硅谷銀行-2023婦女健康報(bào)告的創(chuàng)新（英）

December

2023Formillionsofwomen,

it’s

anall

too-familiar

scene.

Sittinginanexamroomdescribingmedicalconcernstoa

trusted

physician,yetnot

feelingheard.

Morethan

one

inthreewomen

say

a

doctoreitherdidnot

believe

them,assumed

somethingabout

themwithout

asking

orblamed

themfor

a

healthproblem.1

Study

afterstudy

shows

thatbias

in

healthcaredisproportionatelyimpactsoutcomesfor

women,oftenleadingtodelayeddiagnosis,misdiagnosis

orundertreatment.Investorsand

companiesare

challengingthemisconceptionthat

women’shealthis

restrictedtoreproductiveyears

andrealizing

theenormous

opportunitytomeetwomen’s

healthneedsthroughout

their

lives.Investmentsare

increasinglyshiftingintoemergingareas

such

as

menopause,

pelvichealthand

mental

health.Our

market

outlook

(page

6)

offersfour

emergingthemes

forthefuture

ofwomen’s

health,

informedbyour

owndeepsectorknowledge

and

client

conversations.

The

Fundraising

andInvestmentsection(page

12)providesarundown

oncapitaltrendsand

dealactivity,includingtop

deals

(page17)

andvaluation

trends(page

14).We

also

spotlightinvestmentacrossevery

age

with

a

startup

market

map

(page

18)

and

adouble-clickintocompaniesaddressing

menopause

(page

19).Theinequality

and

bias

pervadesdeeperthanthehealthcareexperience

intothescienceitself.

Womenare

underrepresentedacross

all

stepsof

theR&D

continuum,

fromdata

collection

toclinicaltrials

tooutcome

measurement.

Diseases

impactingwomenreceivesignificantly

lessfederal

research

fundingthandiseases

impactingmen(ofthe

same

burden).However,momentum

tosolvethese

systemic

issues

isbuilding.InNovember,the

Bidenadministrationannounced

thefirst-everwomen’s

healthresearchinitiative,a

partnership

betweenacademics,

doctors,patient-advocates

and

policymakerstorecommend

concretestepsfor

improvement

inwomen’shealthresearchand

funding.Wehopethe

insights

inthisreportwill

add

totheblue

oceanopportunityinthissegment,

whichincludes76%female-foundedcompanies.

They

believe

in

what

they’rebuilding,

and

we

believeinthem.Inour

inaugural

Innovation

in

Women’sHealthreport,

weleverageSVB’s

unmatched

data

and

sector

expertisetodive

intothetrendspropellingthisspace

forward.

Despiteheadwinds

inthelarger

venture

capital

(VC)

landscape

and

themany

obstaclesfacing

thisspace,

our

analysis

revealsan

optimisticpicture

forwomen’s

health,

whichisundervalued

and

quickly

growingcomparedtootherhealthcaresectors.JackieSpencerHead

ofRelationshipManagement

forLife

Scienceand

Healthcare

Bankingjspencer@Note:1)Amongwomenages18-64,

38%

experiencedone

oftheseinthelast

two

years

according

toKFF’sWomen’sHealth

Survey

2022.Innovation

in

Women's

Health

20232LeadAuthorsMarket

Insights

Team

AuthorsJackieSpencerRaysaBousleimanJoshPherigoHead

ofRelationshipManagement,

Life

Science

andHealthcare

Bankingjspencer@VicePresident,HealthcareVCRelationship

Managementrbousleiman@SeniorResearcher,Market

Insightsjpherigo@Jackieheads

upthe

USRelationshipManagementteam

for

LifeScience

andHealthcareAccelerator

andGrowth.

Jackieandherteamare

focusedon

providingbankingandfinancing

solutions

toinnovativecompaniesinthe

sector.Raysamanagesrelationshipswithtraditionalventurecapitalfirms

focusedon

healthcare

andlifescienceinvestments.

