M&A advisory for FemTech companies
FemTech M&A is early but accelerating. Employer benefits aggregators, larger virtual care platforms, consumer health groups and PE-backed women's health platforms have acquired across fertility, mental health in women's contexts, pregnancy and postpartum, menopause and pelvic health. The deals priced highest have consistently been employer-contracted businesses rather than DTC subscription models - Carrot, Maven and the larger fertility benefits platforms set the comp set for contracted revenue, while consumer apps continue to clear at consumer-health rather than healthcare multiples.
The active buyer set spans the consumer health groups extending into women's health - Hims & Hers, J&J and Reckitt - the payers (UnitedHealth/Optum, CVS Health, Cigna/Evernorth, Humana) acquiring fertility, maternity and behavioural assets to round out in-network benefits, the employer benefits aggregators rolling up women's health alongside other point solutions, and the PE-backed women's health platforms consolidating across fertility, menopause and pelvic health. Flow has direct access into this buyer set.
Flow team has relevant sector experience and has worked with FemTech companies across fertility clinics and digital fertility benefits, cycle and reproductive health apps, pregnancy and postpartum platforms, menopause and midlife care, and pelvic health and women's health devices and diagnostics.
"FemTech" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing FemTech M&A targets
Active members
Cycles or treatments delivered
Employer contracts
Payer contracts
Net revenue per member
Cohort retention 12m
Clinical outcomes
Provider network size
Gross margin
Contribution margin
FemTech valuations in May 2026
Public FemTech comps trade at 2.4x EV/Revenue. Median revenue multiple across FemTech M&A deals was 2.6x in the last 12 months.
2.4x
Median EV/Revenue as of May 2026 for public FemTech companies
n/m
Hologic is the highest valued public FemTech company based on EV/Revenue (excluding outliers)
2.6x
Median EV/Revenue across FemTech M&A deals in the last 12 months
12x
Median EV/Revenue across FemTech VC rounds in the last 12 months
Key recent FemTech M&A deals
$18B acquisition of Hologic by Blackstone was the largest FemTech M&A transaction completed in the last year.
See all FemTech M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Oct-25 | Hologic |  | Hologic manufactures proprietary products for the healthcare needs of women. The company operates in four segments: diagnostics (44% of total sales), breast health (38%), surgical (16%), and skeletal health (2%). While the company traditionally focused on breast health, the acquisition of Gen-Probe put greater emphasis on commercial diagnostics. The United States accounts for the largest portion of the firm's revenue (69%), followed by Europe (20%), Asia (8%), and other international markets (3%). Hologic is headquartered in Bedford, Massachusetts. | Blackstone | $18B | 4.6x | |
Nov-25 | Motiva |  | Motiva Infraestrutura De Mobilidade SA is a mobility infrastructure company in Brazil, operating in highway, train, subway and airport concessions. | ASUR | $2.6B | - | |
Nov-25 | Movano | | Movano Inc is developing a platform to deliver purpose-driven healthcare solutions to bring medical-grade, high-quality data to the forefront of consumer health devices. its initial commercial product in development is the Evie Ring, a wearable designed specifically for women. The Evie Ring combines health and wellness metrics to give a full picture of one’s health, which includes resting heart rate, heart rate variability (HRV), blood oxygen saturation (SpO2), respiration rate, skin temperature variability, period and ovulation tracking, menstrual symptom tracking, activity profile, including steps, active minutes and calories burned, sleep stages and duration, and mood tracking. | Corvex | $220M | - | |
Oct-25 | C | Concepta Diagnostics |  | Concepta Diagnostics is a developer of at-home diagnostic kits for health monitoring, paired with a cloud-based digital platform for result tracking and telemedicine integration. The company targets consumer wellness markets with tests for hormones, vitamins, and chronic conditions, enabling users to share data directly with physicians via secure apps. | Boots UK | $3.0M | 0.6x |
Feb-26 | Nanell | Germany-based Nanell delivers digital tools and guidance tailored to support women from conception through the entire pregnancy experience. | MediKarma | - | - | ||
Jan-26 | Jennis | | Jennis is a London-based digital health company in Wimbledon offering a mobile app that tracks menstrual cycles, provides hormone-specific nutrition advice, fitness training plans, and cycle mapping data for women's wellness. | Orreco | - | - | |
Jan-26 | Clue |  | Clue is a Berlin-based femtech company offering a period-tracking app that delivers personalized reproductive health insights to users in over 190 countries. Founded in 2012, it provides free core tracking features plus Clue Plus subscriptions for conception and menopause modes, collaborating with universities and clinicians on health research studies. | Verdane | - | - | |
Nov-25 | DualPath | | DualPath is a digital health platform providing open-source tools for maternal and child health programs in low-resource settings across Africa. | Velric | - | - |
Most active buyers of FemTech companies
Orreco, Corvex and Velric are the most active acquirers of FemTech companies in the last three years.
