Good morning, Broadsheet readers! Goldman Sachs has lost Black women from its executive ranks, women-led venture capital funds have already raised more funding than in 2021, and the startup Tia enters the fertility category with a thesis about mental health.
– Holistic health. Fertility treatments, such as egg-freezing and IVF, can be emotionally, physically, and mentally taxing; from the physical toll of hormone injections to the disappointment and anxiety that often accompany a failed IVF round.
The patient experience was front of mind for Felicity Yost and Carolyn Witte, cofounders of the 5-year-old venture-backed women’s health clinic Tia, when debating whether to enter the fertility space. The company, Fortune reports exclusively, is now entering the fertility category for the first time—with a strong focus on mental health.
The startup is maintaining its longstanding focus on preventative care, instead of diving into egg-freezing or IVF (patients will receive referrals to specialists for the latter services). Tia plans to offer fertility testing and assessments; treatment for conditions like endometriosis and polycystic ovary syndrome; and therapy and support groups tailored to patients dealing with infertility. Since its 2017 founding, the 400-person startup has raised almost $130 million in venture capital with a focus on primary care, mental health, and preventative care for women. It has clinics in four markets—Los Angeles, New York, Phoenix, and San Francisco—and plans to open six more locations this year. (Witte, the company’s CEO, says she wanted to start a women’s health business with “use cases besides pregnancy” because the rush of investor interest in fertility startups seemed to “reduce women to egg count.”)
Tia’s approach relies on traditional mental health services, with a fertility bent. “How do we integrate talk therapy to help patients as they’re going through the trying-to-conceive journey?” asks Witte. “How do we leverage our therapists to help women decide if they want to become a mom?”
Of course, mental health challenges don’t end with a successful pregnancy. Tia is also thinking about patients who experience postpartum depression and anxiety and women’s mental health issues at various other points in their lives—especially against the backdrop of the likely fall of Roe v. Wade.
“Women’s fertility choices have taken on a whole new meaning,” Witte says of the Supreme Court’s expected decision, adding, “Mental health is women’s health, women’s health is mental health, and you can’t separate them.”
Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe
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ALSO IN THE HEADLINES
- Quiet on the crypto front. Celebrities who were bullish on digital currencies and promoted them to their millions of followers, without much discussion of their risks, have been quiet as the market tanks. Neither Reese Witherspoon nor Gwyneth Paltrow, who have both promoted crypto—and encouraged women to invest—responded to requests for comment in a recent New York Times piece. New York Times
- Leave gets complicated. Spain's government this week approved a measure guaranteeing paid leave from work for period pain. But the leave policy has sparked controversy, with some feminist activists saying period leave stigmatizes women. Telegraph
- Diversity setbacks. Senior Black women are leaving Goldman Sachs, according to the bank's latest people strategy report. The firm reported that just 19 Black women made up its executive and senior ranks in November 2021, down from 25 the year prior. The bank’s total Black employees in the U.S. grew from 6.8% to 7.4% of its workforce. Bloomberg
- Funding explosion. Less than four months into 2022, women-led venture capital funds outpaced funding from all of 2021 alone. Women-led funds raised $4.5 billion through mid-April. Kirsten Green’s Forerunner Ventures and Katie Haun's Haun Ventures have led in fundraising, bringing in a combined $2.5 billion. In 2021, the number of women-led venture capital funds rose to 52, from 29 in 2020, and fundraising doubled to $3.7 billion. Women-led funds have still only raised 3% of all funding, but that's up from 0.85% in 2019. The Information
MOVERS AND SHAKERS: Kim Kardashian's Skims hired Nike and PepsiCo alum Andy Muir as CFO. GoFundMe appointed Margaret Richardson as its first chief corporate affairs officer. Hootsuite has appointed Sherry Johnson as sales director in its U.S. expansion. Tusk Ventures promoted Michaela Balderston to partner. Self named Rachel Miller editor-in-chief. SponsorUnited named Michelle Harmon-Madsen chief marketing officer. Meghan and Harry's Archewell has hired Ashley Momtaheni as EVP of global communications. Carrot Fertility has appointed Risa Kagan to its medical advisory board. Databricks hired DocuSign's Trâm Phi as SVP and general counsel.
IN CASE YOU MISSED IT
- Accommodations at Amazon. New York State’s Division of Human Rights is suing Amazon, alleging the company refuses to make accommodations for factory workers who are pregnant or have disabilities, forcing them to take unpaid leave instead. The state is demanding that Amazon set new standards for reviewing accommodation requests, train employees on the state’s Human Rights Law, and pay fines. Protocol
- Anti-appeasement. Estonian Prime Minister Kaja Kallas warns that pushing for peace with Russia will only reward Russian president Vladimir Putin’s aggression on Ukraine. Kallas, whose family was subjected to forced deportation and exile under the Soviet Union’s annexation of Estonia following World War II, was an early critic of Russia’s war in Ukraine, and has denounced European leaders' attempts to maintain communication with Russia. New York Times
- Loans for MLMs. Grameen America's microloan program gives small business loans to women in the U.S. But a new study found that the program increased the rate of women operating multi-level marketing businesses. Within 36 months, more than one-third of women who received microloans reported operating an MLM, compared to just 26% of women in the control group. The majority of people who join MLMs end up losing money, and Grameen America’s loans, which classify MLMs as small businesses, can amount to as much as $1,500 and carry interest rates between 15% and 18%. Vox
- About damn time. A documentary charting Lizzo’s 10-year rise will debut on HBO Max this fall. The documentary, in the works since 2020, is directed by Doug Pray and executive produced by Lizzo’s production company Lizzobangers. The singer recently launched a reality series on Amazon Prime in March and will release her fourth studio album this summer. Deadline
ON MY RADAR
I can't wait to watch the inevitable documentary about how we all wronged Amber Heard BuzzFeed
Kohl’s says two top executives are leaving, as company seeks buyer CNBC
Overturning Roe would be disastrous for the U.S. military Washington Post
PARTING WORDS
"Learn to live alongside cringe."
-Taylor Swift, offering advice to New York University graduating students in her commencement speech.
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