3.4 Women-focused mental health platforms Current activity Women-focused mental health platforms are emerging as a differentiated, rapidly growing segment with a global addressable market estimated at $2.2 billion in 2025, more than 70 companies and approximately $428 million in disclosed financing across over 110 deals in the past five years. Between 2020 and 2025 annual funding rose steadily, peaking in 2024 with more than $150 million in capital flow. Private investment accounts for nearly 97% of deals. In the US in 2024, the NIH allocated approximately $6.5 billion (approximately 2% of total research budget) to mental health conditions, including depression, anxiety and post- traumatic stress disorder (PTSD). Investment events, women-focused mental health platforms FIGURE 12 Source: Pitchbook, CapIQ, Crunchbase, Boston Consulting GroupPre-seed/seed Early-stage VC Later -stage VC Other Private funding $ UndisclosedPrivate investment funding deals for women-focused mental health platforms 70% of deals disclosed funding 0 2040608000 1 0 00 1200 97 31135158 24 2230 26Deal Total funding ($M) 2021 2022 2023 2024 Forward signals Women experience higher rates of anxiety and depression than men, as well as unique mental health challenges, such as premenstrual dysphoric disorder (PMDD), postpartum depression and perimenopausal depression.85 These mental health disorders contribute to an estimated 12 billion lost workdays annually and $1 trillion in global economic costs per year.86 In the US, expanded Medicaid postpartum coverage (now 12 months in many states)87 and the Coronavirus Aid, Relief and Economic Security (CARES) Act have expanded and normalized virtual care reimbursement.88 Broader societal openness to discussing and addressing mental health – amplified by employer programmes and digital campaigns – has reduced stigma and accelerated adoption.89 In parallel, AI-enabled and virtual care technologies are improving diagnostic precision, personalization and continuity of care. Women’s Health Investment Outlook 26

Womens Health Investment Outlook 2026