Healthtech 2.0 – The Future of Femtech

 

I recently attended the Health Tech 2.0 conference hosted by Women of Wearables Global. At this event I listened to a very interesting panel discussion on “The role of technology in creating better sexual health”.

Moderated by Dominnique Karetsos, co-founder and CEO of The Healthy Pleasure Group, the panel discussed a wide variety of thought-provoking questions and viewpoints.

On the panel was Soumyadip Rakshit, co-founder and CEO of MysteryVibe, Patricia López Trabajo, founder and CEO of MYHIXEL, Sara Kranjčec Jukić, Global Brand Manager at LELO and Andrea Oliver, co-founder and CEO of Emjoy.

 

 

Sara spoke about the changing societal views on this industry, a focus on women’s health and women’s sexual health has often been viewed as a very “niche” market.

Now, in the wake of a new era, we are seeing an innovative wave of technology made by women, for women. Femtech is set to be the next big disruptor in the global healthcare market, estimated to become an industry worth US$50 billion by 2025. Interestingly, it is female entrepreneurs who are at the forefront of this revolution.

 

It has been incredible to see the femtech market boom, not only because of the enormous benefits this has on women’s health and their quality of life, but it has encouraged more women to enter the venture capital industry. As an international investor in femtech and principal of my own venture capital fund, it is vital that we continue to support this developing market that concerns more than 50% of the world population. 

 

Within NJF Capital’s portfolio, I have invested in the femtech sector with Elvie and Cadence. We know that more needs to be done for female entrepreneurship. We have to work to improve the fact that only 1% of venture capital funding to new businesses is to female-led UK start-ups. Which is why I am a proud investor in Elvie, a London-based company founded by female entrepreneur  Tania Boler. Frustrated to find that women’s health has been given inadequate attention in both the research and technological fields, Boler set out to make remedying this her priority and to “get women talking about health issues more”. She has achieved this goal through two of Elvie’s key products: the Pump and Trainer. The former is for breastfeeding, the latter is for the pelvic floor.

 

Femtech can play a vital role in helping to change this and I look forward to seeing how the industry develops.

 

 

 

The Circular Economy

The European Union has set itself an ambitious and necessary goal of obtaining no net emissions of greenhouse gases by 2050. In order to achieve this goal, the European Union has outlined the Circular Economy Strategy Plan, which challenges the traditional methods for the manufacturing, use and disposal of goods. It is also a plan underpinned by the transition to renewable energy resources. For its part, the Spanish government has highlighted the objective to transition to a circular economy which is conducive to the change in behaviour of consumers. This will enable Spain, among other European countries, to transition towards a sustainable energy model. With my busines interest in emerging technologies, I am intrigued as to how manufacturers can put sustainability at the heart of their businesses and whether consumer mentality can be changed to promote the repurposing and recycling of products. New technology and products are created every day; yet for most, their life cycle is linear. Natural resources are extracted, the product is made, it is used by the consumer and then it is thrown away. The Circular Economy Action Plan challenges this model. It proposes a closed loop which would restrict the single use of products. This model replicates the processes of nature, as once an organism decomposes, its nutrients return to the soil which supports the growth and development of new organisms. Transitioning to a circular economy will aid the European Union to support a regenerative growth model that gives back to the planet more than it takes. This model isn’t only crucial to achieve the protection of our planet, it helps protect consumers, makes business sense for manufacturers and promotes competitiveness within the European Single Market. The model protects customers as it advocates for high-quality, functional and safe products, which are efficient and affordable, last longer and are designed for reuse, repair and high-quality recycling. Consumers would be empowered to repair their own products, rather than buying a new product simply because one component in the original product no longer functions. It could also reduce costs as rather than owning a specific product, consumers could licence the use of the product for a fixed term before it is returned to the manufacturer to be repurposed. The transition to a circular economy also makes business sense. The closed loop model for the production of goods could increase the profitability of manufacturers whilst sheltering them from resource price fluctuations. Currently manufacturing firms in the European Union spend about 40% on materials. Production costs could be reduced as consumers could provide them with the products to be repurposed and replaced. A circular economy decouples manufacturers from the availability of the finite raw materials and enables them to become more self-sufficient. In support of the initiative, the International Energy Agency has advocated for policies, which would increase recycling of aluminium, steel, paper and plastics, and material efficiency strategies. Transitioning to a circular economy will also encourage innovation and design whilst promoting competitiveness. A premium will be placed on companies which can implement technology for the effective repurposing of recycled raw materials. Practical hurdles remain to implement such an ambitious project across the whole of the European Union, yet I look forward to seeing how companies respond to the proposals and how they can apply ingenious solutions to increase the use of renewable energy and materials.

Is GreenTech a ‘New Industrial Revolution’?

