Midi Health Reaches Breakthrough $1 Billion Valuation

Today, Midi Health is worth over $1 billion. 

The fastest-growing women’s telehealth platform announced its valuation on Tuesday, a major milestone in an ecosystem in which women’s health companies receive only 6% of private investments in health care. 

“We didn’t invent demand in women’s health care. It’s always been there,” Joanna Strober, CEO and cofounder of Midi Health, tells Flow Space. “This valuation is a signal that capital is finally catching up to reality.”

It’s rare for women’s health companies to reach “unicorn status.” Midi Health joins a small cohort who have, including the $1.7 billion-valued women and family telehealth company Maven Clinic. 

Midi Health’s valuation comes on the heels of its $100 million Series D fundraising round led by Goodwater Capital, with new investors including Foresite Capital and Serena Ventures, according to the company’s press release. 

Strober launched Midi Health in 2022 as a direct response to her own menopause experience, when she faced symptoms that kept her “wide awake at 3 a.m.” and “googling in the dark” because she lacked the knowledge on where to turn. 

Midi Health was born out of a core frustration: that women are suffering in silence when treatments are available. It has become an insurance-backed health care platform serving over 25,000 women per week across all 50 states. It is home to a growing number of clinicians focused on women’s midlife health, including OB-GYNs, internal medicine physicians, cardiologists, endocrinologists, and sleep scientists, among others. 

Midi Health met a clear gap head-on. Women’s health has been historically under-researched and underfunded. It wasn’t until 1993 that women were legally required to be in federally funded clinical trials. With the lack of clinical data that drives personalization and innovation, women, who experience unique hormone fluctuations across the lifespan, have been underserved. Women also spend 25% longer in poor health compared to men and are more likely to experience medical gaslighting in traditional health care settings, despite being disproportionately affected by chronic conditions such as chronic pain. 

“For decades, women were told their symptoms were normal and untreatable,” Strober says. “What we’re proving is that specialized women’s health care can scale, and when it does, the entire health care system works better.” 

Over the last few years, Strober says the company’s success proves that the gap in women’s health care was a systemic oversight and one ripe for innovation. 

“It reinforces that women’s health care was never niche. The system just failed to invest in it,” she says. “Half the population has been underserved not because the need wasn’t there, but because the health care system was never designed for women’s complexity, especially in midlife.” 

Every year, up to two million women reach menopause during midlife. Research has found that it takes a toll on their physical and mental health, and that symptoms are exacerbated by a stigma that has led women to suffer in silence. However, this normal physiological process experienced by 51% of the population can be better managed with education, lifestyle habits, and treatments. 

When women receive improved specialized health care, it serves more than the individual. A 2023 Mayo Clinic study found that underrecognized and undertreated menopause symptoms cost the U.S. economy over $26 billion, including nearly $2 billion in lost work productivity and over $24 billion in medical expenses. 

As Midi Health scaled, Strober soon learned that the company’s structure could benefit women beyond menopause. 

“What surprised me most is how quickly it became clear that this wasn’t about a single condition or life stage. We started with perimenopause and menopause because it was one of the most obvious gaps in medicine,” she says. “And after caring for hundreds of thousands of women, it became undeniable that this model is helping women far beyond menopause. It’s proven that this kind of specialized care is beneficial for women in early adulthood through midlife and beyond.” 

And despite gender inequities in venture funding for health care companies, there has been some progress. In 2024, startups in women’s health raised over $2.6 billion, an increase of over 50% compared to the year prior. Last year, the Gates Foundation pledged $2.5 billion over the next five years to advance research and development in women’s health. 

Alongside other investments, Strober hopes Midi Health’s milestone will invigorate other innovators in women’s health who have faced funding and scalability roadblocks. 

“You can’t patch a broken system. You have to rebuild it,” she says. “Women’s health care is one of the largest, longest-standing inefficiencies in U.S. health care. Success comes from building real infrastructure.” This infrastructure, she adds, includes insurance coverage and specialist-led care that supports women throughout their lives rather than a “one-off solution.” 

As for what’s next for Midi, Strober is ambitious.

“We’re building a hospital system without walls,” she says. “That means expanding from an entry point in menopause into broader areas like metabolic health, weight management, musculoskeletal care, and long-term wellness.” 

The company has most recently doubled down on AI integration, using the technology to lessen clinician workflows and personalize patient experiences with chart analyses. The tech is also analyzing women’s health data to inform clinical approaches.

“When women founders and women customers are heard, entire systems change,” Serena Williams, tennis icon and managing partner at Serena Ventures, which invests in Midi Health, said in a press release. “We have been following Joanna and the team for years and are impressed by the scale they have achieved. They are delivering care that’s critical for every woman to have access to, in a space that represents billions of dollars of healthcare spend.”

For Strober, hitting $1 billion feels natural.

“This valuation is evidence that when you address that structural failure, the opportunity is massive,” she says. “Demand was always there. Once you build the infrastructure correctly, expansion becomes a function of demand, not reinvention.”