She

isalso

responsible

forconductingdata-driven

analyseson

the

globalhealthcareinnovation

economy

thatSVB

serves.SarahWalkerResearcher,Market

Insightssawalker@Contributing

AuthorsTimot

LamarreResearcher,Market

Insightstlamarre@Pooja

MajmudarDirector,Startup

Bankingpmajmudar@Julie

EbertMeganScheffelHead

ofCreditSolutions,Life

Science

andHealthcare

Bankingmscheffel@Nina

KandilianVicePresident,Healthcare

VCRelationshipManagementnkandilian@Managing

Director,Life

Science

andHealthcare

Bankingjbetts@Innovation

in

Women's

Health

20233After

alonghistory

ofstigmatization

and

under-investment,women'shealthis

atan

excitinginflection

pointwith

increasing

awareness,investmentand

innovation.Thereare

significantneeds-and

thereforewhitespace

opportunities

-everywhere

youlook,

fromreproductivehealthtobroaderconditionsthat

affectwomen.Thepotential

foroutsized

returns

makes

women'shealthattractivenotjust

for

healthequity,genderequity

and

overallsocietal

impact,but

financialreturns

as

well."Advancinghealthequityamong

all

populations,includingwomen,should

bea

top

priority

forhealthcare

leaders

and

theirorganizations.Itis

essential

toexpandthe

availability

ofnecessary

diagnostics

and

therapeutics

notonlyfor

reproductivehealth,

but

also

for

all

medicalconditionsimpactingwomen.

Applyinginnovativesolutions

toaddress

gaps

inwomen’s

healthcarecanand

will

helpleadtobetterhealthoutcomesfor

all.”Thewomen’s

healthcategory

isjust

gettingstarted.

Early

investorsinGoogleand

Facebookdidn’thaveproofpointsonsocial

networks

andsearch

engines,

but

theyunderstood

emergingtrendsand

behaviors.

Thesame

mentalityshouldbehowinvestorsnowapproach

women'shealth.Theemergingtrendsand

behaviorsare

clearandwe

should

all

berunning

after

it.Theproofpointswill

come.Bigbetsthatcanunlock

anarbitrageopportunityare

thelongstanding

strategyof

venture.”WhenFemTech

becameamovement,

it

was

all

aboutgetting

healthcaredirectly

tofemale

consumers

becausewomenwere

leftoutof

thehealthcareconversation

for

solong.

I’d

caution

investors,don’tshy

away

fromthe

hard

sciencecompanies.

Don’t

get

sofocused

on

treating

womenasconsumers

of

healthcarethattheonlythings

beingfunded

aredirecttoconsumer

products.Let’s

fund

thecompaniesthatare

working

in

thehard

sciencesand

let’s

treat

womenas

theyshould

betreated,whichisasstakeholders

inthisprocessandengaged

intheir

healthcare,notsimplyconsumers

ofit.”Alice

ZhengPrincipalKate

WallisVPClinical

InnovationPoint32HealthNaseem

SayaniCo-founder

andManaging

DirectorEmmeline

VenturesRH

CapitalUnfortunately

therehas

beenalack

oftransformative

innovationinwomen’s

health.Oneissue

that

plagues

thespace

isthat,

forsome

reason,

we’ve

normalizedpain,

repeatedproceduresand

subpar

outcomes.

Wearesatisfied

withjust

“OK.’’

Thishas

tochange.At

itsleast,

it’s

anembarrassment.

At

itsmost,it’s

an

injustice.”O(jiān)ur

investmentthesisspans

fromconditionsonlyaffectingwomentoconditionsthatdisproportionallyand

differently

affectwomen.We’re

veryexcited

about

themassive

opportunityinwomen’s

healththat

isinclusivebeyondreproductivehealth.”[Women’shealth]

was

seen

as

tabooeventhoughit'sVCs'

job

toinvestinlarge

markets

and

thedataclearlyshowedthis

isabigmarket.

