UK-based gynaecological health start-up Daye, inventor of the CBD tampon used by over 60,000 women in the UK, has completed a £10 million funding round.
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The company’s successful Series A funding round includes investment from London-based Hambro Perks, an international investment firm which focuses on breakthrough and growth technology companies.
Daye aims to raise standards in gynaecological health by making it easier for women and assigned female at birth (AFAB) individuals to understand, monitor and improve their menstrual, sexual, hormonal and reproductive health.
The funding will enable Daye to launch what it says is the world’s first ever tampon-based at-home vaginal microbiome screening kit, which allows women to test themselves at home. The kit is designed to test for vaginal infections, like thrush or bacterial vaginosis (BV), and disruptions to the microbiome, which could leave women prone to a higher risk of STIs, gynaecological cancers, and fertility and IVF complications.
Daye will also roll out a comprehensive digital platform for gynae health, designed to reduce pain, shame and time wasted for women as they navigate their health journey from first period through to menopause.
Additionally, funding will be used to kickstart Daye’s expansion into the U.S. market, with investment also coming from global venture capital firm MassMutual Ventures and Canadian venture capital company Cross Border Impact Ventures.
Valentina Milanova, founder of Daye, commented: “We’re delighted to have completed this highly successful funding round which will support Daye’s continued growth. This latest funding round is critical in helping us build a comprehensive platform for gynae health and launch our tampon-based screening test to help more women easily access information about their vaginal health.
“We have ambitious plans to ensure women’s health is finally treated with the importance it deserves, and we are grateful to our investors who are joining us on that journey.”
Daye is part of a rapidly growing market of female-based health start-ups. The total global market for femtech reached $40 billion in 2020 and is expected to grow to $75 billion by 2025. The UK is home to the world’s second-largest share of femtech companies.
Leading UK health solutions provider, Simplyhealth and UK medics Dr Michelle Tempest and Dr Fiona Pathiraja also invested in the latest funding round. Simplyhealth and Daye will collaborate to bring these products to market, especially via Simplyhealth’s large corporate customer base.
Daye, which was founded in 2017, has raised nearly £19 million to date, with other backers including Martin Varsavsky, founder of Prelude, the largest chain of fertility clinics in the world, and American venture capital firm Khosla Ventures.
Tom Bradley, partner at Hambro Perks, said: “Hambro Perks is an experienced investor in the health tech space, and we saw a great product and growth potential in Daye as they look to expand the business. Valentina, Lisa and the team at Daye bring not just a wealth of experience and knowledge to the business, but also a clear passion for changing the women’s health space. The team are doing critical work to bridge the gender gap in innovating health technology, and we’re excited to partner with them as they scale.”
Ryan Collins, managing director of MassMutual Ventures, added: “With its novel and differentiated products and services, Daye is raising the bar for feminine care and women’s health – a market segment that has long been overlooked when it comes to investment in innovative, effective, and sustainable solutions. We are excited about the success that the team has seen in the UK so far and look forward to working with them as they continue to grow their product offerings and digital health platform in the U.S. market.”
