NEW YORK, June 25, 2021 /PRNewswire/ -- Kindbody, the leading fertility and family-building company, today announced it raised $62 million in Series C funding. The round was led by Theresa Sexton, Managing Partner of Claritas Health Ventures, who now joins the Board of Directors, and includes new investment groups Bramalea Partners, Monashee Investment Management, and Eldridge, along with participating existing investors including GV (formerly Google Ventures), Perceptive Advisors, RRE Ventures, and Rock Springs Capital.
This latest funding comes less than a year after Kindbody announced its Series B, bringing the total capital raised to $122 million, and a company valuation of $612 million. Kindbody was founded in 2018 by seasoned healthtech and fertility entrepreneur, Gina Bartasi, who previously served as the Founder and CEO of Progyny.
The rising costs of healthcare and increasing demand for fertility preservation and optionality in family-building has recently piqued investor interest in femtech companies offering technology-enabled innovation. According to S&P, investors injected $418 million into the femtech category across 22 deals during Q1 2021, yet the figure represents only 3% of total digital health funding during the same period.
"Kindbody's revolutionary, high-demand model will drive meaningful change to the way fertility care is delivered in the US and abroad," Sexton commented. "The company's vision for reducing barriers to care, expanding access, championing diversity, and delivering superior outcomes aligns directly with our mission at Claritas Health Ventures."
The fresh funding will help accelerate the company's growth to meet increasing demand from enterprise employers, enhance its proprietary technology, and expand access to its partner, signature, and mobile clinics. In addition to direct patient care, Kindbody offers a seamless fertility benefit solution to employers seeking cost transparency and a more intuitive platform to replace the traditional systems of telephone tag. Kindbody's proprietary portal and electronic medical record platform enables machine-learning to improve patient outcomes by reducing variable decision making amongst providers.
Kindbody estimates that demand for fertility and family-planning services is dramatically underserved today due to prohibitive costs, disparities in insurance coverage, and lack of compassionate and inclusive care. The company's mission is to open its doors to this population, broadening access and democratizing the ability for anyone to build the family of their dreams, in whatever path they choose.
"We're grateful to have the support of Claritas and our new investors, who along with our existing investors, share our desire to expand access for all by completely reinventing the patient journey with technology and personalized care at affordable rates through every life stage," said Bartasi. "Creating change in healthcare is hard, time-consuming and expensive to do right. We are fortunate to have a committed group of investors who see the opportunity to disrupt a market in desperate need of innovation the way we do."
Kindbody's unique combination of technology-enabled patient support, award-winning clinic experience, and value-based care model leads to reduced costs of more than 20% compared to other fertility benefit managers. Kindbody's suite of offerings covers the full span of fertility services including egg freezing, IVF, IUI, egg and sperm donation, adoption and surrogacy, and maternity care, to ongoing gynecology and holistic wellness, to local and virtual events supporting community education and LGBTQ+ inclusivity.
Kindbody provides fertility, gynecology, and family-building services at over 300 locations around the country including signature and partner clinics. With a mission to deliver a more welcoming, inclusive experience for all, Kindbody leverages proprietary technology to enable high-touch care and superior outcomes at lower prices. Founded in 2018 by CEO Gina Bartasi, Kindbody has raised a total of $122 million in funding from leading investors including Claritas Capital, Perceptive Advisors, GV (formerly Google Ventures), RRE Capital, Rock Springs Capital, and TQ Ventures. Its leadership team is rounded out by President, Annbeth Eschbach; Chief Medical Officer, Dr. Lynn Westphal; Chief Financial Officer, Meredith Whitney; Chief Commercial Officer, Cindy Gentry; Chief Business and Legal Officer; Shilpa Patel; Founding Physician, Dr. Fahimeh Sasan; and Chief Technology Officer, Richard Forsythe.
About Claritas Health Ventures
Claritas Health Ventures is the dedicated healthcare arm of Claritas Capital, an investment firm with two decades of experience backing emerging transformative healthcare companies. Claritas seeks management teams building with a mission to drive access, equity, reduced costs, and improved outcomes in healthcare. Investments include digital health, femtech, mental health, data services, provider services, population marketplaces, and software solutions.