But

recentlywomen'shealthhas

reallytaken

itsrightful

placeas

a

multibillion-dollarindustry.

Itis

nolonger

justabout

periodtracking

and

reproductivehealth.

It'snotjust

about

theneedsof50%

ofthe

population.Womenare

responsiblefor

80%of

all

dollars

spentonhealthcare.

Thisisa

truly

inclusivecategory.”Somer

BaburekCo-founder

andCEOHeraBiotechDeena

ShakirAmarSawhneyJessica

KarrPartnerLuxCapitalCo-founder

andCEORejoniFounding

GeneralPartnerCoyote

VenturesInnovation

in

Women's

Health

20234Four

Predictions

in

Women’sHealthInnovationWomen’sHealth:

Past

andPresentFundraising

andInvestmentSpotlight:

Women’sHealthBeyond

FertilityExits:

OnHold

asa

Backlog

BuildsInnovation

in

Women's

Health

20235Growth

inNon-Reproduction

Focus

AreasAddressingUnmetNeedswithLife

SciencesTheRiseof

DedicatedWomen’s

HealthFundsVC

Investment

TiltsToward

Later

StageAgreater

realization

ofthe

unmethealthneedsofwomenis

drivinginvestment

andresearch

towardnon-reproduction

focusareas.Weexpect

thistrend

toaccelerate

asearly

adopterstout

thebenefitsandimportanceofimproved

care

formenopause,

pelvic

floorhealth,incontinence,

endometriosisandotherissues

that

greatly

impact

bothphysicaland

mental

well-being.Women’shealthsolutions

haveleanedtoward

healthtechrather

thanlifeThemassive

market

opportunityforwomen’s

healthistoobigtoignore,

yetthecohort

ofinvestorsdevotedtothespace

isrelatively

small.

We

expectinvestment

firms

will

devotemoreresourcesanddevelopexpertiseinthisundervalued

segment,

bothfromemergingmanagers

choosingtospecializeand

general

investorsadding

women’shealthintotheirinvestmenttheses.Asan

emergingspace,

women’s

healthinvestmenthas

skewed

toward

earlierstage

companies—

about

50%

ofinvestmentgoesintoearly-stage

dealscomparedto40%for

thebroaderhealthcaresector.

Whilewe

don’texpect

early

stage

dealstoslow,we

believelaterstage

deals

will

takealarger

shareofinvestment

as

thesectormaturesand

more

companiesdemonstratevalue.sciences.

But

noteverything

canbesolvedwithanapp.Oneroadblock

toscience-based

solutions

has

beentherelativescarcity

of

clinicalresearchand

outcomesdata.

That’s

beginningtochange.Asclinical

trialsmoveforwardandmoredatabecomes

available,theclinicaldevelopmentofdiagnostics,devices

andtherapeutics

toaddress

women’shealthissues

will

progress.Innovation

in

Women's

Health

20236Innovation

in

Women's

Health

20237We

define

women’s

health

as

healthtech1,biopharma,

diagnostics/tools

and

medical

device

companies

that

address

underservedcare

needs

for

women

and

individuals

with

female

biologies.

They

address

the

following:Conditions

that

arewomen-specific2Conditions

that

affectwomen

differentlythan

menConditions

that

affectwomen

disproportionallyConditions

characterizedby

gender-baseddiscrepancies

in

careRacial

disparitiesand

inequities

inwomen’s

healthContraceptionFertilityCardiovascular

DiseaseDiabetesMigrainesPainConditionsthataffectwomenof

colordifferently/disproportionallyAutoimmune

DiseaseOsteoporosisBehavioral

HealthAccesstocare,quality

ofcare,and

affordability

gapsexperienced

bywomenof

colorMaternal

HealthMenopauseAlzheimer’s

DiseaseAnxiety

and

DepressionUrinary

Tract

InfectionsLung

CancerLack

ofculturally

competentcare

providersGynecologySystemicracism

thatimpactspeopleofcolor’shealthand

well-beingWomen’sOncologyNotes:1)Healthtech

includes

digital

health

companies

andtech-enabledhealthcare

services.Wedo

notincludecompanies

thatare

solely

consumergoods,suchasTheHoney

PotorLola.

