Midi Health closed a $50 million Series C in October 2025, though the specific valuation was not disclosed. The round was led by Advance Venture Partners with participation from Emerson Collective, GV, Felicis, Memorial Hermann, and Anne Wojcicki.

The company previously raised a $60 million Series B in April 2024 led by Emerson Collective, bringing total funding at that time to $100 million. Prior to that, Midi Health secured a $25 million Series A led by GV in September 2023 and a $14 million seed round in October 2022.

Altogether, Midi Health has raised approximately $150 million in total funding across four rounds, establishing it as the best-funded menopause-focused healthcare startup.

Midi Health operates as a 100% virtual clinic specializing in perimenopause, menopause, and midlife health issues for women aged 35-70. The platform functions like a primary care provider combined with specialist expertise that patients can access entirely online.

The patient journey begins with insurance verification and a 10-minute intake questionnaire covering symptoms, cycle history, medications, and health goals. Patients then schedule 45-60 minute video consultations with nurse practitioners who have completed Midi's proprietary menopause fellowship training and are supervised by board-certified OB/GYNs.

During consultations, clinicians can order lab work and imaging through national partners, prescribe FDA-approved hormone replacement therapy or non-hormonal medications, and ship Midi's own compounded custom prescriptions including estriol skin cream, testosterone libido cream, and GLP-1 weight-loss medications. The platform also provides lifestyle modules covering sleep, stress management, and nutrition.

Follow-up care includes 20-40 minute video visits scheduled every 6-12 weeks, with secure messaging available between appointments for prescription refills and side-effect questions. Midi Health recently launched AgeWell Longevity, an annual executive physical service that includes advanced screening like DEXA scans, cardiac calcium scoring, and genetic cancer risk assessment.

The clinical infrastructure runs on athenahealth's EHR system, with AI medical scribing from Ambience Healthcare reducing documentation burden by approximately 3 hours per provider per day.

Midi Health operates a B2C virtual care model that leverages insurance reimbursement rather than cash-pay subscriptions. The company contracts directly with major commercial insurance plans, allowing patients to use their existing coverage for consultations and treatments.

The go-to-market strategy combines direct-to-consumer marketing with employer benefits partnerships. Midi Health serves Fortune 100 employers through no-per-employee-per-month pricing arrangements, positioning menopause care as an employee retention and diversity initiative.

Revenue streams include insurance-reimbursed consultations, prescription fulfillment through Midi's own compounding pharmacy, supplement sales, and the premium AgeWell longevity service. The company maintains an asset-light model by employing nurse practitioners rather than owning physical clinics, similar to other successful telehealth platforms.

The business benefits from high patient engagement and retention typical of chronic condition management. Women experiencing menopause symptoms often require ongoing care for several years, creating predictable revenue streams through regular follow-up visits and prescription refills.

Midi Health's clinical specialization allows it to command premium reimbursement rates compared to general telehealth platforms, while its focus on commercially insured patients avoids the lower reimbursement challenges of government insurance programs.

Elektra Health represents the most direct competition, rapidly scaling payer contracts with coverage for over 95% of commercially, Medicare, and Medicaid-insured women in New York. Elektra uses a lower-cost care navigator model with menopause doulas to reduce customer acquisition costs, though it operates with significantly less funding at only $7.6 million raised.

MyMenopauseRx offers a bootstrapped alternative across 13 states with broad commercial payer coverage including Tricare and Humana. The platform competes on physician depth and quick scheduling under 48 hours, though it lacks Midi Health's national reach and brand recognition.

Both competitors are building proprietary clinician training programs similar to Midi Health's menopause fellowship, creating potential network effects for whichever platform can license continuing medical education content to payers first.

Alloy Women's Health operates a profitable direct-to-consumer model with a $50 annual fee and prescriptions starting at $40 monthly. The company closed a $16 million Series A in November 2024 while growing 300% year-over-year, appealing to women who prefer price transparency over insurance complexity.

Evernow charges $49 monthly with partial insurance coverage, targeting the premium segment with personalized hormone therapy and lifestyle coaching. These cash-pay models avoid insurance administrative overhead but limit addressable market to higher-income demographics.

CVS Health and Walgreens are both expanding into women's health services through their retail clinics and telehealth platforms. These incumbents can leverage existing pharmacy relationships and physical locations but lack the specialized clinical expertise that dedicated menopause platforms provide.

Amazon's One Medical acquisition creates potential for bundled primary care and menopause services, though the integration remains early-stage and focused on broader healthcare rather than specialized women's health.

Midi Health launched AgeWell Longevity in May 2025, expanding beyond menopause symptom management into comprehensive women's longevity care. The service includes advanced diagnostics, genetics testing, and preventive protocols for women aged 30 and above, tapping into the rapidly growing $40 billion women's longevity market.

The company introduced its first supplement line in August 2025, targeting cognitive health, stress management, metabolism, and weight management for women over 40. This creates a physical goods revenue stream that can be bundled with virtual visits and employer benefits packages.

Midi Health is developing AI-powered clinical decision support tools and a specialized women's health search engine using proceeds from its Series C funding. These technology investments could unlock new data licensing revenue streams while improving operational efficiency.

Corporate menopause benefits represent a massive growth opportunity, with 18% of US employers planning to add menopause support in 2025 compared to just 4% in 2023. Midi Health's existing Fortune 100 relationships and nationwide coverage position it to capture this expanding employer benefits market.

The company has broadened its clinical focus from perimenopause and menopause to include cancer-related menopause, post-surgical menopause, and general healthy aging. This expands the addressable population from approximately 65 million menopausal women to over 90 million women aged 30-70.

Rising demand for GLP-1 weight-loss medications creates cross-selling opportunities, as Midi Health can combine hormone therapy with metabolic health programs for comprehensive midlife care.

With all 50 US states already covered, international expansion represents the next logical growth vector. The UK and European Union markets offer similar employer-driven menopause benefit trends with increasingly permissive telehealth regulations.

Midi Health can replicate its employer-first strategy and health system partnerships internationally with minimal additional capital expenditure, leveraging its virtual care model and clinical training programs across borders.

Payer pressure: Midi Health's dependence on commercial insurance reimbursement exposes it to potential rate cuts or coverage restrictions as healthcare costs continue rising. Insurance companies may push for lower reimbursement rates or require more restrictive prior authorization requirements that could impact patient access and company margins.

Provider competition: Large healthcare incumbents like CVS Health, Amazon One Medical, and Teladoc are expanding into women's health services with significantly more resources and existing patient relationships. These players can bundle menopause care with broader healthcare services and potentially undercut Midi Health's specialized positioning through integrated offerings.

Clinical commoditization: As menopause care becomes more standardized and other telehealth platforms add hormone therapy services, Midi Health's clinical differentiation may erode. The company's premium positioning depends on maintaining superior clinical outcomes and patient experience, which becomes harder to sustain as the market matures and competitors improve their offerings.