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This female-led healthcare startup raises $3.3M funding to tackle the need for better menopause care

This female-led healthcare startup raises $3.3M funding to tackle the need for better menopause care

For millions of women undergoing the often-turbulent waters of menopause, the journey can feel isolating and daunting. Limited access to qualified healthcare providers, coupled with outdated societal stigmas, creates a significant care gap that leaves many women struggling to find adequate support and information. 

Now, the New York-based, Elektra Health, a digital platform, which is dedicated to helping women’s health by comprehensively addressing this very gap is here. Alessandra Henderson, Co-Founder of the company says, “Elektra Health’s three core pillars – education, care, and community – lay the foundation for women to not only understand menopause, but to also take actionable steps to optimise their long-term health and wellness.”

Back in 2022, Mother-daughter duo created AI smart band to reduce hot flashes during menopause that aims to revolutionise how society deals with it, which still remains a taboo.

Addressing the urgent need: Funding fuels mission

Elektra Health’s recent $3.3 million funding round, led by UPMC Enterprises and supported by Wavemaker 360 and existing investors, brings their total funding to a powerful $7.6 million.

“UPMC is interested in investing in solutions that focus on empowering women and Elektra proved to have all the elements UPMC values in this space: evidence-based education and care that prioritises women’s health needs and drives outcomes,” said Heffernan, Senior Director of Strategic Product Management at UPMC Enterprises. 

This investment signifies the growing recognition of the urgent need for solutions like Elektra, particularly in light of staggering statistics:

  • Unprepared Providers: Only 20% of OB/GYN residency programs offer dedicated menopause training, leaving an alarming 80% of these crucial healthcare professionals ill-equipped to address the specific needs of menopausal women.
  • Chronic Condition Connection: Research paints a stark picture, linking menopause to an increased risk of chronic conditions like heart disease and osteoporosis, further emphasising the need for comprehensive care.
  • Untreated Symptoms: A mere 20% of women with menopause receive adequate treatment, leaving the vast majority facing the physical and emotional toll of unmanaged symptoms in silence.

Jannine Versi, Co-Founder of Elektra Health, told TFN, “Many providers lack training in counselling women on the benefits and risks of menopausal hormone therapy (MHT), which is considered the gold standard in treatment. This means most women are unaware of their options and struggle to find effective solutions.”

Beyond traditional healthcare: A multifaceted approach

Elektra rises to the challenge with a unique, evidence-based model that goes far beyond traditional healthcare:

  • Personalised Telemedicine: Connect with board-certified clinicians for individual consultations tailored to your specific needs and concerns.
  • Dedicated “Menopause Doulas”: Receive ongoing support and guidance from these women’s health experts specialising in menopause, offering a level of personalised attention often absent in traditional settings.
  • Extensive Educational Resources: Over 100 hours of vetted information, curated by menopause specialists, empower you with knowledge and understanding.
  • Supportive Peer Community: Connect with a network of women sharing similar experiences, fostering encouragement, empathy, and a sense of belonging.

The effectiveness of this multifaceted approach is backed by clinical studies. A University of Rochester study revealed that:

  • 84% of members experienced an improvement in symptoms.
  • 75% reported increased access to menopause expertise.
  • 92% reported an improvement in at least one aspect related to menopause education, expert access, or support.

From individual to population health: Impact beyond empowerment

Elektra’s impact extends beyond individual empowerment. In this regard, Versi told TFN, “Menopause affects over 2 million women annually in the U.S., and that number is rising. We see menopause as a gateway to proactively address preventative care gaps that impact women’s health in later years.”

By partnering with health plans and organisations like Mass General Brigham Health Plan and EmblemHealth, Elektra offers a population health solution aimed at improving overall well-being and potentially reducing healthcare costs associated with untreated menopause symptoms.

Building for the future: Sustainability and growth

Their commitment to long-term sustainability rests on several pillars:

  • Expanding Care Delivery: The new funding fuels the growth of Elektra’s care delivery platform, making their services accessible to a wider range of women.
  • Engaging New Partners: Partnerships with additional health systems and insurance providers are on the horizon, ensuring broader reach and impact.
  • Continuous Research: Ongoing research initiatives, like collaborations with the University of Rochester, solidify the evidence base for their approach and contribute valuable insights to the field of women’s health.

Versi further highlights their dedication to research: “We’ve been at the forefront of conducting significant research into menopause-specific topics. We’re in talks with public health organisations and the NIH to continue shedding light on how best to care for women navigating this transition.”

Empowering women to thrive

Elektra Health’s mission is nothing short of revolutionary. By breaking the silence surrounding menopause, providing comprehensive care, and partnering with key stakeholders, they are empowering women to thrive in this new chapter of their lives. They are ensuring that every woman has the right to access the information, support, and resources they deserve to navigate menopause with confidence and well-being.

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