A fund that aims to boost reproductive and maternal health equity has raised new capital.
RH Capital, a women-led venture capital fund that invests in early-stage startups working in women’s health, has raised its second fund, bringing its total assets under management to over $40 million.
RH Capital was launched by the nonprofit Rhia Ventures in 2019. At the time, RH Capital said it raised a proof-of-concept fund of around $5 million. Its second fund brought in $38.5 million.
The fund’s lead investors include Tara Health Foundation, Skoll Foundation, The Impact Seat, Houssian Foundation, Argosy Foundation and Case for Her.
The fund has a presence in San Francisco and Boston. Managing director Elizabeth Bailey is based in Boston. Bailey was previously the founding director of the Consortium for Affordable Medical Technologies at Massachusetts General Hospital and an investment partner at Commons Capital.
“Venture capital is such a powerful engine of innovation,” Bailey said in a statement. “And we’re finally harnessing it for women’s health. Given the increasingly regressive policies of government, private sector innovation will be essential to ensure a brighter future for women’s health.”
Women's health investments
RH Capital said this second fund raised an additional $10M in the immediate aftermath of the SCOTUS decision in June that overturned Roe v. Wade.
“Now, more than ever, is the time to invest in new science and disruptive technologies that can address the vast unmet needs in women’s health,” said Stasia Obremskey, managing director of RH Capital. “Since the Dobbs decision, we have doubled down on our investment strategy in pregnancy prevention and improving maternal health outcomes, and we’ve seen investor interest skyrocket.”
RH Capital has invested in 15 women’s health companies working in areas like life sciences (diagnostics, devices, therapeutics), digital health, consumer products, and health services.
One of those investments went to AOA Dx Inc. in its latest $7 million seed round. The Boston startup is developing a new test that can determine whether women are high risk or low risk for ovarian cancer. The goal is to help doctors detect ovarian cancer earlier and allow patients to avoid invasive and unnecessary biopsies.
Other companies RH Capital has invested in include Boston-based Ovia Health, which was acquired by LabCorp in 2021, and Nurx, which merged with Thirty Madison this year.
“Women’s health has been an underinvested area for far too long,” said Ruth Shaber, founder and president of the Tara Health Foundation, an anchor limited partner in the fund. “We know we need more women’s voices in venture capital, in leading startups and in driving health innovation, and RH Capital is making a difference across all three.”
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