Menopause Startup Elektra Health Raises $3.75M In Funding, Co-Led By Alexis Ohanian's Seven Seven Six And Flare Capital Partners
The Next-Gen Healthcare Platform Caters to Women Navigating Menopause, Providing Evidence-based Care, Education & Community
NEW YORK, August 11, 2021-- Elektra Health, a new women's health tech company on a mission to smash the menopause taboo, is announcing $3.75M in seed funding co-led by Alexis Ohanian's Seven Seven Six and Flare Capital Partners, with participation from City Light Capital, January Ventures, Human Ventures, The Fund, Company Ventures, The Community Fund, and notable angels including Hannah & Guy Raz, Claire Diaz-Ortiz, Jenny Fielding, and others. The femtech startup aims to support the more than 50M women in the U.S. navigating menopause with evidence-based education, virtual care and community programming.
Elektra Health is the first full-stack digital platform for women experiencing menopause. The company is bringing the outdated and fragmented menopause space into the 21st century in partnership with world-renowned physicians. In addition to clinical care via telemedicine, Elektra offers its proprietary "Meno-morphosis" program – currently in private beta – featuring evidence-based pathways for managing symptoms, as well as community cohort support and 1:1 access to a dedicated menopause expert. To date, 1,800+ women have participated in Elektra's programming. This new round of funding will be used to grow the team and to expand its integrative, evidence-based solution to millions of women in the U.S., and beyond.
"Menopause – which represents a $600 billion global market opportunity – is a universal experience that impacts every aspect of a woman's health: mental, physical, and emotional. It's a space that has been ignored for years due to social stigma, a fragmented healthcare system, and under-investment in women's healthcare," said Alessandra Henderson, Elektra Co-Founder and CEO. "Fortunately, we're at a turning point. Menopause is finally getting the attention it deserves. Elektra has a big vision to fundamentally change the way that women experience menopause through our proprietary care model and actionable, evidence-based programs. With the backing of top investors, we're ready to double down on our mission to smash the menopause taboo."
"Elektra is reimagining the menopause experience, which is still largely characterized by stigma and misinformation," said Jannine Versi, Elektra Co-Founder & Chief Operating Officer. "While there's excellent research out there from the North American Menopause Society and others, too few are aware of it and certainly, more is needed. Innovation in the space rarely goes beyond surface topics, failing to meaningfully address the very real issues and debilitating symptoms many women face. Our holistic, evidence-based approach is built and delivered by board-certified providers to meet women where they are, providing a roadmap that spans care, community, and education."
Menopause is a hormonal health transition that typically starts in the 40s or 50s. There are up to 34 symptoms of menopause, and its impact on women's quality of life is far-reaching:
• 80% of women experience menopause symptoms that negatively impact their quality of life.
• Women aged 45-64 have the highest suicide rate compared to any other female age group, according to the CDC.
• Over 75% of women experience hot flashes & night sweats.
• Yet <20% of OB/GYN residency programs educate doctors about menopause.
Elektra Health's three core pillars – education, care, and community – lay the foundation for women to not only understand menopause, but to also take actionable steps to optimize their long-term health and wellness. Henderson and Versi are excited to work with investing partners who value women's physical and mental health and who can help amplify Elektra's mission.
"Health and wellbeing are central principles to Seven Seven Six. We're all about empowering companies creating new solutions that expand access to those in the need of health-related support," said Katelin Holloway, Founding Partner at Seven Seven Six. "When I heard Alessandra and Jannine's vision to build a full-stack, integrative solution that supports women at every step of their menopause journey, I was blown away. Elektra Health is expanding digital resources to the millions of women who deserve emotional and medical support during this critical phase – investing in this company will fundamentally change how women experience menopause and eliminate the stigma associated with this phase of every woman's life."
"A key investment focus for Flare Capital has been to back exceptional entrepreneurs delivering world class healthcare solutions to underserved populations," said Flare Capital Partner, Dan Gebremedhin, MD. "Companies focused on women's health raise a strikingly small percentage of venture capital dollars, with menopause solutions woefully overlooked. We're proud to join Elektra's diverse group of investors and send a signal to the industry that half the population isn't a niche market," said Vic Lanio, Principal at Flare Capital Partners.
Elektra Health is led by women and, notably, its board and investors are two-thirds female as well. The company is actively hiring for a number of roles. For more information, visit elektrahealth.com.
ABOUT ELEKTRA HEALTH
Founded in 2019 by Alessandra Henderson and Jannine Versi, Elektra Health is on a mission to smash the menopause taboo by empowering the 50M women currently navigating menopause with evidence-based education, care & community. Elektra is building the first full-stack digital solution for menopause featuring proprietary educational programs, telemedicine care from board-certified menopause specialists, and text-a-menopause-expert support. www.elektrahealth.com
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