Why I Bet Big on Women's Health: Lisa Wang's Investment Philosophy
Lisa Wang, Partner at Horizon Ventures and one of Asia's most active FemTech investors, shares her perspective on why women's health is the next frontier in healthcare investing.
A Different Kind of Investor
Lisa Wang wasn't always focused on women's health. With a background in traditional healthcare venture capital, she spent the first decade of her career investing in biotech and medical devices. But a personal experience changed everything.
"I went through a difficult pregnancy in my late 30s," Lisa shares candidly. "I had access to the best doctors, the best hospitals—and yet I felt like the healthcare system wasn't designed for me. That's when I realized: this is a massive market failure."
The Investment Thesis
Since pivoting her focus to FemTech in 2019, Lisa has led investments in over 15 women's health companies across Asia. Her investment thesis is straightforward:
"Women control 80% of household healthcare decisions. Yet less than 4% of healthcare R&D funding goes to women-specific conditions. That's not just an injustice—it's a market opportunity."
What Lisa Looks For
When evaluating FemTech startups, Lisa focuses on three key criteria:
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Scientific rigor: "I want to see founders who understand the underlying biology, not just the user interface."
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Market timing: "Is the regulatory environment ready? Is consumer awareness there? Timing matters enormously in healthcare."
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Team resilience: "Women's health is hard. You need founders who can weather the skepticism and keep building."
Portfolio Highlights
Lisa's portfolio spans the full spectrum of women's health:
| Company | Focus Area | Stage |
|---|---|---|
| FertilityAI | Fertility optimization | Series A |
| MenoTech | Menopause management | Seed |
| PelvicHealth | Pelvic floor therapy | Series B |
| MamaWell | Maternal mental health | Series A |
The China Opportunity
Lisa is particularly bullish on the Chinese market. "China has 700 million women, a rapidly aging population, and a government that's actively encouraging birth rates. The policy tailwinds are incredible."
She also notes the unique cultural factors at play: "Chinese women are digital-first. They're comfortable with health apps, telemedicine, and sharing data. That creates opportunities that don't exist in other markets."
Advice for Founders Seeking Investment
For entrepreneurs looking to raise capital for their FemTech ventures, Lisa offers practical guidance:
- Lead with data: "Show me the clinical evidence. Show me the user retention. Numbers speak louder than narratives."
- Think global: "Build for China, but design for scale. The best FemTech companies will be cross-border."
- Be patient with investors: "Many VCs are still learning about women's health. Educate us. We want to invest—we just need to understand."
Looking Ahead
Lisa predicts that 2025 will be a breakthrough year for FemTech in Asia. "We're going to see the first wave of exits—IPOs, acquisitions. That will bring more capital into the space and create a virtuous cycle."
When asked about her long-term vision, Lisa is clear: "I want to live in a world where investing in women's health is not 'impact investing' or 'niche investing'—it's just smart investing."
Lisa Wang will be joining FemTech Weekend's investor panel at the 2025 Global Summit. Connect with her on LinkedIn for more insights on FemTech investing.