Maria Toler is a serial entrepreneur and venture capitalist pioneering investment in women’s health care. She is the founder and managing partner of SteelSky Ventures, an all-female-led team and one of the world’s largest women’s health funds.

SteelSky Ventures invests in companies that improve access, care, and outcomes in Women’s Health. The firm currently manages $73 million in total assets under management. It has built an active ecosystem of investors, advisors, and portfolio companies that work together to scale with intention and shape the future of women’s health.

We’re talking with Maria about the importance of investing in women’s health, the growth in this area of investment, and how health care innovators can secure funding for their health care solutions.

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Check out these resources to help your health solution or organization learn more about the importance of investing in women’s health and other ways to advance equitable health innovation.

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In Full Health (IFH): SteelSky Ventures invests in companies that improve access, care, and outcomes in women’s health. Can you speak more to how funding these sorts of companies is vital to closing health equity gaps in society?

Maria Toler: SteelSky has invested in industry-leading companies that are moving the needle for women and underserved populations — from improving maternal, physical, and mental health, to expanding access to health care in rural America. We invest across the full spectrum of women’s health care, which we know is inclusive of not only fertility and maternal health, but all conditions that affect women.

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At SteelSky Ventures, we often say that we have a triple-layer impact: Our LPs invest in our all-female team, we invest in diverse teams, and these teams then create health care solutions for overlooked and overserved populations.

Maria Toler
Founding and Managing Partner, SteelSky Ventures

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Our portfolio company, Twentyeight Health, is a great example of the way investment can close equity gaps across the health care landscape. Millions of underserved women face barriers to health care access, including 20 million women who live in contraceptive deserts.

Twentyeight Health is a comprehensive telemedicine and medication delivery platform that offers convenient, affordable access to women’s health care in both English and Spanish. The company began by offering birth control covered by insurance, including Medicaid, and has since expanded to offer critical products. As the leader in women’s reproductive health for rural America, Twentyeight Health offers discreet, affordable access to women in 34 states and covers over 100 million lives

IFH: Have you noticed an emergence of this genre in venture capital?

Maria Toler: According to Silicon Valley Bank, women’s health deal counts have grown by 314% since 2018. This momentum is a signal that more entrepreneurs are starting women’s health companies and that more investors are recognizing the unmet needs in women’s health care, and we know there’s still room to grow.

This evolution in the venture ecosystem has been coupled with policy tailwinds. I recently hosted Dr. Biden, the First Lady of the United States, on behalf of SteelSky Ventures and the City of Atlanta to discuss the White House Initiative on Women’s Health Research, which is led by Dr. Biden and the White House Gender Policy Council. This initiative catalyzes innovation and addresses gaps in women’s health research and is a signal that investing in women’s health is a priority at the highest levels of government and industry. SteelSky Ventures is proud to be sharing our insights with the White House on this effort.

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IFH: What positive changes have you seen in the markets lately? What critical obstacles remain?

Maria Toler: In 2023, we predicted mergers and acquisitions (M&A) activity would ramp up within women’s health, and it’s already happening within our own portfolio. Last year, two of our portfolio companies made a total of three acquisitions, which have supercharged their national expansion. This is just the beginning, as the current women’s health market is primed for continued consolidation. This consolidation is a net positive for the ecosystem, as platforms are better positioned to partner with health systems, payors, and employers than are point solutions.

One remaining obstacle is the need for continued investment in this space. According to Rock Health, in 2023, only 2.7% of overall venture capital funding in digital health went towards women’s health. That figure is just a sliver of what it could — and should — be.

Increased investment in women’s health companies will require increased investment in venture funds focusing on women’s health. SteelSky Ventures is one of the largest women’s health funds with $73 million in assets under management, but let’s not forget that this figure represents a very small fraction of overall venture funding.

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Improving access and outcomes in women’s health will require additional investment at all levels: from investment in research and development to investment in women’s health funds like ours, and finally, to investment in the pioneers who are leading the charge on the front lines of health care delivery.

Maria Toler
Founding and Managing Partner, SteelSky Ventures

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IFH: Based on your experience, how hard is it for VC firms today to measure impact concerning health equity? What sorts of tools or metrics do you see companies using that you find helpful?

Maria Toler: When evaluating prospective investments, SteelSky Ventures uses a proprietary impact and diversity matrix to evaluate access, care, and outcomes. Health equity is top of mind for us, and we’ve been named three times to the ImpactAssets 50 as an Emerging Impact Manager.

On the startup side, we see companies tracking a wide range of factors tied to health outcomes depending on the business model. For example, tech-enabled services businesses may track reductions in ER visits, percentage of patients on Medicaid or Medicare, treatment adherence rates, and/or number of patients residing in rural areas.

A few impact metrics tracked within our portfolio include:

• Bend Health — a digital mental health company for kids, teens, and families — found that 61% of teens with disordered eating behaviors saw a reduction in symptoms after receiving care from Bend.
• Origin, the leader in pelvic floor and full-body physical therapy (PT), found 87% of patients have reported virtual PT helped them experience improvement in their health condition.
• Zipline, our next-generation drone delivery company, reduced maternal mortality rates due to postpartum hemorrhage by 88% in Rwandan hospitals.

IFH: What advice would you give to underrepresented entrepreneurs regarding approaching VC firms like yours for funding?

Maria Toler: Too many founders pitch us a fully direct-to-consumer model without sharing how they plan to expand into B2B partnerships. As health care investors, we look for solutions that can potentially meet the needs of not only patients and consumers, but also health systems, health insurance companies, and employers. This is for two reasons: long-term revenue potential and health equity.

Although women make 80% of health care spending decisions for families, a recent report from Deloitte found women spend more than 20% more per year on out-of-pocket health costs, amounting to more than $15.4 billion more than men. Closing the gap and advancing women’s health equity will require investing in solutions that are available via commercial insurance, Medicare, Medicaid, or employer offerings rather than cash pay. By securing B2B partnerships, founders can grow their ARR in the long run while simultaneously expanding access to their solutions.

IFH: Why should equity in health care matter to everyone personally?

Maria Toler: As my partner Casey Albert said in a previous interview with In Full Health, “Historically marginalized communities are the global majority.” In a society where health disparities exist, no one is immune to the potential consequences. When certain groups face barriers to accessing health care or experience higher rates of preventable diseases, it affects not only those individuals but also the overall health of the community.

Furthermore, health inequity can have cascading effects. Individuals who are in poor health are less able to fully participate in the workforce, leading to decreased productivity and economic growth. Additionally, unequal access to health care perpetuates cycles of poverty and exacerbates existing inequalities.

Ultimately, prioritizing health equity benefits everyone by creating healthier, more resilient communities in which all individuals have the opportunity to thrive. It’s not just a matter of fairness — it’s a matter of ensuring a brighter, healthier future for ourselves and generations to come.

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