2)Lists

are

notexhaustive.Source:

Women’s

HealthAccess

Matters,McKinsey

Unlocking

opportunities

in

women’s

healthcare.Innovation

in

Women's

Health

20238CancerContraceptionAbortionLegislationThis

year

marks

one

year

since

the

overturning

of

Roe

v.

Wade,

30

years

since

women

were

requiredto

be

included

inNational

Institutesof

Health

(NIH)

clinicaltrials,

63

years

since

the

firstcontraceptive

pillgained

Food

andDrug

Administration(FDA)

approval,and

100

years

since

the

inventionof

the

Pap

smear.1Over

the

past

century,our

understanding

of

what

constituteswomen’shealth

(WH)

has

evolved,expandingbeyond

justreproductivehealth

to

recognizeall

conditionsimpactingwomendifferentlyor

disproportionately.

At

the

same

time,medical,politicaland

social

advancementshave

contributed

toimproved

health

outcomes

for

women.Average

lifeexpectancy

for

US

women

has

increasedto

81,

the

five-yearrelativesurvivalrate

forlocalizedbreast

cancer

is

99%,

and

womenunder

35undergoingIVF

have

over

a

50%

success

chance

of

treatmentresultingin

a

livebirth.But

despitetremendousprogress,

disparities—

particularlyfor

women

of

color,

women

in

rural

areas

and

women

in

poverty

—continueto

persist.Despite

women’s

inclusion

in

clinicaltrials,

women

are

still

underrepresentedin

them

for

diseases

that

disproportionallyimpact

women,

and

there

are

still

no

requirementsto

reportseparate

findingson

the

basis

of

sex.

Looking

to

the

future,

effortsto

expandaccess

to

reproductivecare

continuethroughthe

Women’sHealth

ProtectionAct

introducedin

the

House

this

March

andnew

technologies,such

as

AI-aidedultrasounds,

are

capturingnational

interest.1993

–Congress

passes1977

–FDA

issues

a1985

–National

Cancer

Institutestudy

finds

lumpectomyandradiationaseffective

asmastectomyfor

treatmentofmany

breast

cancerstheNIHRevitalization

Actlaw,requiringthatwomenbe

includedinNIH-fundedclinical

trials1973

–Roev.Wade:

SupremeCourtrulesthattheUSConstitutiongenerally

protectstheright

tohaveanabortionpolicy

recommendingwomenofchildbearingpotentialbeexcludedfromPhase

Iandearly

PhaseIIdrug

trials1960

–FDA

approves

thefirstoralcontraceptive,Enovid(knownas“the

pill”)1968

–FDA

approvesuse

ofintrauterinedevices

(IUDs)19601970198019902022

–TheSupremeCourtin

Dobbs

v.JacksonWomen’sHealthOrganization

overturnsRoev.Wade

(1973)1998-1999

–FDA

approvesthefirst

brands

ofemergencycontraceptive

pills,

Preven

(’98)andPlanB(’99)2023

–First

Lady

JillBiden

establishesthefirst-ever

WhiteHouseinitiative

onwomen’s

healthresearch2015

–TheNIHPolicy

onSexasaBiological

Variablerequiresthatsexdifferences

beconsideredat2010

–Congress

passes

theAffordable

CareAct,prohibitingsexdiscrimination

inhealthinsurance

andrequiringcoverageofallpreventative

healthcare1994

–BRCA12000

–Mifepristone

isandBRCA2genesareidentifiedasgeneticmutationsassociatedwith

breast

cancerapproved

for

medication

2006

–FDAabortionintheUS,12years

after

itsoriginalsynthesisapprovesHPV

vaccineGardasil2021

–Virtual

care

clinicMavenbecomesfirstwomen’s

healthunicorn(including

allFDA-approved

formsofcontraceptives)

withoutcopaystheoutset

ofclinical

studies2023

–FDA

approves

thefirst

nonprescriptiondailyoralcontraceptive,Opill

(norgestrel)200020102020Note:1)Thoughfindings

relating

toPap

smears

werefirstpublished

in1928,

thetest’s

creationis

dated

back

to

1923.Source:

PitchBook

andSVB

analysis.PennMedicine,

AmericanCancerSociety,

Society

forAssistedReproductive

Technology,

National

Institutesof

Health

(NIH).Innovation

in

Women's

Health

20239Layersof

BiasinWomen’s

HealthUSandEuropean

VC-BackedCompanies

withaFemale

Founder1Social

factorsPatientcareForfounders

of

women’s

healthcompanies,theentrenched

stigmas

and

deepprejudicesagainstwomenin

societymake

thealready

difficultchallengeof

startup-building

that

much

harder.

Bias

makes

animpact

atnearly

every

point

onthe

valuechain,fromtheunderrepresentation

inclinicalresearch

tothequality

oftheirhealthcare.

Increasingly,femalefounders

are

steppingup

tosolvethese

problems.?Added

stress

fromgender

rolesDomestic

violenceDiscrimination???Misdiagnosis76%of

women’s

healthcompaniesinclude

afemale

founder,arate

3xhigher

than

the

overallinnovation

ecosystem.Pain

dismissedGender

bias

inprovider

pay??76%InvestorbackingMedicalresearchIncomparisontotheentirehealthcare

industry

and

thewidertechindustry,

women’s

healthcompanieshaveasignificantly

higher

proportionoffemalefounders.

Over76%

ofVC-backedwomen’shealth

companieshaveatleast

onefemale

co-founder,

aconcentrationthreetimeshigher

thanthebroaderinnovationecosystem.Startups

withfemale

founderstend

tobeundervaluedcomparedtocompaniesfounded

bymen.Such

abias

underscores

thechallenges

female-focusedcompaniescontinuetoface

inthe

male-dominatedVClandscape,

defyingevidence

thatwomen-ledcompaniesperformbetter.ABoston

Consulting

Groupstudy

found

that

womenfounders

generate

twice

asmuchrevenue

perfunding

dollarasmen.3????Power

imbalanceAwareness

gapLowerchecksizesBiasin

valuations??Poor

data

qualityExclusions

fromclinicaltrials29%24%?UnderfundingWomen’s

HealthAllHealthcareAllTechNIHFunding

For

Disease

bySex

Prevalence

andDisease

Burden260%+affectedarefemale60%+affectedaremaleSizeof

disease

burdenDepressionPerinatal

conditionsHeadachesFemale

dominant

conditionsexhibit

higher

disease

burdencompared

to

male

dominantconditions

that

receive

similarlevels

of

funding.Anxiety

disordersAlzheimer’sdiseaseMental

illnessThesame

fundinggaps

thatimpact

female

foundersalso

impact

clinicalresearch.

NIH

fundingdata

showsthat

women’shealthresearch

isunderfundedcomparedtoconditionsprimarily

affectingmen.Thislikelyresults

in

aninsufficient

amount

of

trialsand

data

thatiscollected,

creating

a

headwindforcompaniesinthisspace

whentryingtodemonstratetheneedfor

theirproduct

and

whenseeking

investors,FDAapprovaland

reimbursement.ArthritisBreastcancerMigrainesLiver

cancerADDProstate

cancerAlcoholismHIV/AIDSPreterm,lowbirth

weightDrugabuse

(NIDA

only)$1,500MSubstance

abuse-$1,000M-$500M$0M$500M$1,000M$2,000M$2,500M$3,000M$3,500MNote:1)Venture-backedUSandEuropean

company

founders

based

on

availablerecords.2)Diseaseburdenmeasured

by

disability-adjusted

lifeexpectancy.3)

