Drew Barrymore, Gwyneth Paltrow are backing telehealth startup

A group of celebrity investors including Gwyneth Paltrow, Cameron Diaz and Drew Barrymore are backing telehealth startup Evernow, which raised $28.5 million in funding, according to Reuters

Evernow focuses on women who are in the menopause or perimenopause stages, and connects them to clinicians and prescription drugs.

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

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

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

"We see a huge amount of opportunity in terms of how much there is to do for the health of the women aged 40 and above," said Chief Executive Officer and founder Alicia Jackson.

"These women have incredible spending power, are at the peak of their careers - and yet, their health is so unsupported," Jackson added.

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

"Our customers are Generation X. They're super online, and they don't want to have to wait three hours to go into a doctor and spend an hour there," Jackson said, adding the pandemic served as a tailwind for the company's initial growth.