See all FemTech acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Orreco | | Orreco is a Dublin-headquartered sports science company providing biomarker testing for athlete performance. Its programs analyze saliva samples for hormones, inflammation markers, and recovery indicators to inform training and welfare strategies. The firm partners with professional teams in soccer, rugby, and athletics across Europe. | JennisData Driven Sports Analytics | 1 | |
Corvex | | Corvex Inc is an AI cloud computing company specializing in GPU accelerated infrastructure for AI workloads. The company provides AI-focused computing infrastructure that offers scalable computational resources. Its platform uses GPU-accelerated compute clusters and high-throughput storage to support performance, security, and efficiency at scale. The company's product portfolio includes GPU Clusters, Inference-as-a-Service, Confidential Computing, and GPU Node. | Movano | 1 | |
Velric | | Velric is an AI platform revolutionizing hiring by replacing resumes with a Velric Score based on proof-of-work missions, projects, and challenges simulating real jobs for talent evaluation. | DualPath | 1 | |
ASUR |  | Grupo Aeroportuario del Sureste SAB de CV and its subsidiaries hold concessions to operate, maintain, and develop airports in the southeast region of Mexico. As an operator of airports, it charges airlines, passengers, and other users fees for using the airports’ facilities. The group also derives rental and other income from commercial activities conducted at its airports, such as the leasing of space to restaurants and retailers. The group's operating segments are Cancun, which generates maximum revenue, Aerostar, Airplan, Merida, Villahermosa, Holding and Services, and Others. | MotivaUnibail-Rodamco-Westfield airportsLuis Munoz Marin International Airport | 1 | |
Blackstone | | Blackstone is the world's largest alternative-asset manager with $1.242 trillion in total asset under management, including $906.2 billion in fee-earning assets under management, at the end of September 2025. The company operates with scale in each of its major product lines: private equity (26% of fee-earning AUM and 33% of base management fees), real estate/real assets (31% and 35%), private credit (34% and 25%), and other alternatives (9% and 7%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8). | HologicSkroutz.grRoyal Challengers Bengaluru+2 | 1 | |
Verdane |  | Verdane is a growth equity investor targeting tech-enabled companies in Northern Europe. The firm pursues opportunities in digital consumer services, enterprise software, and sustainable technologies from offices in Berlin, Copenhagen, Helsinki, London, Oslo, and Stockholm. Verdane supports portfolio companies through minority or majority stakes and operational expertise since 2003. | ClueAugmentum FintechBluewater Bio+1 | 1 | |
MediKarma | | MediKarma is an AI-driven health platform based in Austin, Texas, featuring a virtual avatar for personalized wellness coaching and health scoring based on genomic and lifestyle data. Users access predictive analytics for disease risk via integrations with Fitbit and 23andMe. Founded in 2021, the company collaborates with Stanford Medicine for algorithm validation and serves subscribers in North America. | Nanell | 1 | |
Boots UK | | Boots UK is a leading pharmacy-led health and beauty retailer operating over 2,200 stores across the United Kingdom. Nottingham-headquartered as part of Walgreens Boots Alliance, it provides pharmacy services, beauty products, and healthcare items through physical locations and boots.com, supported by the Boots Advantage Card loyalty program. | Concepta Diagnostics | 1 | |
Noise |  | Noise is a Gurgaon-based consumer electronics brand that delivers smart wearables and gadget accessories to young consumers across India. Launched in 2014, the company produces NoiseFit smartwatches, Buzz true wireless earbuds, action cameras, portable speakers, Bluetooth headphones, and wireless chargers alongside over 500 smartphone case designs compatible with more than 150 models. Noise maintains bestseller status on Amazon and Flipkart for four consecutive years, expanding its lineup to 12 core technology accessories. | SocialBoat | 1 | |
Pacify | | Pacify is a healthcare service provider offering on-demand support from nurses, dietitians, and lactation consultants for new and expecting parents. New York-based, it partners with hospitals, insurers, and employers to deliver virtual consultations via app, phone, and video, targeting improved maternity outcomes and cost savings in postpartum care. | Major CareFamily Ways | 1 |
Founders and investors we've worked with
We've supported winning builders across FemTech and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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