Women’s health represents an expansive market with substantial untapped potential – a $1T opportunity. Women’s health investments have surged in recent years, with 3x higher VC investment in 2023 compared to 2018, versus minimal change for healthcare overall.  

But still, investors have barely scratched the surface. Despite a growing demand for women-focused solutions, the industry remains underserved with limited capital historically directed toward key health concerns impacting women. 

By investing across the continuum of care, Foreground Capital Fund III is positioned to drive change in areas with high demand and large market opportunity — addressing urgent needs in reproductive health, maternal care, chronic conditions, mental health, preventive care, and more. The focus on underserved segments also aligns with a high-growth potential, where meaningful innovation can transform standards of care.

We have a rigorous diligence process, assessing each opportunity for its alignment with our impact pillars and potential for both financial and social returns. After an initial pitch, we debrief with the broader team and move forward into diligence if there is strong conviction and alignment. We then convene our Investment Advisory Committee for further input and our Investment Committee for final decision-making.

Foreground invests in companies addressing conditions that affect women directly, differently, and disproportionately.  We invest broadly across health segments, including biopharma, devices, diagnostics, digital health, tech-enabled services, and consumer health. 

Guided by our four core impact pillars — Transformative Innovation, Access, Affordability, and Systemic Change — we drive meaningful improvements in healthcare outcomes for women while delivering competitive financial returns.

Our sweet spot is Seed and Series A, we will opportunistically look at Series B and later. 

For life science companies, we typically invest when there is a scientific proof of concept or other indication that the mechanism of action can work. 

For tech-enabled or digital services companies, we are typically looking for product-market fit and demonstrated commercialization and traction.

Yes. We are excited to lead or co-lead Seed and Series A rounds, but we are also happy to join strong syndicates with co-investors.

We like to be hands-on investors. We’ll roll up our sleeves with you – whether on strategy, fundraising, hiring – all aspects of your company building! We bring a wealth of sector expertise in women’s health and a vast network in the space. We do have board director or observer seats with the majority of our companies.

 We started our work as RH Capital in 2019, when the women’s health sector was nascent. RH Capital was set-up as a wholly-owned subsidiary of a non-profit, a hybrid structure that allowed for an emerging firm to get established. The RH Capital team was responsible for raising and managing RH Capital Funds I and II. Today, the market has evolved and matured, providing an opportunity for the RH Capital team to spin out and establish a fully independent firm.

Our new firm—Foreground Capital—reflects that change. Launched in 2024, the Foreground team continues to manage legacy funds RH Capital Fund I and II. We continue to focus on women’s health, with a commitment to reproductive health, along with a broadened view to also include conditions that affect women differently and disproportionately.

While not an explicit investment criterion, we believe that entrepreneurs and leaders should represent the communities we aim to serve, and we believe that diverse teams drive better performance. 90 percent of our companies are led by women or people of color. 95 percent of our companies have a woman on the board. And 76 percent of our companies have a person of color on the board. 

No, but we do require a near-term focus on the U.S. market. If based outside the U.S., we prefer to see a local lead.

We screen all deals with a typical venture capital lens seeking market-rate returns, as much as we screen for impact. In a world in which the negative externalities of modern capitalism, particularly among historically underserved groups, are increasingly recognized, we believe in the opportunity to “do well” by “doing good.” We also see this as a business imperative. In the U.S., for example, Medicaid covers over 40% of births and is therefore a significant market segment. We believe that in the current environment for women’s health, an impact thesis can provide a competitive advantage.