How Midi raised millions for a menopause-focused platform with Joanna Strober from Midi
30 Apr 2024 (5 months ago)
- Midi is a virtual healthcare platform focused on women in midlife.
- It is staffed with healthcare providers specifically trained to care for people going through perimenopause and menopause.
- 80% of OBGYNs are not specifically trained in menopause.
- Women have traditionally been underserved by the medical industry for menopause.
- Midi's mission is to provide accessible, affordable, and personalized healthcare to women in midlife.
- It offers a range of services, including virtual consultations, medication management, and lifestyle coaching.
- Midi's team of healthcare providers includes doctors, nurse practitioners, and health coaches.
- Midi recently raised $7 million in seed funding.
- The funding will be used to expand the platform's services and reach more women.
- Midi plans to use the funding to grow its team, expand its services, and reach more women.
- Midi is a midlife care company that provides expert care to women aged 35 to 65 through telemedicine.
- Joanna, the founder of Midi, became interested in women's health after experiencing symptoms of perimenopause and realizing that many healthcare providers were not trained to recognize and treat these symptoms.
- The COVID-19 pandemic created an opportunity to start Midi because it made it possible to deliver care nationally through telemedicine, which was not feasible before.
- Midi raised $3.5 million in seed funding from investors including BoxGroup, Define Ventures, and W Health Ventures.
- The company plans to use the funding to expand its team, develop new products and services, and market its platform to women.
- Midi is also in talks with insurance companies to cover its services.
- Lack of knowledge and access to menopause care despite its prevalence.
- Misinterpretation of the Women's Health Initiative study in 2001 led to a decline in hormone therapy and research on menopause.
- Consequently, a generation of women have been underserved due to misinformation.
- Opportunity arises to train a new generation of providers with better information to improve women's care.
- Midi raised $7 million in seed funding.
- Investors include:
- Sequoia
- General Catalyst
- BoxGroup
- Female Founders Fund
- Gwyneth Paltrow
- Funding will be used for:
- Product development
- Hiring
- Marketing
- Research
- Spent a year researching women's symptoms of perimenopause and menopause.
- Created care protocols for various symptoms including hot flashes, night sweats, anxiety, depression, joint pain, hair thinning, and face issues.
- Sought hormone solutions, non-hormonal medications, supplements, and lifestyle recommendations for each symptom.
- Conducted pilot programs with women to gather feedback on care development and patient experience.
- Women want to be listened to, understood, and cared for.
- They desire longer consultations than the typical six-minute primary care visits.
- Midi combines expertise, insurance coverage, and trained providers who prioritize listening and providing appropriate medical care.
- Criticizes the streamlined approach of some digital healthcare companies that prioritize efficiency over patient interaction.
- Women are excited to have someone understand and take care of them.
- Midi is growing fast because they found an area that people are really interested in getting care.
- Despite raising money in 2021, it was not easy for Midi.
- There was not a lot of interest in menopause care when Midi started pitching investors.
- Midi worked hard to get their first financing round and prove out their platform.
- Many tele health companies had the wrong model, focusing on one-off doctor appointments and not building long-term customer relationships.
- Midi views themselves as building a healthcare trusted brand with expert care for women, leading to repeat customers.
- Therapy companies are doing well because they offer long-term relationships with providers.
- Healthcare is going to change, and Midi believes they got ahead of the curve in terms of what type of companies will be sustainable in the long term.
- Started a childhood obesity company called Kerbo in 2014.
- Kerbo helped kids lose weight and learn healthy habits.
- Marketing challenge: moms were reluctant to tell their kids they were overweight.
- High customer acquisition cost (CAC) due to the short-term nature of the solution.
- Learned the importance of building long-term relationships with customers.
- Excited about the opportunity to solve a significant problem.
- Felt she had unique insights into the problem of menopause.
- Starting a company is hard but exhilarating when you believe you can make a difference.
- Joanna Strober worked in venture capital before becoming a founder.
- This experience gave her valuable insights into how companies can succeed and fail.
- She learned the importance of focusing on risks that can be controlled and not dwelling on those that cannot.
- She also saw the importance of resilience in entrepreneurs.
- Midi is a menopause-focused platform that provides resources and support to women.
- The company raised $3.5 million in seed funding from investors including Sequoia Capital and Khosla Ventures.
- Midi plans to use the funding to expand its team, develop new products, and grow its user base.
- Midi aimed to build a team of experienced women passionate about solving women's healthcare issues.
- The team consists mostly of senior-level women who are motivated to scale expert women's care nationwide.
- Midi has a collaborative work environment with a focus on low ego and a shared mission.
- The company prioritizes hiring people who align with their mission and values.
- Regular discussions and reinforcement of the company's mission, vision, and values help maintain alignment.
- Patient care is the guiding principle for all decisions, ensuring a unified focus on providing the best care for patients.
- Midi works with employers to provide menopause care to their female employees.
- Employers have a vested interest in women thriving and performing well at work.
- Midi collaborates with healthcare systems to ensure women get appropriate in-person care when needed.
- Midi integrates records and works with health information exchanges to share data across providers.
- Midi, a menopause-focused platform founded by Joanna Strober, expanded nationwide to meet the needs of large employers and provide comprehensive care.
- The digital health and women's health startup space often focuses on specific aspects of women's health, such as pregnancy and younger demographics, while Midi addresses the needs of a broader target audience.
- A significant portion (40%) of women using Midi's platform have not seen a doctor in 4 to 10 years, highlighting the need for accessible healthcare solutions.
- Midi successfully addresses the gap in healthcare for women who move frequently and lack primary care providers, especially considering the lengthy waiting periods (up to 9 months) to see a primary care physician in many areas.
- Fundraising is a journey and about relationship building.
- Relationships that enabled Midi to raise funds were formed over several years.
- Emerson Collective led the round, having witnessed Midi's growth and exceeded expectations.
- Fundraising was oversubscribed due to excitement about Midi's work, women's health, and rapid growth.
- Midi plans to focus on understanding the health needs of women during perimenopause and menopause.
- Aiming to become the expert care platform for women in this age category and serve millions of women.
- Exploring areas such as testosterone, sexual wellness, hair, and skin care that women in this age group are interested in.