Drew Barrymore, Gwyneth Paltrow are supporting telehealth startup

According to Reuters, a group of celebrity investors including Gwyneth Paltrow, Cameron Diaz and Drew Barrymore are backing telehealth startup Everno, which raised $28.5 million in funding.

Everno focuses on women who are in the menopausal or perimenopause stages, and connects them to physicians and prescription drugs.

The Series A funding round was led by venture capital firm New Enterprise Associates (NEA) along with firms such as 8VC, Refactor Capital and Coelius Capital, the company said on Wednesday.

Other 'angel investors' include retired football player Abby Wambach, Morgan Stanley's Carla Harris and author Glennon Doyle, Averno said.

According to US consulting firm Grand View Research, the global market for menopause-related products was worth $14.7 billion in 2020 and is expected to grow at a compound annual growth rate of 5.7% by 2028.

"We see enormous opportunity in terms of how much we have to do for the health of women 40 and older," said Alicia Jackson, chief executive officer and founder.

“These women have incredible spending power, they are at the peak of their careers – and yet, their health is so unsupported,” Jackson said.

The 3-year-old startup offers access to FDA-approved hormone therapies such as estrogen pills and patches, as well as a number of support services through its website. Everno subscription plans cost between $75 and $129 per month, depending on the member's prescription.

"Our customers are Generation X. They're super online, and they don't want to wait three hours to go to the doctor and spend an hour there," Jackson said. initial growth