Digital Health’s Newest Unicorn: Why Investors Back Midi’s Women’s Health Model
Healthcare startups gave birth to a new unicorn this week, as Palo Alto-based virtual care provider Midi Health closed a $100 million Series D round, valuing it at more than $1 billion.
The round was led by Goodwater Capital, bringing Midi's total funding since its founding in 2021 to $250 million. Other investors participating in the round include Google Ventures, Foresite Capital, Emerson Collective, Serena Ventures, McKesson Ventures, Advance Venture Partners and SemperVirens.
Midi provides virtual care for women, specifically targeting perimenopausal and menopausal patients. Each year, approximately 2 million women in the United States enter perimenopause and approximately 1.3 million women enter menopause.
“We are building a virtual hospital system without walls so that all women have access to the highest quality insurance-covered care, no matter where they are,” said CEO Joanna Strober.
The platform is designed to make it easy for women to access quality care without going through any hoops, she added.
Strober explains that patients meet virtually with Midi's clinicians, who “discuss what is actually going on” and provide patients with a plan with clear steps they can take action on. These providers follow patients, adjust their treatments and stay in touch over time, she noted.
In her opinion, Midi is for patients who want trustworthy, ongoing care designed around women's needs.
“We started with perimenopause and menopause because it's one of the most glaring and overlooked gaps in medicine, but we quickly found that women were asking us for more,” Strober said.
More than 25,000 people receive care through Midi each week, seeking medical guidance from experts in obstetrics and gynecology, internal medicine, cardiology, endocrinology, obesity, sleep, mood disorders, dermatology and more. While menopause was Midi's entry point, the company now supports a wide range of women's health needs from early adulthood to midlife, Strober said, adding that Midi also created AgeWell, a personalized longevity program.
She noted that because its care model is continuous, patients tend to return as their needs change.
“We also offer supplements to support the care we provide, and we partner with employers and health care systems to reach more women. As more women use Midi as a regular source of care, business will naturally grow with them,” Strober said.
Because Midi partners with insurance companies, women in all 50 states can access its care, far more than traditional specialty clinics. The business model is also different from most competitors. While other companies in the space, such as Maven Clinic, Carrot Fertility, Kindbody and Progyny, sell primarily through employers, Midi provides direct-to-consumer insurance-covered care.
According to Strober, what makes Midi unique is that it's made specifically for women.
“Our model of care is not intermittent—it is ongoing, personalized, and designed to meet women’s needs, with clinicians who truly listen and track their health journey,” she declared.
For investors, Midi's appeal appears to be a model that combines a large, underserved market with insurance reimbursement, creating a path to scale that looks less like a niche interest and more like a durable healthcare infrastructure.
Photo: Sanja Baljkas, Getty Images