As an early investor in both the healthcare and biotech sectors, I am always on the lookout for good opportunities to support early stage companies utilising the latest advancements in technology, for example the application of Artificial Intelligence (AI) and machine learning – to improve the health and wellbeing of people across the world. My focus when I first invested in these areas was to support companies whose mission is to help people live longer and healthier lives; and this remains my focus today. Although our portfolio is predominantly focused on healthcare, I’ve long been an advocate for the powerful convergence of technology and science to unlock the potential to make real improvements to the environment, and this will be an area I look forwards to closely following in the coming months. Green technology is a fast-growing area of investment, covering areas such as waste recycling, marine solar, water purification and reuse, energy storage for solar and wind energy, autonomous greenhouses and renewable hydrogen as a fuel source. It's also about innovating the tech that underpins clean energy production such as solar and wind, part of the essential drive to move us away from our deeply damaging global dependence on fossil fuels. The market is still relatively young, but forward-thinking venture capitalists have seen the opportunity, financially and sustainably. A white paper, published today, indicates the Government is beginning to catch up with both the environmental and market demand, realigning its priorities to rebuild the economy with a focus on tech such as innovations to capture and store carbon dioxide, hydrogen fuel cells and offshore wind farms — as well as exploring the potential of artificial intelligence. Boris Johnson built his 2019 election campaign around a promise to help underperforming regions in the UK and this new industrial strategy with its emphasis on green tech is seen as one way to help level the playing field. The future of sustainable societies is inextricably bound up with the ability to create integrated and effective change using all of the talent and innovation we have available. New perspectives are crucial — at all levels. It’s not enough to have national economic growth if local economies are shrinking and concentrating on flattening regional inequality underlines the recognition that a green recovery from coronavirus can't be achieved in just one place. The UK needs investment across every part of the country to boost productivity and this includes looking beyond London to industry centres such as Manchester and Birmingham, as well as the science and technology corridor between Oxford and Cambridge. And for tech start-ups working on green initiatives in underperforming regions and looking for investment, this top-level shift could light the fire under a rocket of innovation that is currently still on the launchpad. Is it a ‘new industrial revolution’? Perhaps not yet. But with a concerted change in industrial strategy that prioritises green tech it’s a chance to rebuild our economy nationally and locally with bricks of opportunity in vital areas such as clean energy, infrastructure and transport. Short-term it can help us to rebound practically from a year of economic and social challenge and restore faith in our ability as a country to create and sustain healthy growth, in the long-term it may prove to be the investment with the biggest return of all — a sustainable, resilient society with a more equal investment in and opportunity for all. Nicole Junkermann is an international entrepreneur and investor, and the founder of NJF Holdings, an international investment company with interests in venture capital, private equity, and real estate. Through NJF’s venture capital arm (NJF Capital), Nicole oversees a portfolio similar in size to a small venture fund across Europe and the US, including in healthcare, fintech, and deep tech.

The rise of female entrepreneurship through Femtech

For decades, women’s health products have been seen as a “niche” market, largely designed and sold by men. Now, in the wake of a new era, we are seeing an innovative wave of technology made by women, for women. Femtech is set to be the next big disruptor in the global healthcare market, estimated to become an industry worth US$50 billion by 2025. Crucially, it is female entrepreneurs who are at the forefront of this revolution.

It has been incredible to see the Femtech market boom, not only because of the enormous benefits this has on women’s health and their quality of life, but encouraged more women to enter the venture capital industry. As an international investor and principal of my own venture capital fund, it is vital that we continue to support this developing market that concerns more than 50% of the world population.  

Within NJF Capital’s portfolio, I have invested in two interesting companies in the Femtech sector. One great case study is Elvie, one of the early pioneers of the Femtech sector. Its first two innovative products, the Elvie Trainer and the multi-award-winning Elvie Pump, the world’s first silent wearable breast pump, are capturing the imagination of women consumers everywhere and are reinventing healthcare as we know it by giving women back control and autonomy of their bodies. Elvie has a long-term roadmap to develop effective, user-friendly products and smart technology capable of supporting women in many different aspects of their lives. As the Co-Founder, Tania Boler herself said, Elvie’s ambition is to become the ‘Apple of women’s tech’ and its mission is to improve women’s health outcomes globally.

The company has raised over $53 million in funding to date, backed by Sir Michael Spencer’s IPGL alongside Impact Ventures and NJF Capital, and has been featured in a range of high-profile media from Vogue to Forbes to Women’s Health. Its products have even found their way into Oscar Nominee Gift Bags and, impressively, the Elvie Pump sold out within five minutes of its U.S. market debut. Elvie has recently secured funding from HSBC UK which it hopes to use to expand further and support more women globally. We know that more needs to be done for female entrepreneurship. We have to work to improve the fact that only 1% of venture capital funding to new businesses is to female-led UK start-ups. FemTech can play a vital role in helping to change this and I look forwards to seeing how the industry develops.

