Evernow Raises $28.5M in Series A Funding to Redefine Menopause Treatment

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Apr 06, 2022, 11:00 ET

Fueled by capital from NEA, Gwyneth Paltrow, Carla Harris, Drew Barrymore, Cameron Diaz, and others, science-based care company launches a reimagined platform committed to providing better care for women 40+

SAN FRANCISCO, April 6, 2022 /PRNewswire/ -- Evernow, a telehealth company dedicated to using science to transform care for women in perimenopause and menopause, announces today $28.5M in Series A funding led by global venture capital firm NEA with participation from 8VC, Refactor Capital, Coelius Capital, and other institutional investors as well as notable angel investors Gwyneth Paltrow, Carla Harris, Drew Barrymore, Cameron Diaz, Othman Laraki, and others. The new infusion of capital will be used for expanding the team, building member community, and leveraging the company's extensive data and research to focus on product development. In conjunction with the financing, Evernow is launching a new look and feel to enhance the delivery of its science-based care model.

More than two million women reach menopause per year. It's part of a 10 to 20-year health journey that begins with perimenopause and includes constantly changing symptoms that require versatile management. Despite this, 75 percent of women who seek treatment don't receive it, and for those who do, a lack of specialists, low prioritization, and insufficient patient-focused education have led to many existing recommendations falling short.

Evernow's platform is meeting this challenge by using technology to match women with tailored prescription treatments and expert clinicians for ongoing virtual support through a beautifully-designed and user-friendly interface. The company delivers targeted healthcare that addresses not only the near-term, but also the long-term symptoms that result from the critical hormone drops that start in perimenopause and extend through menopause and beyond.

"We've spent a significant amount of time exploring the women's health space and were stunned at how little attention has been focused on the menopause market despite its permanence and enormity," said Vanessa Larco, Partner at NEA. "When we first met Evernow, we were impressed by the caliber of expertise on the team, their early traction, and their tech-enabled and science-based approach to treatment, resources, and communication. We are thrilled to partner with Evernow to fuel a new era of prioritizing women's health."

Since its founding in 2019, Evernow has studied more than 100,000 women experiencing perimenopause and menopause symptoms. It is releasing a new set of findings today and is in the process of submitting other portions of its ongoing research for peer-reviewed publication. Evernow's mission with this effort is to move science forward by helping to better map the health journey of women 40+. As a company, it is using this set of key moments to continue to grow in a way that ensures that the right interventions can be delivered at the right points in time to provide immediate symptom relief, supportive care, and the best possible treatments to set women up for long-term health.

"Menopause and its health effects have been understudied, misunderstood, and poorly communicated—leaving so many women in the dark," said Alicia Jackson, PhD, CEO of Evernow. "Our mission is to advance our collective knowledge and improve access to the best treatments, thereby equipping women with the tools to be in control of their health and feel their best throughout the second half of their lifespan."

With more public figures becoming advocates for women's health and well-being, Evernow's angel investor list includes Gwyneth Paltrow, Glennon Doyle, Abby Wambach, Carla Harris (recent Vice Chairman and Managing Director at Morgan Stanley), Gwynne Shotwell, Sheila Lirio Marcelo (NEA Venture Partner and founder of Care.com and ProofofLearn), Drew Barrymore, and Cameron Diaz. Along with their investments, these individuals have committed to elevating and broadening the conversation about women's health from age 40 onward.

This news comes on the heels of Evernow's newest hires and advisors which include its new Chief Medical Officer, Leah Millheiser, MD, NCMP, a Stanford professor and expert in menopause and female sexual medicine; Allie Sharma,MD, MSc, a Weill Cornell-trained psychiatrist with a deep background in both private practice and population health; and the Buck Institute's Jennifer Garrison, PhD, a leading authority on ovarian biology and expert on reproductive lifespan.

To learn more about Evernow and its initiatives, please visit https://evernow.com/ .

About Evernow
Evernow is a company focused on helping women live longer, healthier lives. We're starting with menopause because that's exactly where the healthcare system typically stops, despite the fact that midlife is when so many women are just hitting their stride. Through our site, we deliver

24/7 supportive care for the short and long-term health changes that accompany perimenopause and menopause anchored in access to a core offering of thoroughly researched hormone therapy plans, an expert clinical team, and a responsive approach founded on careful listening. Our goal? To build a new way of delivering healthcare based on science, innovation, and women's lived experience with menopause.

About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in

1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's track record of investing includes more than 260 portfolio company IPOs and more than 430 mergers and acquisitions. www.nea.com

SOURCE Evernow