Cover Maaike Steinebach and Lindsay Davis, co-CEOs of Femtech Association Asia
Maaike Steinebach and Lindsay Davis, co-CEOs of Femtech Association Asia
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The co-CEOs of FemTech Association Asia discuss Asia’s femtech landscape, the opportunity it presents for women entrepreneurs, and why it’s high time we normalise conversations around topics like menopause, menstruation and the vaginal microbiome
In 2018, when Maaike Steinebach found herself between jobs, she came across the area of technology known as femtech, a term coined in 2016 by Ida Tin, the co-founder and CEO of menstruation-tracking app Clue.
Femtech, which brings technology and women’s health together, piqued Steinebach’s interest, even though there was little going on in the scene in Hong Kong, where she remains based, at the time. It spoke to her interest in fintech, her support for women in the workplace, and to the wellness journey she had recently been on.
After turning 40, Steinebach had taken stock of her life. She says, “I was super fortunate to have had C-suite roles, and three kids along the way through natural births, a supportive partner and supportive bosses.” She decided it was time to start giving back—and so she got more involved in women’s initiatives; but it was also time to look at her health.
“I had not been taking care of myself,” she says. “I had been taking care of my employees, my children, my family and not myself. I did not go to the gym, I smoked, I was severely overweight and I realised that if I continued I would not make it to 50.”
Cue drastic lifestyle change and a conscious effort to encourage other women to put themselves at the top of their priority list and look after their own health. Last year, a career pivot followed. While Steinebach had started to invest part of her bonus in a femtech company every year since learning about it, the former CEO of Visa, Hong Kong and Macau decided to go all in professionally on femtech too.
In 2021, Lindsay Davis founded Femtech Association Asia (FAA). She had encountered the term at a similar time to Steinebach and, having also read Invisible Women, the influential book on data bias by Caroline Criado Perez, was compelled to learn more. Davis contacted a number of femtech founders to talk to them about what they were trying to build and what support they might need.
One of them was Nandhini Gopal, who was then based in Singapore, like Davis, and was co-founder of Femcy, a platform supporting menstrual well-being through nutrition and wellness guidance. Gopal asked Davis if she was starting an association. And with that, the seed was planted: Davis said yes, and FAA was born. Two years later, Steinebach joined her as co-CEO.
The role of the FemTech Association Asia
The goal of FAA is to build and nurture an ecosystem for the industry, not only supporting founders, but working with corporations, governments and community partners, and driving greater consumer awareness of femtech, with the ultimate goal of improving women’s health through technology.
FAA works off the Cambridge dictionary definition of femtech, which states that it is “electronic devices, software and other technology related to women’s health”. In addition, FAA’s definition embraces consumer product goods, such as menstrual care products. “To me, it’s innovative when people make [menstrual pads or tampons] biodegradable, organic or out of bamboo. We use the term ‘femtech’ with inclusivity because we want to make sure that all women’s health is included,” says Davis.
See also: What is ‘femvertising’ and how can it backfire in Asia?
The challenges facing FemTech in Asia
Since Davis and Steinebach came upon femtech, growth of the industry has continued apace, yet challenges persist. “It’s under researched, underfunded and underserved,” says Steinebach. And while these issues apply to femtech globally, she says they are amplified in Asia.
One example she gives is that medical research is predominantly based on the average white man; this means for an Asian woman, the research gap is particularly large. She says that it’s essential to find ways to accelerate data collection and access the information that governments, investors and founders all need to develop the industry.
“Investor interest globally is growing, particularly where there are more female investors and female-led or female-founded funds coming into this space,” says Steinebach. But, “in Asia, the reality is that we are still behind from that perspective, so it’s a big challenge for companies to get funding.”
Adds Davis, “We are a nascent industry in Asia. Not a lot of people have built femtech businesses and we haven’t seen a huge exit yet on this side of the world.”
See also: Women’s health is in the spotlight—but beware companies cashing in on the movement
Having important conversations
In some parts of Asia, there also remains cultural taboo around various women’s health topics. Normalising conversations is key. “I’m sure there are people who feel uncomfortable or who might giggle or feel awkward saying ‘vaginal microbiome’ in a discussion,” says Davis. “For me, it’s medical. It’s an entrepreneur’s company. If we don’t use the words appropriately and correctly, how are we ever going to talk about healthcare for women and be effective and give women the power to use the words themselves? I hope that through the appropriate language we use we can help other people use the words and feel more comfortable with the words.”
