Investment in the UK femtech sector has increased significantly over the last decade, according to new research, with deal activity rising by more than 194 per cent.
Between 2015 and 2025, the number of deals rose from 18 to 53, the figures from Mills & Reeve show. Total funding also grew sharply, increasing from £9.4m in 2015 to more than £100m ten years later.
However, deal volume and value are still relatively low compared to other segments of the health and care market. For example, in healthcare, there were 69 deals in 2015 and 171 deals in 2025.
In the last ten years, more companies have raised funding, with investment values also increasing. The average deal size has more than doubled since 2015, increasing from £527,000 to £1.9m. Last year, the largest funding rounds included SheMed, which raised more than £37m, together with Gaia (£12m), emm (£6.8m), and Hertility (£5.9m), with the majority of investors being UK-based.
According to the research, while femtech is still largely early-stage, with the majority of deals seed-stage investments, the presence of venture capital has increased over the last decade, with the number of VC deals soaring by 600 per cent.
Julian Smith, corporate partner and head of healthtech M&A at Mills & Reeve, said: “Over the last decade, the UK femtech ecosystem has expanded, both in terms of deal activity and funding levels. This positive upward trend demonstrates growing investor confidence in femtech and increasing institutional interest in the sector.
“Whilst companies in femtech have relied heavily on angel investors and angel networks to fund their growth ambitions, dynamics are shifting, with more venture capital and PE investors appearing in funding rounds.
“However, this is just the beginning and there is still more to do. While the sector has experienced strong growth, more work needs to be done to create the right funding environment that is balanced and evenly spread across the UK.”
From a geographical perspective, the research shows that the majority of deals have been conducted in London.
“There’s no doubt that London remains a dominant force in femtech – both in terms of deal activity and total funding,” said Smith. “However, we are seeing a gradual regional expansion outside of the capital, with the South West, South East and the East of England showing increased investment activity in the femtech sector.
“This trend is no doubt being driven by growing regional innovation hubs, the increasing influence of university spin-outs, as well as improved support for start-ups in those regions.”
However, the data also highlights a growing North/South divide, with certain regions remaining significantly underrepresented in the national figures. Investment remains heavily concentrated in London, with limited femtech investment activity in areas such as the West Midlands, Yorkshire, the North East, and the North West.
Smith said: “Clearly, the regional ecosystem in the Midlands is growing, with the emergence of a number of exciting early stage companies that are making significant strides in the sector.
“However, this start-up activity is yet to translate into meaningful funding, with companies still struggling to attract large investment rounds. This has resulted in the regional distribution of UK femtech investment remaining heavily concentrated in London.
“As a national firm, we are also witnessing a similar trend. More investments are being made into women’s health businesses based in the South – and more businesses are, often as a result, locating themselves there, rather than in the Midlands and the North of England.”
He added: “Looking at the positives, we have advised and are continuing to advise on some significant investments in the sector. This further evidences the growing nature of femtech, with sector specific investors also coming to the market.”
Examples include Northern Gritstone’s investment into IVF technology business IVF Micro; Phoenix Private Equity’s investment into London Gynaecology, a provider of private gynaecology clinics; the EKA Ventures-led investment into integrated, tech-enabled postnatal care Hesta Health; and Amulet Capital’s acquisition of TFP Fertility.
This September marks ten years since the term ‘femtech’ was first coined by Ida Tin, co-founder and chief executive of Clue – one of the first period-tracking apps for women, as well as founder of think tank, Femtech Assembly.
Tin said: “I want men with money and power to get femtech on their radar. The business opportunity is there. The societal economic argument is there.”
Charlotte Lewis, commercial health lawyer at Mills & Reeve, who specialises in healthtech and women’s health, added: “For far too long, ongoing disparities in women’s healthcare across the UK have adversely impacted women’s health outcomes, often resulting in prolonged diagnosis and treatment – some of which are well publicised – including the time it takes to diagnose women’s health issues such as endometriosis and rising maternal mortality rates.
“However, we are seeing the landscape beginning to shift in a more positive direction. Our experience is that this is helped by more open discussion and conversations which highlight the issues.
“The data around the sector is valuable and growing and demonstrates the progress that is being made from an investment point of view, creating a better environment where digital innovation can thrive, with a renewed focus on prevention through market-leading consumer-driven products.
“The UK has a real opportunity to transform women’s healthcare into a model of fairness, accessibility, and excellence, and femtech businesses have a crucial part to play in achieving this transformation.
“As a firm, Mills & Reeve is passionate and dedicated to continuing to influence and support this transformation.”