Midi Health, a virtual care clinic for women's health, raises $60M

Midi is currently on track to serve about 100,000 patients this year, up from about 30,000 in 2023

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Currently, 57 million women in the U.S. aged 40 to 65 are going through the experience of hormone transition. While more than 80% of those going through perimenopause and menopause come with often debilitating symptoms, including insomnia, anxiety, depression, brain fog, hot flashes, painful sex, and weight gain, 75% of women who seek care for these symptoms do not receive any treatment and only 1 in 5 women in the US ever receive a referral to a menopause specialist. 

That’s primarily because only 1 in 5 OB/GYNs, and even fewer primary care physicians,  receive any menopause education/training, and the few specialists out there that do exist primarily offer concierge care, explained Joanna Strober, CEO of Midi Health, a virtual care clinic for women navigating perimenopause and menopause, which announced a $60 million Series B funding round earlier this week.

"We built Midi to normalize the discussion around menopause and provide vital clinical solutions to address symptoms that can last 15-plus years. And we put access at the center of our mission, because even if a woman is able to find a menopause specialist, she likely won’t be able to afford their cash-pay services," she said.

"That’s the reason, from the very beginning, we thought it was critical to create a company built around providing insurance-covered visits and prescription—to widen access to our expert care."

While other companies in the menopause telehealth space focus on selling products related to relief of menopause symptoms, Midi Health acts as a comprehensive healthcare virtual clinic, delivering personalized, one-on-one treatment developed by menopause experts and delivered by clinicians specifically trained in menopause care. All services are accessible via telehealth and covered by insurance.  

When accessing Midi, a patient first books a virtual visit. After taking a few minutes to set up their account and enter insurance info, the patient tells Midi about their symptoms and chooses a time to meet their clinician. After that, the patient joins their telemedicine visit to discuss their symptoms and health history in depth with a nurse practitioner or doctor trained in perimenopause and menopause.

The patient leaves with a care plan that’s tailored to her, which may include hormonal medications, non-hormonal meds, supplements, lifestyle coaching, and recommendations of alternative therapies. If bloodwork or imaging can help the company personalize treatment, Midi sends the patient to a convenient local facility that accepts their insurance.

Finally, Midi becomes part of the patient’s health routine. The patient gets all the virtual follow ups she needs to dial her treatment and take preventative steps. Midi partners with their other doctors, and refers them for in-person treatment when needed; doctors are kept informed of their patients’ care and receive an After Visit Summary that includes detailed visit notes, recommended treatments, labs, etc.

Midi also keeps patients on track with basic screenings and sends them back to their OB-GYN for Pap smears and other in-person care as needed.

"Midi’s program is complementary to a patient’s current primary and/or OB-GYN care and designed to solve for a critical gap in menopause training and education among U.S. physicians today," Stober explained.

"Only one in five OB-GYNs, and even fewer primary care physicians, receive any level of menopause training, according to a John Hopkins-led study. Midi gives women access to experts in perimenopause and menopause care, as well as to a holistic approach that may not be offered in traditional settings."

Midi is currently on track to serve roughly 100,000 patients this year, up from about 30,000 in 2023. The company also recently added Fortune 100 employers who offer Midi as a workplace benefit, and launched partnerships with healthcare systems such as Memorial Hermann and benefits platforms such as Progyny and Cleo.

A recent survey of 2,200 Midi patients found that 91% reported overall symptom improvement within two months of their first Midi visit. That included 94% reporting improvement of hot flashes and night sweats within three months; 93% reporting improvement of insomnia within five months; 92% reporting improvement of moodiness, anxiety, and/or depression within two months; and 89% reporting improvement of brain fog and memory lapses within five months.

The company's new funding round, which was led by Emerson Collective, brings its total funding raised to date to $100 million. Additional investors include GV (Google Ventures), who led the previous funding round, along with Memorial Hermann, SemperVirens, Felicis, Icon Ventures, Black Angel Group, Gingerbread Capital, Able Partners, G9 and Operator Collective. They join a syndicate of primarily female-led investors including F7, Steel Sky Ventures, Avestria, Muse Capital, 1843 Capital, Anne Wojcicki, Susan Wojcicki, and K50 Ventures.

Midi plans to use the funding to expand insurance coverage; to date, it serves patients through the majority of the most established health insurance providers in 50 states. It will also expand its headcount, which consists of 150 employees, by hiring an additional 150 clinicians by the end of the year.

The company also plans to diversify service lines, amplify the conversation around midlife women's healthcare, and scale to care for 1 million women per year by 2029.

"The current healthcare system does a reasonably good job meeting women’s needs around fertility, helping them get pregnant, have babies, and prevent pregnancy when we’re not in family-building mode," said Strober.

"Beyond fertility, though, women’s needs are largely overlooked, which does serious harm to our health in midlife and far beyond. We are so much more than our fertility, and Midi aims to fill the gaps in women’s care. What does success look like? Every woman having access to the care she deserves. It’s a bold vision, but we know we can get there."

(Image source: joinmidi.com)