The 18 Most Promising Fertility Startups To Watch
Reproductive care continues to be fragmented, costly, and difficult to access.
As fertility rates decline and people choose to have children later in life, venture capitalists are now recognizing the potential in investing in reproductive tech startups.
The World Health Organization (WHO) projects that nearly 80 million couples worldwide, approximately 8%-10% of all couples, experience infertility. As a result, the fertility services market is predicted to witness significant growth, reaching a substantial value of $90.14 billion by the year 2027.
In response to this reality, an increasing number of employers are recognizing the importance of providing support for fertility treatments and family-building options as essential medical necessities, rather than mere optional benefits. Offerings such as sperm and egg freezing, fertility tracking, and in vitro fertilization (IVF) are rapidly becoming standard expectations among employers.
The US Market
As of 2020, statistics reveal that 42% of large U.S. employers with over 20,000 employees already offer coverage for IVF treatments, while 19% provide coverage for egg freezing. Even among smaller companies with more than 500 employees, 27% extend coverage for IVF treatments, indicating a progressive trend in employer-provided fertility benefits.
FemTech Startups are on the Rise
Prominent US-based companies:
Maven Clinic is the largest virtual clinic for women's and family health, offering continuous, holistic care for fertility and family building through maternity, parenting, pediatrics and menopause. Maven Clinic became the first maternal and family-health startup to reach unicorn status after a $292 million total financing.
Carrot Fertility is a global fertility healthcare company for employers and health plans. The company launched in 2016, has banked $115 million in VC funding to date backed by investors including Tiger Global Management, U.S. Venture Partners and Silicon Valley Bank.
Carrot Fertility offers egg and sperm freezing and IVF as well as less commonly covered services including adoption and surrogacy. The company also has added benefits for menopause and low testosterone services to its platform.
Progyny, the first fertility benefits company to go public, the company has grown its client base to more than 265 large self-insured employers, up from 179 clients a year ago. Those clients represent about 3.9 million covered lives. The company brought in $501 million in revenue in 2021, up 45% from $345 million in 2020.
Legacy a male fertility startup, which offers at-home sperm testing, semen analysis, and sperm freezing, was founded at Harvard in 2018. The company has raised close to $50M from leading investors like FirstMark Capital, Bain Capital Ventures, Section 32, and celebrities like Justin Bieber.
Kindbody, which builds tech-enabled clinics offering IVF and egg freezing has raised $306 million to date, according to Crunchbase.
Modern Fertility, which was acquired last year by digital health company Ro in a deal valued north of $225 million. The company provided fertility hormone essentials, from at-home tests to digital tools and an online community, for anyone with ovaries. DTC giant Ro also acquired sperm-testing startup Dadi for about $100M, rebranding it as Ro Sperm Kit, to be distributed via Modern Fertility
Women’s healthcare company Tia blends in-person and virtual care services, Tia’s care model fuses gynecology, primary care, mental health and evidence-based wellness services to treat women comprehensively. The company has raised $132 million from Threshold and Lone Pine Capital.
Future Family, a startup combining fertility financing and care support, also recently bagged $25 million in series B financing.
Alife Health secured a funding of $31 million to expand its technology, employing artificial intelligence tools to reduce expenses and enhance outcomes for IVF treatments.
The European Market
Access to fertility treatment in Europe lags behind the US. Private healthcare and fertility care coverage for employees are exceptions, especially for smaller companies.
In the UK, the National Health Service (NHS) provides fertility treatments for eligible individuals. However, there have been issues with long wait times, increasing costs, and variations in access across different regions. This has led to a perceived "postcode lottery" where the availability and quality of fertility treatments depend on the area in which a person lives. Some regions may offer multiple rounds of in vitro fertilization (IVF) treatments on the NHS, while others may offer limited or no access to these services.
The German healthcare system provides a partial reimbursement for up to 50 percent of the costs of IVF and ICSI treatments, but only for heterosexual couples. Additionally, there are age restrictions for women seeking reimbursement. Generally, women must be under the age of 40 to qualify for the subsidy.
In France, up to four IVF cycles are reimbursed by the state health insurance for women under the age of 43. However, the reimbursement is limited to heterosexual couples who are married or in a stable relationship.
On the other side, Spain is renowned for its liberal and supportive stance on assisted reproductive technologies in Europe. The country offers widespread access to fertility treatments, such as IVF, through a well-regulated system. Public funding is available, although the level of coverage and treatment cycles may differ by region. Eligibility criteria and age limitations apply to publicly funded treatments. Spain's regulatory bodies have enabled access to treatment for various patients, including single women and lesbian couples. The country allows shared motherhood and Egg Donation, with more flexible age limits (up to 50) and acceptance of higher BMI (over 30).
