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Kindbody: the largest femtech raise in 2021 joined by high-profile female investors, women's state pension fight and the Ombudsman's initial finding
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Kindbody: the largest femtech raise in 2021 joined by high-profile female investors, women's state pension fight and the Ombudsman's initial finding

Welcome to our #79 weekly newsletter.

“For women taking control of their financial future”

-Jana Hlistova


From The Purse


In this week’s newsletter, we focus on female-founded startup Kindbody (US) and the largest femtech raise of 2021. Its Series C was joined by high profile female investors including Gwyneth Paltrow, Sophia Amoruso and Yael Cohen.

And the Women Against State Pension Inequality campaign (WASPI) had a significant victory. On Tuesday, the Ombudsman confirmed their initial finding that the government failed to adequately communicate the change in state pension age for women born after 1950.

You can review the news in brief so you stay on top of global financial, economic and investing trends.

Stay safe everyone & look after yourselves.

I hope you enjoy this week’s newsletter.

Until next week,

Jana


Kindbody: the largest femtech investment in 2021, joined by female investors

High profile female investors invest in female-led innovation


In 2020, the femtech market broke through.

Female-focused digital health startups which cover: (including) maternal health, fertility, menstruation and sexual wellness surged in investments last year.

According to Rock Health, funding rose (for US startups raising $2m+):

However femtech startups still only account for 3% of overall digital-health funding in 2020 (even though women make 80% of healthcare decisions).

Female-focused startups are often undervalued and underfunded because they are considered ‘niche’ (or simply misunderstood) by mostly male investors.

We know that 80% of health VCs have not invested in women’s health.

Kindbody is the largest femtech raise in 2021: $62m Series C

Founded in 2018 by CEO Gina Bartasi, the startup’s ‘mission is to create global access to high-quality women’s health and fertility care’, by leveraging proprietary technology.

Kindbody has raised a total of $123m in funding from leading investors including Claritas Capital and Perceptive Advisors.

And its recent Series C round was joined by mission-driven female investors…

…including Gwyneth Paltrow, Sophia Amoruso and Yael Cohen. The press release says:

The strategic investments…will be used to accelerate the company’s already rapid growth and further its mission of increasing access to fertility and family-building services worldwide’.

Yael Cohen is also quoted talking about her decision to invest:

‘Why do women get asked to donate and men get asked to invest? Why is it presumed we only think with our hearts and men think with their wallets? I’m committed to female funded, not just female founded.’

High-profile female investors are key…

…to generating attention, validation and more capital in underserved markets. And we know (based on research) that women are three times more likely to invest in female-led startups than men.

High-profile female investors are therefore very high signal. And not just because they are shifting capital to female founders. But because this is validating the market, business and female-led innovation for other investors.

And this sends a clear message that women do invest. Which is changing the outdated narrative about women being risk-averse and not interested in money.

And of course, institutional money is paying attention. Which can only be a good thing for women raising money.

Read more here:


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Women’s state pension fight

The Ombudsman’s initial finding of maladministration by the DWP


The 1995 Pensions Act changed the law:

women born after 1950 could no longer claim a state pension at the age of 60. The state pension age increased for women (to match men, incrementally) to 65 from 2010- 2018. (The state pension age will rise to 66 from 2026, for those born after 1960).

As a result, the Parliamentary and Health Service Ombudsman (PHSO) received many complaints from women about how this change was communicated.

What did this mean for women?

Many were unprepared financially. They were unaware of how these changes would affect them personally and led to emotional distress. Many have been short of funds.

According to the Women Against State Pension Inequality campaign (WASPI), 3.8m women have been affected.

The Ombudsman’s finding

Last Tuesday, the ombudsman found that from 2005 onwards, the Department of Work and Pension (DWP) had failed in the action taken to communicate the State Pension age.

Amanda Amroliwala, Parliamentary and Health Service Ombudsman CEO, said:

‘After a detailed investigation, we have found that DWP failed to act quickly enough once it knew a significant proportion of women were not aware of changes to their State Pension age. It should have written to the women affected at least 28 months earlier than it did.

‘We will now consider the impact of these failings, and what action should be taken to address them.’

Although this is a big victory for the WASPI campaign…

…because thousands of women could be compensated (for DWP’s failing to adequately communicate); the ombudsman has no ‘power’ to refund lost pensions.

However the WASPI campaign is:

‘…calling on the Government to agree fair and adequate compensation for WASPI women rather than allow what has become a vicious cycle of Government in-action to continue’.

WASPI are engaging legal advisers to decide the next steps in the campaign.

Read the full report here.

Read more about Women and the State Pension.

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