Alloy, a startup focused on providing healthcare solutions for women going through menopause, has successfully raised $16 million in a Series A funding round, despite the ongoing challenges in today’s fundraising environment. The round, led by Kairos HQ, also saw participation from PACE Healthcare Capital, Emmeline Ventures, and Amboy Street Ventures. The new investment marks a significant step forward for the company, which was founded to address the often-overlooked health needs of women in midlife.
The Series A round follows a period of significant evolution for Alloy. The co-founders and co-CEOs, Jennifer Fulenwider and Wendi Molenaar, returned to the investor circuit after initial fundraising efforts, and this time, the response was notably different. “The conversation had much changed,” said Fulenwider. She explained that the broader understanding of menopause and women’s health issues had shifted, with more people recognising the growth potential in a category valued at an estimated $17 billion globally. Investors also acknowledged the rising number of competitors in the space, further validating the opportunity.
The inspiration for Alloy came from a deeply personal experience. Molenaar entered surgical menopause at age 40 after undergoing an oophorectomy (the removal of her ovaries) following a diagnosis with the BRCA gene. Faced with the symptoms and challenges of menopause, Molenaar found a lack of sufficient resources and support, which ultimately spurred her and Fulenwider to create Alloy. Molenaar, who had already dipped her toes in the world of entrepreneurship, and Fulenwider, a former editor-in-chief of Marie Claire, were determined to address the unmet needs of women experiencing menopause.
The startup has also recruited high-profile experts to strengthen its credibility and offerings. Among them is Dr Sharon Malone, a respected women’s health specialist and a close friend of Michelle Obama, who serves as Alloy’s chief medical advisor. The co-founders heard Malone on the former first lady’s podcast, and were inspired to tap into her wealth of knowledge in women’s health.
Alloy’s approach has so far been measured and deliberate, with the startup taking a more cautious path compared to some of its flashier competitors. Take, for example, Midi, a menopause-focused startup founded by Joanna Strober. Midi has raised an impressive $103 million and attracted celebrity investors such as Amy Schumer and Connie Britton. While Alloy has taken a more understated approach, the new funding will allow the company to ramp up its growth plans. The founders are now looking to expand their product offerings beyond menopause symptom relief and into areas such as hair, skin, and sexual wellness for women in midlife. These new categories will complement Alloy’s existing products and cater to the broader needs of women navigating this life stage.
Currently, Alloy employs 28 full-time staff members and has assembled a team of around two dozen doctors on its platform. The startup’s goal is to scale up rapidly in order to reach more women and provide them with the comprehensive care the need during menopause. With the new investment in hand, Fulenwider and Molenaar are now focused on accelerating the company’s growth and expanding its suite of services.
The global conversation around menopause is growing louder, and startups like Alloy are at the forefront of this shift. As more women seek personalised, holistic approaches to managing menopause, companies like Alloy are well-positioned to provide much-needed support and empowerment. With the backing of investors and the leadership of Fulenwider and Molenaar, Alloy is ready to take on the next phase of its journey, bringing innovative solutions to women everywhere.