See also: Obstetricians are debunking women’s health misinformation with a dose of humour on TikTok
An ocean of opportunities
Despite the hurdles, the region presents plenty of opportunity for femtech and its founders. “It’s a blue ocean. For anyone looking to launch a company, it’s a space where there isn’t competition yet,” says Davis. “We have a couple of businesses in each [market], but there’s plenty to go around. And when it comes to entrepreneurship, it’s a really exciting place to be because all the pain points in the market certainly haven’t been solved.”
Many of the issues that femtech is currently solving are focused on family planning, reproductive care, fertility and maternal health, but a woman’s health span extends either side of this reproductive phase and is only growing as women live longer. “How do we improve the health span as we increase the lifespan?” asks Steinebach, highlighting that conditions such as cardiovascular disease and Alzheimer’s not only disproportionately affect older people, but also women. “Healthy ageing [for women] is a great area for growth.”
See also: Anca Griffiths on how women can take back control of their health
Femtech for female founders
And who better to grow the femtech industry than women? “A lot of women have had a personal experience where they have said, ‘I want to solve this because I don’t want another woman or individual to go through it.’ So, many [femtech] founders come from a strong point of passion with a true and clear mission to solve a pain point,” says Davis, noting that 80 per cent of FAA’s founder members are women.
“How exciting to think of this whole area of business as one that women can really own and really be the leaders in and set the standards by which we operate,” she continues. “I get excited about that. I get really excited about the future of femtech and just how incredible the founders are and how incredible the next generation is going to be.”
10 Asia-based femtech startups to watch
Femtech Association Asia co-CEOs Lindsay Davis and Maaike Steinebach highlight some of the femtech startups from across Asia that they are most excited about:
- Zora Health (Singapore): This platform, founded in 2023 by Gen.T honouree Anna Vanessa Haotanto, supports women with fertility issues and helps them to find solutions.
- Kindred (Philippines): Co-founded by former nurse and Gen.T honouree Jessica de Mesa, Kindred provides women in the Philippines with access to health and wellness services, through both physical clinics and telehealth, with a goal of ensuring "women-centric, quality care in a safe, judgement-free environment".
- Saib (South Korea): Founded by Jiwon Park, who recently won first place at the Cartier Women's Initiative Awards 2024 representing East Asia, sexual wellness brand Saib creates award-winning products targeting women including condoms, feminine washes and sexual lubricants.
- Ira Concept (Thailand): Femtech startup Ira Concept, which was founded by Gen.T honouree Varangtip Satchatippavarn, makes organic, sustainable female sanitary products that are between 97 and 99 percent biodegradable, and is also on a mission to end period poverty.
- Plans (Indonesia): Plans helps women personalise their fertility journey through medical-based early diagnosis and data-driven assistance with a goal of achieving better family planning.
- Lumirous (Malaysia): Online platform Lumirous supports those facing fertility and reproductive health issues and raises public awareness on the topic.
- Momby (Vietnam): An app designed to support parents through pregnancy and early childhood years, Momby provides information on topics from fetal development and newborn care to bonding and nutrition, while also offering access to a virtual AI assistant and real experts via chat and video calls.
- WomenX Biotech (Hong Kong): This biotech company is focused on enhancing women's health and detecting women's diseases, primarily through the development of various menstrual pads that can test pH values, prevent UTIs and vaginal infections, and potentially detect HPV and cervical cancer.
- Blissmi (Hong Kong): AI platform Blissmi predicts and personalises a woman's journey at all stages of motherhood, from fertility to pregnancy, postpartum and parenting, and also menopause.
- Twoplus fertility (Singapore): This startup offers accessible at-home fertility aids, such as the Applicator Extra, a self-insemination device, to support those on a journey to conceive.
FemTech Association Asia will host its inaugural FemTech Connect to showcase and celebrate the femtech landscape in Asia. The two-day discussion-based summit will take place on June 20 and 21 in Singapore. For details and ticketing, visit Eventbrite.
This story is part of our Front & Female In Conversation column, which appears monthly in the Tatler print magazine and is a series of discussions between women who are making an impact in their respective regions and fields.
About
Rachel Duffell is regional content director for Power & Purpose, including Front & Female, and former regional content director for Tatler Dining. She is a journalist and editor who has been covering people, gender, impact, leadership, culture and lifestyle for more than 15 years.
