Healthtech startup Daye is empowering women with better ways to understand, monitor and improve their menstrual, hormonal and reproductive health. The UK-based team has just raised about €11.5 million and is launching a new at-home testing kit.
Women’s health is underfunded, underrepresented and under-researched – on a global level. From period myths to hormonal misconceptions, women’s health has for too long been put on the back burner in both the investment space and medical research space, and as a result, many women are left at a higher risk of health issues such as STIs, gynaecological cancers, and fertility and IVF complications.
But things are starting to change. We are now seeing a generation of women who are determined to make their voices heard and bring these issues to the forefront. The startup ecosystem is no exception and there is now a rapidly growing market of startups dedicated to women’s issues, giving women what they have for far too long been neglected.
Uk-based Daye is one of these. It’s a startup, founded in 2017 by Valentina Milanova, that’s behind the CBD tampon that is now used by over 60,000 women and is now launching the world’s first tampon-based at-home vaginal microbiome screening kit.
Funding details
The healthtech startup has just secured about €11.5 million in new funding, which will be used to launch this new testing kit as well as roll out a digital platform for gynae health.
The Series A investment was led by Hambro Perks with additional participation from MassMutual Ventures and Canadian venture capital company Cross Border Impact Ventures.
Leading UK health solutions provider, Simplyhealth and UK medics Dr Michelle Tempest and Dr Fiona Pathiraja also invested in the latest funding round. Simplyhealth and Daye will collaborate to bring these products to market, especially via Simplyhealth’s large corporate customer base.
Daye has now raised about €21 million in total.
Valentina Milanova, Founder of Daye, commented: “We’re delighted to have completed this highly successful funding round which will support Daye’s continued growth. This latest funding round is critical in helping us build a comprehensive platform for gynae health and launch our tampon-based screening test to help more women easily access information about their vaginal health.”
Tom Bradley, Partner at Hambro Perks, said: “Hambro Perks is an experienced investor in the health tech space, and we saw a great product and growth potential in Daye as they look to expand the business. Valentina, Lisa and the team at Daye bring not just a wealth of experience and knowledge to the business, but also a clear passion for changing the women’s health space. The team is doing critical work to bridge the gender gap in innovating health technology and we’re excited to partner with them as they scale.”
Bridging the gender health gap
Daye was founded with the goal of closing the gender gap in medical research and innovation by creating convenient products and services for period pain, at-home STI testing, and the treatment of vaginal infections. The vision is to raise the standard of gynaecological health by making it easier for women and assigned female at birth (AFAB) individuals to understand, monitor and improve their menstrual, sexual, hormonal and reproductive health.
The startup is now ready to launch its at-home screening kit, which provides a simple way for women to test themselves at home, rather than having to book an appointment with their GP. The kit is designed to test for vaginal infections, like thrush or bacterial vaginosis (BV), and disruptions to the microbiome, which could leave women prone to a higher risk of STIs, gynaecological cancers, and fertility and IVF complications.
Valentina: “We have ambitious plans to ensure women’s health is finally treated with the importance it deserves, and we are grateful to our investors who are joining us on that journey.”
Daye will also roll out a comprehensive digital platform for gynae health, designed to reduce pain, shame and time wasted for women as they navigate their health journey from the first period through to menopause.
The funding will additionally help the company expand to the US market as it takes on the global femtech sector – estimated to reach a market worth of €75 billion by 2025.
Ryan Collins, Managing Director of MassMutual Ventures, added: “With its novel and differentiated products and services, Daye is raising the bar for feminine care and women’s health – a market segment that has long been overlooked when it comes to investment in innovative, effective, and sustainable solutions. We are excited about the success that the team has seen in the UK so far and look forward to working with them as they continue to grow their product offerings and digital health platform in the U.S. market.”
