programs. Vira Health, meanwhile, raised £1.5 million in seed funding for its U.K.-based platform.

Recognizing an Unmet Need

Katelin Holloway, founding partner at Seven Seven Six, noted that in previous roles overseeing compensation and benefits, she observed a significant demand for menopause care, comparable to the interest in fertility benefits.

An increase in employee requests for desk fans prompted an investigation, revealing the source to be women experiencing menopause symptoms. This highlighted a previously unaddressed need within the workforce.

The Power of Community and Technology

Holloway observed that the fans served as a subtle signal, encouraging open conversations among female employees who had previously managed their symptoms in isolation.

As an investor, she actively sought a company offering dedicated menopause care and was subsequently introduced to Elektra. Holloway emphasized the importance of Elektra’s co-founders, describing them as “incredible women with deep commitment, impressive credentials, and relevant experience.” She also praised their holistic approach, integrating care, community, and content – a model proven successful in the pregnancy and fertility sectors.