Over the past three months, I’ve tracked and analysed every women’s health funding round I’ve been able to verify globally.
Today, I’m publishing the Q3 results along with my analysis of what the quarter tells us about the women’s health market.
First up, the headlines:
$456.2 million in disclosed funding into women’s health across 45 deals during July, August and September.
Funding is down 40% from Q2 and 66% compared with Q3 last year.
But, there were more deals this quarter. The 45 rounds in Q3 compare with 40 in Q2 and 38 in Q3 2025.
Of the total funding, $246.1 million across 32 deals went into Pure Play women’s health companies - that is, companies wholly focused on health needs that are specific to women, disproportionately affect women, or affect women differently.
And $210.1 million went into companies where women’s health isn’t all they do, but still represents a majority or material part of the business.
So the story for this quarter is that more companies raised money - just less of it. My analysis shows that the median disclosed round fell from $8 million in Q2 to $3.1 million in Q3.
And this wasn’t because Q3 was missing one or two enormous rounds. Even after removing the three largest deals from each quarter, Q3 funding was still down 52% quarter-on-quarter.
At the same time, we saw an uptick in early-stage deals, with more than half of Q3 deals at pre-seed or seed.
Read on for our full breakdown of Q3 funding, including:
where the biggest Q3 cheques went
what is being funded at early stage
three category stories I’m watching
early findings on who’s funding the pipeline
*Figures are based on the FutureFemHealth Intelligence (FFHi) structured funding dataset and the FutureFemHealth Classification Framework. Q3 2026 includes 45 eligible Core financing events, of which 34 disclosed a funding amount and 11 did not. Funding figures therefore represent disclosed capital rather than an estimate of total capital raised.