“[M]ost of us in this fund who are investors are over 40 and most of us have kids and 90% of us are women and 100% of the 90% are going to go through menopause,” says Mallun Yen, founder and managing partner of Operator Collective, which organized a special purpose vehicle of 80 investors for Midi’s latest round. “I knew that this was going to be a big space and an opportunity.”

Other investors include include former Meta COO Sheryl Sandberg, designer Tory Burch, Waymo co-CEO Tekedra Mawakana, OpenAI VP of finance Janine Korovesis, Phenomenal Media founder and CEO Meena Harris, Permira senior advisor Carolyn Everson, soccer star Brandi Chastain, former VP of media partnerships at Meta Campbell Brown, and more.

Individual checks ranged in size from $10,000 to more than $500,000. While startups often bring on celebrities and high-profile individuals as angel investors, Yen wanted to make it easier for Midi to do so at scale. “It would be very hard and time-consuming for a company to try to do that on its own,” Yen says. (Editor’s note: Yen is a guest co-chair of Fortune’s 2024 MPW Summit.) She first started considering the idea of a special purpose vehicle as early as Midi’s seed round in 2022. The vehicle is the largest ever facilitated by one Operator Collective, a venture fund that primarily invests in B2B and enterprise companies.

Joanna Strober, 56, founded Midi in 2021. In her mid-to late-40s, she experienced anxiety, insomnia, and hot flashes that were symptoms of perimenopause, but it took numerous doctors visits to make sense of her ailments—and far more effort than she thought should be required.

Midi’s virtual, covered-by-insurance care means that women don’t need to spend the time and money that Strober did looking for solutions. Its 200-plus providers are trained on all aspects of women’s health, especially hormones, which are used in many treatment plans.

The company raised $14 million in seed funding in 2022, co-led by Felicis and SemperViren. Midi then raised $25 million in its 2023 Series A, led by Google Ventures, and $63 million (which includes the SPV) in Series B funding this year, led by Emerson Collective.

“[W]omen need to invest in companies that they want to exist in the world,” says Strober. “It’s very affirming that [women are] not just coming as patients, but they’re also investing in us.”

The company stands out to Yen in a crowded category because its business model is scalable, the care is covered by insurance, and the company has relationships with health systems.

Looking ahead, Strober’s goal for Midi is to provide care to 1 million women each year. Currently, the company serves 100,000. She also wants to continue to break down the stigma, including ageism and discrimination, surrounding menopause. “[F]or me, the fighting against it is not saying, ‘Oh, we need to make a lot of accommodations for women.’ It’s telling them you can get treated, and you need to call it out,” says Strober.

Nina Ajemian
nina.ajemian@fortune.com

The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Nina Ajemian. Subscribe here.

ALSO IN THE HEADLINES

- Mass exodus. All seven independent members of 23andMe’s board resigned after a lengthy dispute with the DNA-testing company’s CEO Anne Wojcicki, who wants to take the firm private. Wojcicki was “surprised and disappointed” by their exit. 23andMe has not turned a profit since it went public in 2021. Fortune

- EU enforcers. European Commission President Ursula von der Leyen announced her new team, which now awaits confirmation from the European Parliament. Teresa Ribera, Spain’s ecological minister, is slated to become Europe’s new antitrust chief, taking over for Margrethe Vestager. Fortune

- Delayed care. ProPublica reports on what may be the first publicly known case of a “preventable” abortion-related death following the overturning of Roe v. Wade. A Georgia woman experiencing complications from abortion pills died after doctors delayed the D&C she needed to ensure they abided by the state’s restrictions on the procedure. The medical care professionals involved and the hospital did not respond to ProPublica.

- One for the books. Five of the six novels nominated for the Booker Prize are by female authors, a first. Last year, two of the shortlisted novels were written by women. The Booker Prize, established in 1969, is awarded to a novel published in Britain or Ireland written in English. New York Times

MOVERS AND SHAKERS

dbt Labs, an analytics engineering company, appointed Sally Jenkins as chief marketing officer. Previously, she was CMO at Elastic.

Toivoa, a mental health care company, named Ali Levitan chief growth officer. She previously served as EVP of business development and growth at AdPredictive.

AccountabilIT, a managed IT and cybersecurity company, appointed Shannon Murray-Doffo as chief revenue officer. She is the CEO and founder of Fe Growth Strategies.

ON MY RADAR

How Elizabeth Prelogar stands up to a runaway Supreme Court Vanity Fair

Sally Rooney: ‘Falling in love when I was very young transformed my life’ The Guardian

Alexis Ohanian’s next big bet: Women’s sports Adweek

PARTING WORDS

“Power and privilege are no longer a complete cover for people who decide to abuse and harm.”

— Tarana Burke, who coined “me too,” on what’s next for the #MeToo movement following the allegations against Sean “Diddy” Combs