The healthcare startup world spawned a new unicorn this week, with Palo Alto-based virtual care provider Midi Health closing a $100 million Series D financing round that took its valuation to more than $1 billion.
The round, led by Goodwater Capital, brought Midi’s overall fundraising total to $250 million since its founding in 2021. Other investors participating in the round included Google Ventures, Foresite Capital, Emerson Collective, Serena Ventures, McKesson Ventures, Advance Venture Partners and SemperVirens.
Midi provides virtual care for women, specializing in patients going through perimenopause and menopause. Each year, roughly 2 million women in the U.S. enter perimenopause, while about 1.3 million women reach menopause.
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“We’re building a virtual hospital system without walls to enable all women to get access to the highest quality of insurance-covered care wherever they are,” said CEO Joanna Strober.
The platform is designed to make it easy for women to access quality care without jumping through hoops, she added.
Patients meet virtually with Midi’s clinicians, who “talk through what’s actually going on” and give patients a plan with clear steps that they can act on, Strober explained. She noted that these providers follow up with patients, adjust their treatment and stay connected over time.
In her view, Midi is for patients who want a trusted, ongoing point of care designed around women’s needs.
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“We started with perimenopause and menopause because it was one of the most obvious and neglected gaps in medicine, but what we quickly saw was that women were coming to us for much more,” Strober remarked.
More than 25,000 receive care through Midi each week, seeking medical guidance from experts in OB-GYN, internal medicine, cardiology, endocrinology, obesity, sleep, mood disorders, dermatology and more. While menopause was Midi’s entry point, the company now supports women across a broad range of health needs from early adulthood through midlife, Strober said, adding that Midi also created AgeWell, a personalized longevity program.
Because its care model is ongoing, patients tend to come back as their needs change, she pointed out.
“We also offer supplements that support the care we provide, and we work with employers and healthcare systems to reach more women. As more women use Midi as their regular source of care, the business grows naturally alongside them,” Strober stated.
Since Midi works with insurance, its care is accessible to women in all 50 states, far more than traditional specialty clinics. This business model is also different from most of its competitors. Other companies in the space, such as Maven Clinic, Carrot Fertility, Kindbody and Progyny, largely sell through employers, whereas Midi provides direct-to-consumer, insurance-covered care.
In Strober’s view, what makes Midi unique is that it was built from the ground up for women.
“Our care model isn’t episodic — it’s ongoing, personalized and designed to meet women where they are, with clinicians who truly listen and follow their health journey over time,” she declared.
For investors, Midi’s appeal appears to lie in a model that pairs a large, underserved market with insurance reimbursement, creating a path to scale that looks less like a niche benefit and more like durable healthcare infrastructure.
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