StudyreferencedinUBS

Report

“Thefunding

gap.”Source:National

InstitutesofHealth

(NIH),

Nature

(Journal),

Boston

Consulting

Group

(BCG),

PitchBook

andSVBanalysis.Innovation

in

Women's

Health

202310HealthInsuranceCoverage:USWomen3HealthInsuranceCoveragefor

Non-Elderly

USWomenbyRace/Ethnicity4Numberof

womencoveredPercentage

of

womencoveredEmployer-sponsoredMedicaidOtherUninsured160M93%92%Women’shealthhas

beena

longoverlookedsegmentwithinthelarger

healthcareecosystem.

Diseasesaffectingwomenare

routinely

underfunded

andunderstudied

comparedtodiseases

impactingmen.Yetthe

market

opportunityfor

women’s

healthcareismassive

and

growing.

Working-age

USwomencollectively

spend

about

$15billionmorethanmenonout-of-pocket

healthcarecosts

peryear,

partly

becauseof

pregnancyand

delivery

costs,

but

also

becausewomenseek

moretreatment

than

men.1White66%14%14%13%

7%150M140M130M120M89%AsianNHOPIBlack65%14%

7%11%

11%10%

11%22%53%25%86%51%28%HispanicAIAN45%23%10%7%Today,morethan93%of

USwomenare

coveredbyahealthinsurance

provider,up

from86%sincetheAffordableCare

Actbecame

lawin

2010.Thesehigherrates

are

improving

patient

outcomes

byexpandingaccess

topreventive

care

and

making

neededmedicalproceduresmore

affordable.However,

disparities

inthelevel

of

coveragecontributetounequal

outcomesalongracial

and

ethniclines.Amongthenon-elderlypopulation,

66%

ofwhite

womenare

covered

byemployer-sponsoredplans

and

only7%are

uninsured.Bycontrast,

45%of

Hispanic

womenhaveemployer-sponsored

insurance

while22%are

uninsured.38%33%22%2010201420182022USAverage

TotalHealthcareSpendingby

SexandAgeUSPhysician

PaybyGender

andSpecialtyNumberof

doctors

inspecialtyMajority

menMajority

womenMenWomen$700KMaledoctors

hold

themajority

of

positions

in9of

the

10

highest-paying

specialties.Plastic

surgeryOrthopedicsWomenhave

significantlyhigher

healthspendingthanmenin

their

20s,30s

and

40s.$500K$300K$100KOncologyUrologyOne

reason

women

spend

moreonhealthcare

isthatitoftentakes

longertodiagnose

them.Studies

show

thatwomenexperience

misdiagnosis

athigher

rates

thanmen.Exacerbating

thistrendisthefact

that

femaledoctorsare

underrepresented(and

underpaid)

inmostfields.Menare

themajority

of

physiciansin24of

29medicalspecialties,

including9ofthe10highestpaid.2

Theaverage

urologist,

forexample,makes

50%morethan

theaverage

OB-GYN.1.1xDermatologyOB-GYN1.7x2.1xPulmonarymedicinePediatricsFamily

medicine

Diabetes

andendocrinology25%

50%

75%Under1919-3435-4445-5455-6465+0%100%11AgePercentage

offemaledoctorsinspecialtyNotes:1)According

toDeloittestudy

“Hiding

inPlain

Sight:TheHealth

Care

GenderToll.”2)About37%

ofdoctors

are

women,up

from28%

in2008.

However,

womenareamajorityofmedstudents.3)AmericanCommunitySurvey,

one-year

estimates.4)KFFestimatesbasedonACS

data.

NHOPI

refers

toNativeHawaiianandotherPacific

Islander.

