- Virtual fertility clinic Apricity has raised $17 million in fresh funding from Swiss investor MTIP.
- The British startup offers fertility services ranging from blood tests and ultrasounds to consultations.
- Check out the 23 slide deck that Apricity used to raise the fresh funds.
A startup that offers a combination of digital and in-person fertility treatments has just raised $17 million in new funding.
London-based Apricity, which launched in 2018, provides patients with technology-enabled fertility care so they can maximize their chances of conception.
“Our goal is to enable patients to access treatments from the comfort of their home, with access to fertility counselors,” said Apricity Founder and CEO Caroline Noublanche.
Patients have access to video consultations from 7 a.m. to 9 p.m., and they can take blood tests at home which can then be analyzed at Apricity’s partner clinics. Nurses are on duty to inform patients about the dosage of any medication they are taking and to guide them on how to ingest or inject it. More recently, the startup launched an option for patients to have ultrasounds at home in a bid to reduce the number of in-person visits to clinics.
Apricity has also designed a mobile app that allows users to track what stage of the fertility cycle they are at and gives them reminders to take any medications. In May this year, it acquired Madrid-based company Woom, a period tracker app that helps users track their menstrual and fertility cycles. However, processes such as egg collection and embryo transfers are carried out in person, at one of Apricity’s seven partner clinics in the UK.
The startup has also designed an AI algorithm, which it is deploying to predict which fertility treatment will be most suitable for patients. He is also developing a form of 3D reconstruction technology that allows them to determine which embryo is best for selection in IVF procedures.
“We developed our algorithms based on patient response to treatments,” Noublanche said. “The algorithm also helps labs select the best embryos.”
While Apricity charges patients per treatment based on average market prices, about a third of its revenue comes from B2B contracts with companies, for which it provides its services as employee benefits.
It launched these offers in 2019 before the pandemic — which accelerated demand for fertility services as employee benefits, Noublanche told Insider. As fertility clinics were not considered ‘essential’ services during the UK’s first lockdown, patients flocked to Apricity, she added.
The past year has also seen investors’ appetite for the fertility sector soar, with VCs pouring $823.1 million into startups in the sector in 2021. While Noublanche noted that Apricity was attracting attention from investors, they wanted to make sure they found “health care experts” to back the startup.
The Series B round was led by Swiss healthtech investor MTIP, which has previously backed healthtech startups such as Oviva and Koa Health, with participation from Spanish consumer fund Iris Ventures.
With the new funds, it will recruit more talent in the coming year as it aims to expand into Spain, Germany and Italy.
Check out the 23 slide deck used to raise the cool funds.