April 6 (Reuters) – A bunch of movie star traders together with Gwyneth Paltrow, Cameron Diaz and Drew Barrymore are backing telehealth startup Evernow, which raised $28.5 million in funding.
Evernow focuses on girls who’re within the menopause or perimenopause levels, and connects them to clinicians and prescribed drugs.
The collection A funding spherical was led by enterprise capital agency New Enterprise Associates (NEA) together with companies like 8VC, Refactor Capital and Coelius Capital, the corporate mentioned on Wednesday.
Different ‘angel traders’ embrace retired soccer participant Abby Wambach, Morgan Stanley’s Carla Harris and creator Glennon Doyle, Evernow mentioned.
In accordance with U.S. consulting agency Grand View Analysis, the worldwide marketplace for menopause-related merchandise was valued at $14.7 billion in 2020 and is predicted to develop at a compound annual progress fee of 5.7% as much as 2028.
“We see an enormous quantity of alternative when it comes to how a lot there’s to do for the well being of the ladies aged 40 and above,” mentioned Chief Govt Officer and founder Alicia Jackson.
“These girls have unbelievable spending energy, are on the peak of their careers – and but, their well being is so unsupported,” Jackson added.
The three-year-old startup presents entry to FDA-approved hormone therapies resembling estrogen drugs and patches, in addition to a variety of help providers by way of its web site. Evernow’s subscription plans are priced between $75 and $129 per thirty days, primarily based on a member’s prescription.
“Our prospects are Era X. They’re tremendous on-line, and so they do not wish to have to attend three hours to enter a health care provider and spend an hour there,” Jackson mentioned, including the pandemic served as a tailwind for the corporate’s preliminary progress.
Reporting by Bhanvi Satija and Manas Mishra in Bengaluru; Modifying by Krishna Chandra Eluri
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