AIAN

refers

to

AmericanIndianandAlaska

Native.Source:USCensus

Bureau,

Peterson-KFF

Health

SystemTracker,

AssociationofAmerican

Medical

Colleges

andSVB

analysis.Innovation

in

Women's

Health

2023Innovation

in

Women's

Health

202312USandEurope

Fundraising:

HealthcareVCandGrowth

Funds1ClosedfundsFundsstillraisingInvested

inawomen’s

healthcompanyNotable

Investors

inWomen’s

HealthNotable

CompaniesFund

managers

investinginwomen’s

healthtendtofall

intooneofthreecategories:

1)

firmsexclusivelyinvestinginwomen’s

health,

2)general

firmsinvestinginwomen’s

healthdeals

thatoverlapa

broaderstrategy

or

3)

healthcareVCfirmswithwomen’shealthas

a

dedicatedfocus

area.$30.2B$6.6B$25.0B8companiesForfounders,

thedifferencesinthese

investortypestendtoshowup

inthe

fundraising

process.

Whilespecialized

investorshavethedomain

knowledge

tounderstand

thetechnicalcomplexities,

theyoftencommandsmaller

funds

and

thereforewrite

smallerchecks—

afactor

thatcanprolongthefundraisingtimeline.

Thisisparticularly

frustrating

incapital-intensiveareas

such

as

biopharma.Theamount

of

newhealth-specific

VCand

growthcapital

raised

so

far

in2023,on

par

with

2019

levels.$17.4B$15.1B$8.6B20companiesAlternately,generalinvestors

maywrite

largerchecks,

but

their

limited

sectorknowledge

is

aconsiderable,ofteninsurmountable

hurdle,especiallyfor

lifesciencefounders.

Thesweet

spot

forfounders

may

bethethird

group:

general

healthcarefunds

withadedicated

women’s

healthfocusarea.MidiHealth,

a

perimenopauseand

menopause-focused

company,banked

$25millionintheir

GV-ledSeriesAtobuildout

virtual

midlifecare

for

women.$7.7B2019$6.6B202321companies$4.2B$1.6B201720182020202120227companiesHealth-focused

VCfunds

across

theUS

and

Europehaveraised

nearly

$37billionsincethe

start

of

2022,withmuch

ofit

remainingundeployed.Whileonlyahandful

ofthetop-raising

funds

haveparticipated

inwomen’s

healthdeals,there

are

signs

of

momentum.Lux

Capital,

aprolificwomen’s

healthinvestor,raisedthelargest

healthfund

($1.2billion)in2023.Note:1)FirmsheadquarteredinUS

andEurope

with

afocus

area

inthehealthcare

industryoronhealthtech.Fundsstillraisingincludes

announcedfunds

thathavenotclosed.Data

asof10/30/23.Innovation

in

Women's

Health

202313Source:

Preqin,PitchBook

andSVB

analysis.VCInvestmentinWomen’s

HealthChange

inVCInvestmentSince

2018Companies

(USandEurope)1All

healthcare400%Women’s

healthAswithmost

VCsectors,

women’s

healthhas

seenadropindealactivitythisyearcomparedtolast,

withdealcounts

down12%

yeartodate.However,investmentdollars

are

up

8%

relativetothefirst

threequarters

of

2022.

Compared

tothe

screechingslowdownhappeningtotheinnovationeconomybroadly,women’s

healthis

seeingmoreofaspeedbump.

Thecurrent

pace

would

make

thisyearthethirdbestfunding

yearonrecordfor

thespace.

Investmenthas

beenbuildingfor

years,

withdealcounts

up

314%since2018,comparedto28%inhealthcare

overall.Capital

investedDealsEstimate184300%200%100%0%314%15516312712896$1.7B6928%H1$1.9B2022$1.8B2021$1.3B2023Thisincreaseindemand

along

withrising

inflationresulted

inincreasing

seedstage

valuations

forwomen’s

healthcompaniesinrecentyears,

inlinewithall

healthcarecompanies.

However,

thattrendbackslid

thisyear,

withthemedianvaluation

falling16%to2021levels.What

ismoresurprising

is

theconsistencywith

which

women’