Investment in the UK femtech sector has risen sharply over the past decade, but funding remains heavily concentrated in London and parts of southern England, according to new research from Mills & Reeve.
The research found that femtech deal activity increased by more than 194% between 2015 and 2025, rising from 18 deals to 53. Total funding increased from £9.4m in 2015 to more than £100m ten years later.
The average deal size has also more than doubled, from £527,000 to £1.9m. Last year’s largest funding rounds included SheMed, which raised more than £37m, Gaia at £12m, emm at £6.8m, and Hertility at £5.9m, with most investors being UK based.
The research indicates that the sector is still largely early stage, with seed stage investments making up the majority of deals. However, venture capital participation has increased significantly over the decade, with the number of VC deals rising by 600%.
Vicky Protano, North West corporate partner at Mills & Reeve, said: “Over the last decade, the UK femtech ecosystem has expanded, both in terms of deal activity and funding levels. This positive upward trend demonstrates growing investor confidence in femtech and increasing institutional interest in the sector.
“Whilst companies in femtech have relied heavily on angel investors and angel networks to fund their growth ambitions, dynamics are shifting, with more venture capital and PE investors appearing in funding rounds. However, this is just the beginning and there is still more to do. While the sector has experienced strong growth, more work needs to be done to create the right funding environment that is balanced and evenly spread across the UK.”
London remains the dominant UK hub for femtech startups, both in deal numbers and funding value. Mills & Reeve said more regional clusters are emerging, particularly in the South West, South East, and East of England, supported by innovation hubs, university spin-outs, and improved startup support.
Protano said: “There’s no doubt that London remains a dominant force in femtech – both in terms of deal activity and total funding. However, we are seeing a gradual regional expansion outside of the capital, with the South West, South East and the East of England showing increased investment activity in the femtech sector. This trend is no doubt being driven by growing regional innovation hubs, the increasing influence of university spin-outs, as well as improved support for start-ups in those regions.”
The North West, North East, and Yorkshire & Humber remain underrepresented in national investment figures. Mills & Reeve said early stage companies are emerging in the North West, but that startup activity has not yet translated into large funding rounds.
Protano said: “Clearly, the regional ecosystem in the North West is growing, with the emergence of a number of exciting early stage companies that are making significant strides in the sector. However, this start-up activity is yet to translate into meaningful funding, with companies still struggling to attract large investment rounds. This has resulted in the regional distribution of UK femtech investment remaining heavily concentrated in London.
“As a national firm, we are also witnessing a similar trend. More investments are being made into women’s health businesses based in the South – and more businesses are, often as a result, locating themselves there, rather than in the North. This is representative of the investment landscape as a whole.”
The regional imbalance mirrors a wider UK funding challenge. Venture capital tends to cluster around dense networks of founders, advisers, investors, universities, corporates, and specialist talent. Once capital concentrates in a location, companies may relocate or build senior teams nearby to improve access to investors and commercial partners.
Femtech also faces sector specific barriers. Women’s health has historically been underfunded in research, trials, diagnosis, and treatment. That can make evidence generation harder for startups, particularly where products need clinical validation, regulatory approval, NHS adoption, or payer acceptance. Investment growth is encouraging, but the absolute scale remains modest compared with wider healthcare activity.
Between 2015 and 2025, healthcare deals increased from 69 to 171, highlighting the gap between femtech and the broader health and care market. Femtech’s growth rate is strong, but the volume of capital remains comparatively small.
Charlotte Lewis, commercial health lawyer at Mills & Reeve, said: “For far too long, ongoing disparities in women’s healthcare across the UK have adversely impacted women’s health outcomes, often resulting in prolonged diagnosis and treatment – some of which are well publicised, including the time it takes to diagnose women’s health issues such as endometriosis and rising maternal mortality rates.
“However, we are seeing the landscape beginning to shift in a more positive direction. Our experience is that this is helped by more open discussion and conversations which highlight the issues.
“The data around the sector is valuable and growing and demonstrates the progress that is being made from an investment point of view, creating a better environment where digital innovation can thrive, with a renewed focus on prevention through market-leading consumer-driven products.
“The UK has a real opportunity to transform women’s healthcare into a model of fairness, accessibility, and excellence, and femtech businesses have a crucial part to play in achieving this transformation. As a firm, Mills & Reeve is passionate and dedicated to continuing to influence and support this transformation.”
The market opportunity is substantial. The global femtech market was valued at $9.12bn in 2025 and is projected to reach $41.4bn by 2034, according to the supplied research. The UK’s ability to capture that growth will depend not only on the number of startups formed, but on whether companies outside London can access the scale-up capital needed to build clinically credible, commercially resilient businesses.
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