Elvie: Standout Growth in the FemTech Sector

I am a proud investor in the FemTech sector, a new and growing industry targeted at improving women’s lives. One of my investments is Elvie, a London-based company founded by Tania Boler, and is testament to the industry’s growing potential. Frustrated to find that women’s health has been given insufficient attention in both the technological and research fields, Boler set out to make rectifying this her priority and to “get women talking about health issues more”. Two of Elvie’s key products have helped her achieve this: the Elvie Pump and Trainer. The former is for breastfeeding, the latter is for the pelvic floor. Boler’s task goes beyond tackling female health problems, seeking to open up the dialogue around these topics and de-stigmatize the industry. She hopes this will encourage more researches and investors, like myself, to give to the industry the support which it is in desperate need of. Her products have helped turn the tables from a reluctancy to share negative experiences, towards a more open, positive discussions amongst female peers. Boler recognised that women are still made to feel ashamed by something as natural as breastfeeding or breast pumping in public, so her incredibly discreet and silent Pump helps mothers feel more comfortable in these settings. One success story includes a woman who, because of her Elvie breast pump, was able to go out to the Bahamas on a rescue mission during Hurricane Dorian, help with the efforts, and continue pumping. Boler’s creative strategy has been key to her success: during 2018’s London Fashion Week a model was sent down the runway while pumping; in August 2019 her #FreeTheFeed campaign saw five giant inflatable breasts appear across London’s skyline. Elvie’s products have even found their way into Oscar Nominee Gift Bags and, impressively, the Pump sold out within five minutes of its U.S. market debut last year. At the heart of everything the Elvie does is a desire to encourage women to talk openly about their health and Boler remains determined to change women’s lives for the better. Whilst the FemTech market is flourishing, there is still a long way to go in terms of research and understanding of women’s bodies and health. I hope to continue watching the sector closely and see what novel ideas and developments come to fruition.

Nicole Junkermann is an international entrepreneur and investor, and the founder of NJF Holdings, an international investment company with interests in venture capital, private equity, and real estate.Through NJF’s venture capital arm (NJF Capital), Nicole oversees a portfolio similar in size to a small venture fund across Europe and the US, including in healthcare, fintech, and deep tech.

The Hard Cell: could oestrogen protect the brain after menopause?

New research shows a clear link between hormonal dips and a rise in Alzheimer’s in women. FemTech can provide the solutions to this and other female-specific conditions, but needs more investment, says investor and entrepreneur, Nicole Junkermann. 'Let's talk about dementia’ was the theme of this year’s World Alzheimer’s month - but it’s some-thing that’s rarely, if ever, talked about in the context of women’s health. Yet, recent research suggesting that oestrogen may cause the body to make more antioxidants, protecting brain cells from damage, could also explain why the sudden drop in levels following menopause or hysterec-tomy seems to make women more vulnerable to Alzheimer's. Findings from Alzheimer’s Disease International indicate that dementia disproportionately affects women around the world. Of every three patients with Alzheimer’s, two are women – and in the UK alone, 61 per cent of those living with dementia are female. Neuroscientist, Dr Lisa Mosconi, director of the Weill Cornell Women's Brain Initiative, has been leading the research around brain health and menopause. That it has taken this long to make the link at all though speaks volumes to the traditional marginalisation of the ‘female third age’ in a cul-ture obsessed with youth and fertility. In terms of women’s health, we could equally say ‘let’s talk about the menopause’, and Dr Mosconi has delivered an excellent TED Talk on this topic. And that’s something that FemTech can help to push forward and change – with a market ex-pected to be worth $50bn by 2025. But it demands investment to flourish – female founders in FemTech are currently woefully underrepresented in venture capital funding, garnering just one per cent of the money available. If we do not support those pushing for answers, though, we as women run the risk of being spo-ken for, rather than to, about our wellbeing – or worse, ignored completely. As such, I often look for opportunities to invest in innovative companies trying to provide solutions to health problems specifically faced by women.

