Healthcare
Here is the 23-slide presentation a former Marie Claire editor-in-chief used to get millennial men to invest in a startup that treats menopause symptoms
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- Alloy is a digital-health startup that treats menopause symptoms.
- Kairos HQ and PACE Healthcare Capital participated in its $3.3 million seed round on Wednesday.
- Alloy is planning to launch a mail-order estrogen product in November.
In 2019, Anne Fulenwider, a former Marie Claire editor-in-chief, was surprised while speaking with her friend Monica Molenaar, who’d had her ovaries removed as a preventive measure against breast cancer. The procedure essentially kick-starts menopause Fulenwider explained to Insider, but Molenaar hadn’t been able to find suitable options for treating her new symptoms, like hot flashes, for nearly five years.
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“I couldn’t believe that it took her five years to figure it out,” Fulenwider told Insider. “I just thought we have to fix this.”
In 2020, Fulenwider, 49, and Molenaar, 47, cofounded Alloy, a direct-to-consumer digital-health company that treats menopause symptoms. On Wednesday, the company raised $3.3 million in seed funding from PACE Healthcare Capital and Kairos HQ, where the two women had incubated the company.
“This group of millennial men said, ‘Yes, we’ve been looking at this space,’ and I just about fell off my chair,” Fulenwider said of starting the company with Ankur Jain, Kairos HQ’s cofounder and CEO.
Alloy is still a rarity. While women’s-health companies have broken fundraising records this year, Rock Health’s third-quarter report said, menopause startups remain overlooked, Fulenwider said.
Alloy says it’s working with a select group of customers in a small trial phase and plans to fully launch its website and mail-order hormone treatment in November. Fulenwider said Alloy planned to start by using low-dose estrogen to treat hot flashes, the most-complained-about menopause symptom among the women she knew. Over time, she hopes to add treatments for the full range of menopause symptoms, which can include weight gain and mood changes.
Alloy provided Insider the presentation it used to raise the seed funding from Kairos HQ and PACE Healthcare Capital. The presentation has been edited to remove sensitive financial data and outdated information.
Here’s the 23-slide presentation Fulenwider and Molenaar used to raise $3.3 million in seed funding for a startup that treats menopause symptoms.
Alloy wants to treat menopause symptoms like hot flashes with mail-order prescription medications, as well as offer online forums and communities for women to connect with others in similar situations.
Alloy
Anne Fulenwider, a former Marie Claire editor-in-chief, started the company with her friend Monica Molenaar, who entered early menopause after a preventive medical procedure and had difficulty finding treatment for her symptoms.
Alloy
Fulenwider said many Gen X and older millennial women were starting to experience menopause but struggling to find a modern way to treat their symptoms.
Alloy
In conducting market research for Alloy, Fulenwider found that many women said they felt “isolated” and “confused” about their menopause symptoms, which can include hot flashes, night sweats, mood changes, and more.
Alloy
Surveys have suggested that many obstetricians and gynecologists feel unequipped to treat menopause symptoms — so as women begin experiencing menopause, they might find fewer doctors who feel comfortable treating them.
Alloy
Sources: Mayo Clinic, Johns Hopkins, and AARP
Fulenwider said that while hormonal treatments for conditions like hot flashes exist, some medical professionals were hesitant to prescribe them because of misplaced fears about side effects.
Alloy
While other areas of women’s health have benefited from a recent boom in private funding, startups targeting menopause have been overlooked, Fulenwider said. She said people experiencing menopause deserved a company made just for them.
Alloy
Like Ro and Hims, Alloy is a digital-healthcare company that offers direct-to-consumer medications after online consultations with trained physicians.
Alloy
Fulenwider said she and Molenaar wanted to make the process of aging more transparent for women, which includes talking about menopause symptoms in a clear but casual way.
Alloy
Alloy plans to launch in November offering three products: direct-to-consumer prescriptions, access to physicians specializing in menopause, and online forums where people can discuss symptoms and treatments.
Alloy
Alloy plans to first offer hormone treatments for hot flashes, which its research found was one of the most-complained-about symptoms of menopause, Fulenwider said. Patients would be able to get low-dose estrogen with an Alloy physician’s approval.
Alloy
Many women experiencing hot flashes are advised to “suffer through it” and don’t receive treatment, Fulenwider said.
Alloy
Alloy patients could purchase products directly on its site or take a symptom quiz if they aren’t sure what they need. Alloy says all patients would complete a medical questionnaire reviewed by its physician team before receiving any medications.
Alloy
Alloy is also planning an educational blog with content about menopause, perimenopause, and other areas of treatment that women may not be aware of.
Alloy
Alloy says its team of certified physicians will be overseen by Dr. Sharon Malone, an OB-GYN and women’s-health advocate, and certified by the North American Menopause Society.
Alloy
Starting in November, patients will be able to receive low-dose estrogen with a prescription from an Alloy physician or another qualified doctor, Alloy says. Its team will review and approve prescriptions before they’re shipped, it says.
Alloy
Alloy says its website will feature monthly Q&A sessions with menopause experts and other personalized content to help women feel less lonely in their experiences.
Alloy
Alloy says patients will pay out-of-pocket for the cost of the medication plus a fulfillment and service fee. Access to its website and other community events will be free, Fulenwider said.
Alloy
Fulenwider said the team was already evaluating other areas to expand to, including mental and sexual health. Alloy plans to target all its products to women over 40.
Alloy
With its $3.3 million in seed funding, Alloy plans to hire additional engineers and marketing professionals ahead of its November debut, Fulenwider said. She hopes to have the website available in most states immediately instead of trying to add new markets individually.
Alloy
Fulenwider is recruiting Alloy’s advisory board as part of Wednesday’s fundraise. Many members are angel investors in the company, she said, and include retail professionals and medical experts.
Alloy
Alloy was started with Kairos, a millennial branding VC firm in New York City. Ankur Jain, Kairos’ cofounder and CEO, is on the board. His cofounder Alex Fiance told Insider that they knew that as two young men they “were not the people to start the business in this space” but were inspired by what they learned from Fulenwider and Molenaar.
Alloy
“Having founders like them that truly understand this life stage has a massive impact,” Fiance told Insider of Kairos’ decision to reinvest at the company’s seed round. “We could not launch Alloy alone without founders like them.”
Alloy