Notable companies based in Europe:
London-based Gaia, uses predictive technology to offer the world’s first-ever insurance product for IVF. The company launched in 2019, has banked $23 million in VC funding to date backed by investors including Atomico, Seedcamp and Kindred Capital.
Peppy Health provides assistance to employees in areas of health that are frequently overlooked, filling the gaps that often exist in menopause, fertility, pregnancy, women's health, and men's health. Peppy has secured a cumulative funding of $56.7 million across four funding rounds.
 Flo Health uses biological data and AI to predict periods and ovulation and to give personalised insights to women based on their symptoms. Flo Health has raised a total of $75.5M in funding from Target Global, Flint Capital and others investors.
Natural Cycles, a healthcare app that uses body temperature to determine fertility status, has raised a total of $44.5M in funding from EQT Ventures & Samsung Ventures.
Clue is a doctor-recommended app for period and fertility tracking. Clue has raised a total of $55.5M in funding over 11 rounds from Balderton Capital, Atlantic Labs and others investors.
Fertifa is an innovative employer-focused solution that improves the accessibility and affordability of fertility care. Their offerings include extensive support, clinical guidance, financial aid, and benefits that cover various aspects of reproductive health, such as fertility and family-building, women's health (including menopause), and men's reproductive health. According to their team, Fertifa has effectively raised close to $10 million in funding through three funding rounds.
Apryl is a fertility benefits platform that helps employers attract & retain top talent while tackling diversity & inclusion. The company has raised $4.1M in seed funding.
Hertility is shaping the future of reproductive healthcare by pioneering unique diagnostic testing that provides data-driven and advanced insights into reproductive health, fertility decline and the onset of menopause. The company has raised $8M in seed funding.
Inne is a biotech startup based in Berlin, with a mission to help women track their fertility in a more accurate and convenient way, through an innovative, daily saliva test. The company has raised $17.3M in seed funding.
Many startups that provide fertility solutions also include offerings for menopause solutions. Despite the fact that approximately 1 billion women around the world are going through menopause, its effects on their everyday existence frequently pass unnoticed.
While American companies like Lyft, Walmart, Zoom, and Fox offer diverse fertility benefits, many European policies focus mainly on egg freezing and IVF, which is not fully inclusive. To support all employees, European startups should adopt comprehensive policies that include surrogacy, adoption services, fertility testing, and coaching.
Non-commercial surrogacy remains restricted in certain European countries like Italy, Spain, and France, limiting access for some employees. However, in countries like the UK, offering surrogacy support can be particularly impactful for male same-sex couples seeking biological children. Subsidizing costly adoption fees can also help diverse workers fulfill their dreams of starting or expanding their families.
In the UK, a range of companies now offer benefits to cover fertility treatment costs or provide paid time off for such procedures. For example, Natwest, Centrica, LinkedIn, Goldman Sachs, Blackrock, Facebook, Google, and Apple have implemented fertility benefit programs. Additionally, the NHS and Co-op offer paid time off for fertility treatment, with the Co-op also providing access to free counseling and wellbeing support.
In conclusion, the remarkable growth of reproductive tech startups and the increasing recognition of fertility services as essential medical necessities by employers reflect a significant shift in attitudes towards fertility and family-building. The advancements in technology have enabled innovative companies to provide comprehensive solutions, ranging from fertility tracking to IVF and beyond. While the US leads the way in offering diverse and inclusive fertility benefits, Europe still faces challenges in ensuring equal access to these services across the region. To create a truly supportive and inclusive environment for employees on their fertility journey, companies in both regions should adopt holistic approaches that encompass emotional support, flexible working policies, and diverse fertility benefits. By fostering open conversations about fertility issues and endorsing initiatives aimed at transforming attitudes, employers can attract and retain top talent while nurturing a diverse and inclusive workplace. As the field of reproductive tech continues to evolve, the positive impact of these initiatives extends beyond individual employees, enhancing overall well-being and productivity in the workforce.
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+ fertility is good,
Martin
P.S. I used some of the following sources to obtain the data for this article:
(1) WHO (2) Mercer (3) HFEA-UK (4) Crunchbase (5) Pitchbook
Nice summary! Particularly helpful to read the global landscape here, thanks