With the number of global cases of dementia estimated to reach 130m by 2050, Dr Mosconi insists we’re facing an epidemic that we’re currently ill-prepared for. Prevention is key to pushing back, and the impact that lifestyle and environment play on developing dementia has, until recently, been underestimated – studies indicate that one in three Alzheimer’s cases could be prevented by addressing factors such as cardiovascular health, exercise, diet, sleep issues and intellectual stimu-lation. Adding an oestrogen boost to the list may yet help in the battle against the acceleration of brain ageing and cognitive decline post-menopause. It’s clear there are questions that need urgent answers. Could oestrogen replacement, for those without the BRCA gene (that increases the chance of breast cancer), help protect women against dementia? Can failure to take HRT increase your risk of menopausal-related dementia later in life? And we need the answers now, not in years to come, in order to protect generations of women. These new findings are exciting, with potentially far-reaching consequences, and indicate that hormonal factors may need to become a key focus of Alzheimer’s prevention strategies in women. But there is so much more we need to learn too, and so many more ways in which we can improve the experience of women in mid-to- later-life. With every woman eventually going through the menopause, this is an experience we should all be invested in – and a conversation we should all be having.

Women's Technology Start-up Elvie Selects a New COO

Sarah Highfield, a former Costa executive, has been named the dual chief operating officer and chief financial officer of femtech firm Elvie. 

In her role as COO, Highfield will be part of Elvie’s senior team and will report directly to the company’s founder and CEO. Her primary job responsibilities will include finding new strategic opportunities and supporting the firm’s international growth. Her work will cover operations, human resources, finance, customer care, and legal.

​Highfield is a good fit for Elvie because of her success helping companies around the world grow, said Tania Boler, Elvie’s CEO and founder, in a press statement. 

Sarah Highfield

“The current economic climate has many businesses thinking twice before investing, but we believe that investing in the right areas now will pay off in the future,” Boler said. “Coming from a commercial finance background, Sarah understands our challenges and is well placed to help us identify the right opportunities.”

Highfield said she is looking forward to working with a company with such potential to expand and develop. 

“The appeal of joining a team as exciting and dynamic as Elvie is truly exhilarating,” she said. “Elvie’s blend of exceptional technology, talented people, and focus on championing women’s health made this an opportunity too good to pass up.”

More About Highfield

Highfield most recently served for five years as CFO of Costa, a UK-based coffee shop chain that was founded in London in 1971. There, she oversaw financial planning and strategy for several aspects of the business, including supply chain and shop floor technology.

She played a key role when The Coca-Cola Company bought Costa Coffee in 2019. The $4.9 billion sale was driven by Coca-Cola’s interest in the hot beverage market and Costa Coffee’s considerable global retail presence. At the time the sale was announced, Costa Coffee had more than 3,800 stores in 32 countries, including 459 stores in China.

Prior to Costa, Highfield worked in several international roles. She served as CFO of Tesco Stores’ Hungary and Slovakia divisions for almost five years, where she managed financial activities such as management and statutory accounting and fixed assets and inventory control. Tesco Stores, a British multinational grocery and general merchandise retailer, had about 330 stores in the two countries with a combined annual revenue of more than €2.5 billion.  

She also spent five years with Mars, Incorporated, including two years as a finance analyst and three years as one of two members of the Mars Finance graduate scheme. Highfield is a 2000 graduate of the University of Birmingham in the UK. 

More about Elvie

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Boler founded Elvie after realizing how little innovation had been done in women’s post-natal health. After giving birth, Boler learned that French women regularly attend pelvic floor rehabilitation classes to help their bodies gain strength after their babies are born. She found that this focus on rehabilitation was uncommon in other countries, even though a third of post-natal women experience health issues such as bladder control problems and lower back pain. 

In response, Boler created the Elvie Trainer, a discreet, smart tech device that allows women to perform pelvic floor exercises at home. The device connects to an app that provides real-time biofeedback to users as they exercise their pelvic floor. The product launched in 2015 after two years of research and development, finding a place in the growing femtech market and earning mentions in international magazines such as Marie Claire and Vogue. Elvie has also worked with the UK’s National Health Service (NHS) to make the Trainer available to patients free of charge. 

Several forces are driving the femtech market, including women’s growing willingness to talk about their bodies, wearable technology that allows for real-time body monitoring, and women taking charge of their own health. In a media interview, Boler said that investors are noticing—for Elvie, that translated into a record $42 million round of investments in 2019. This represented the largest-ever femtech investment to date.

“Until recently, consumer tech often just meant making a pink accessory or turning something into jewelry,” Boler said in an interview for Elvie’s website. “Now there is the realization that women appreciate and want the best technology available.”

The company also is expanding its research and development capabilities, which already have created a silent, wearable breast pump that fits into a nursing bra, activates expression mode when it senses milk let-down, and pauses when the attached bottle is full. The smart pump connects to a free app that monitors milk volume, controls the pump remotely, and tracks the user’s pumping history. 

​Boler said the company is experiencing “unprecedented growth,” and it plans to continue creating products that use technology to address women’s problems.

“Our ambition is to become the go-to destination for women’s health,” Boler told a media outlet. “We’re planning a suite of connected tech products to support women on everything from menstruation to menopause, starting with new mums.”