Foreground Capital Research
Investment Thesis
Foreground Capital is a venture firm dedicated to women's health. Its tagline is "Moving women's health front and center." The firm argues that women's health is a trillion-dollar market that has been underfunded, and that VC investment in the category was roughly 3x higher in 2023 than in 2018. It invests in companies addressing conditions that affect women directly (reproductive, maternal, hormonal health), disproportionately (for example autoimmune conditions, where roughly two thirds of patients are women) or differently (for example heart health, where etiology, symptoms, diagnosis or treatment differ). Every investment is screened against four impact pillars: Transformative Innovation, Access, Affordability and Systemic Change. The firm says it wants to deliver competitive financial returns while improving health equity.
Stage Focus
The stated sweet spot is Seed and Series A, with opportunistic looks at Series B and later. For life science companies it typically invests once there is scientific proof of concept or another indication that the mechanism of action works. For tech-enabled and digital services companies it looks for product-market fit and demonstrated commercial traction. Recent third-party records show Series A and Series B participation in 2025.
Check Size
The firm does not publish check sizes. Its legacy funds were small (RH Capital Funds I and II closed with $43.5M in total assets under management), so initial checks are likely in the low single-digit millions. This is an inference and is not stated by the firm.
Lead Tendency
The FAQ says Foreground is excited to lead or co-lead Seed and Series A rounds and is also happy to join strong syndicates. It takes a board director or observer seat at most portfolio companies, so the lead tendency is both.
Recent Activity
Foreground launched in 2024 as a spin-out of the RH Capital team from Rhia Ventures, effective October 1, 2024. It continues to manage RH Capital Funds I and II, and its website describes a Fund III. Third-party data lists a Series B in Gesynta Pharma (July 2025), a Series A in Eli Health (June 2025), a Series A in Cofertility (April 2025) and a Series A in Millie (February 2025). Venture Capital Tracker reports participation in Allara's $30M financing in October 2026. The portfolio page added Nadia Care in 2026. The firm says it is deploying actively and is hosting and speaking at women's health events (HITLAB symposium, March 2026).
Portfolio Highlights
The portfolio page lists about two dozen companies across life sciences, devices, diagnostics, digital health and tech-enabled services. Examples include Evvy (at-home vaginal microbiome tests), Nurx (telehealth and online pharmacy), Cadence OTC (over-the-counter birth control), Contraline (male contraception implant), Neuspera (urinary incontinence), Raydiant Oximetry (fetal oxygenation monitor), Seven Starling (perinatal mental health), Millie (midwife-led maternity care), Mae (care for Black women through pregnancy), and YourChoice Therapeutics (non-hormonal contraceptives). The firm says its companies serve more than half a million women. It reports that 90 percent of portfolio companies are led by women or people of color.
Team
- Elizabeth Bailey: Co-Founder and Managing Partner, over 20 years in venture capital and early-stage healthcare, based in Greater Boston
- Stasia Obremskey: Co-Founder and Managing Partner, previously Managing Director of RH Capital, based in San Francisco
- Alice Zheng, MD, MBA, MPH: Co-Founder and Partner, background in global health, clinical medicine and the private sector
The team is supported by an Investment Advisory Committee of healthcare leaders and an Expert Network of clinical and industry experts used in diligence.
Decision Process
After an initial pitch the team debriefs, then moves to diligence if there is conviction. The Investment Advisory Committee gives input and the Investment Committee makes the final decision, so this is a committee process. The team describes itself as hands-on with strategy, fundraising and hiring, and as connectors across the women's health ecosystem.
Founder Preferences
The firm believes founders and leaders should represent the communities served. Founders should articulate what share of their patients and providers are women, or how their solution addresses a gender gap or bias. It does not require a U.S. company but requires a near-term U.S. market focus and prefers a local lead if the company is based abroad.
Geographic Focus
United States focus, with some openness to non-U.S. companies that plan to enter the U.S. market near term. The firm is headquartered in San Francisco per PitchBook, with a partner in Greater Boston.