We spoke to Melissa Wallace, founder of Fierce Foundry - the first-of-its-kind FemTech Venture Studio - who is on a mission to equalize opportunities for female founders. Here, she shares her insights about the future of FemTech and its pivotal role in female healthcare.
What is FemTech and Why is That Your Focus?
We define FemTech as the products, services and technology that improve the health and wellness of women and the individuals around them. It’s a broad definition intentionally because we know there is a lot of white space out there when it comes to this growing industry. The women's health industry is estimated to reach around $60 billion by 2027, growing at a 15.6% compound annual growth rate (CAGR). And we know that for every $1 invested in women’s health, there’s a $3 impact on the economy.
Considering that 80% of FemTech founders are women, there’s a need to ensure the right products get to market. Many of them are challenged to launch their prototypes because of the lack of funding. We will bridge this gap.
What is Fierce Foundry and Why Does it Matter Right Now?
Fierce Foundry is on a mission to reduce and equalize the global deficit in funding for women by creating invest-ability for FemTech founders from idea to exit.
We’re all aware of the data around funding for women (less than 2% of global VC funding). This is a number that has remained unchanged for 30 years. And we can’t fault the funders as people invest in ideas and individuals they relate to. So it’s our objective to change the landscape by adding more female investors. How do we do that?
We will co-found female founded FemTech startups and provide them with initial seed investment, all resources for product and business development, support for later-stage fundraising, and everything needed in exit. By standing with founders from start to finish in a model that statistically performs better than traditional venture or accelerator programs, we will build companies that not only improve the lives of women, but create a new investment flywheel for female founders.
What Do you Consider to Be the Most Impactful Innovations So Far?
I am most excited about how AI is impacting innovation in women’s health as we need everything we can to move faster to make up for time. We’ve seen an enhancement in personalized care, improving diagnostics, and data-driven solutions.
- AI algorithms are being used to improve the success rates of fertility treatments like IVF by analyzing large datasets to predict the best times for conception and identifying the healthiest embryos for implantation such as what we have seen from EmbryoScope
- Endometriosis Management: AI is helping to diagnose and manage conditions like endometriosis, which are often misdiagnosed or take years to detect
- Platforms like Hers use AI to offer tailored mental health support, ensuring women receive the right care at the right time
- Better Understanding of Women’s Conditions: AI allows researchers to analyze vast amounts of data to uncover patterns and insights specific to women’s health issues that have historically been under-researched (e.g., PCOS, menopause, autoimmune diseases)
- EndoFemm: A wearable device that uses thermotherapy to relieve pain associated with endometriosis and menstrual cramps
What do you Expect the Outcome of Organizations like Yours to Be?
We believe that it starts with education. So we start with using our platform to spread the word about everything about gender gaps in funding, health and the ways we can all impact change. But with the build of our products each year, we expect lives of women and those around them to improve greatly:
- Improved access to care
- Enhanced personalization
- Early detection and prevention
- Empowerment through education
- PLUS: This affects everyone and the economy!
What Advice do you Offer Founders and Investors?
These innovations are not only improving health outcomes but also empowering women with greater knowledge and control over their health. As the femtech sector continues to grow, we can expect even more groundbreaking solutions to emerge, addressing the unique health needs of women across all life stages.
If you have an idea, and you have the experience that makes sense to bring it to market, find a Venture Studio like Fierce Foundry that will partner with you from idea to exit. Female Founders work differently and can increase the likelihood of early exit with the right support. This is a benefit to the founders, investors and the economy. And if you are an investor, consider the value in female founded companies and the $$ women are able to make - remember the stats:
- Revenue: According to business-money.com, women-led companies have an average revenue of $26 billion, compared to $20 billion for companies led by men
- Return on investment (ROI): Female-led companies have 35% higher ROIs than all-male teams
- Valuation: Female-led companies have 63% higher valuations than all-male teams
- Revenue per dollar raised: Female-led companies generate $0.78 in revenue per dollar raised, compared to $0.31 for all-male teams
About Melissa Wallace
Melissa brings over 25 years of marketing expertise, spanning across diverse sectors including consumer, B2B, and creative agency realms, with a primary focus on pioneering technologies and entertainment. Melissa launched Fierce Foundry, the first-ever FemTech Venture Studio designed to reduce and equalize the deficit in funding for female founders in 2023. Through her unwavering dedication and visionary leadership, Melissa continues to shape the landscape of women in tech, leaving an indelible mark on the industry.
