The buzzy women's health start-up FemTec Health, which raised $38 million at a $380 million valuation and launched just 18 months ago, has run out of money and is winding down the business using the process "assignment for the benefit of creditors," which is simpler than a traditional Chapter 7 bankruptcy filing, assigning assets to an assignee to liquidate and pay off creditors.

WHO: Founded in May 2020 by Dr. Kimon Angelides and publicly launched in October 2021, FemTec Health is the leading health and beauty sciences company focused on women's health. FemTec Health's mission is to revolutionize women's healthcare by using state-of-the-art genomics, predictive intelligence, and digital technologies to create a unified, coordinated experience and provide personalized services and products that are meaningful and effective for women.

WHY: The company acquired five different businesses within two years. Nutrimedy, Ava, Birchbox, Mira Beauty, and Liquid Grid were not complementary and purchased at a premium.

DETAILS:

• FemTec Health launched out of stealth with $38 million in October 2020. Investors included Longmont Capital, Ithaca LifeSciences, Unilever Ventures, Shiseido, e.Ventures, Viking Global, and Trinity Capital.
• In May 2023, FemTec Health sold off beauty tech start-up Mira AI (formerly named Mira Beauty) to Longmont Acquisition Corporation after purchasing it in November 2021 for $28 million.
• Retention Brands, an investor in subscription commerce and e-commerce businesses, acquired the assets of Birchbox from FemTec Health.
• Awesome Health, Inc., whose mission is to provide exceptional care for the most underserved conditions in women's health, acquired the remaining assets from FemTec Health.