Kindbody Raises $32 Million in Series B Funding to Grow Employer Benefits Solution and Fuel U.S. Expansion
NEW YORK, July 8, 2020 /PRNewswire/ -- Kindbody, a fast growing health and technology company providing fertility, gynecology, and family-building care, today announced $32 million in Series B funding, bringing its total amount raised to $64 million.
Kindbody offers end-to-end services from preconception through postpartum, serving as both a provider and network solution. Their offering covers fertility treatment, including IVF and egg freezing, as well as gynecology, wellness, and LGBTQ+ services. Their approach features direct purchasing and inclusive bundled-rates, which allows Kindbody to offer pricing up to 30% less than other fertility benefit programs.
The Series B round was led by Perceptive Advisors, with participation from existing investors RRE, GV (formerly Google Ventures), and Freemark Capital. New investors include major private and public healthcare funds Rock Springs Capital, Goodgrower and Claritas Capital as well as NFP Ventures, the early stage investment arm of NFP, a leading insurance broker and consultant. The funds will be used to expand Kindbody’s national footprint and build an international presence, through brick-and-mortar locations and a growing “Center of Excellence” (COE) network of partner clinics.
Kindbody leverages proprietary technology to deliver a seamless member experience and data-driven results at its 180+ Kindbody and COE locations. The Company works with employers as a full-service benefits solution to deliver a premium experience with significant costs savings, and directly with patients, as an accessible, inclusive provider.
"You must be in the provision of services - in the actual care delivery business - to effectuate change in member experience, outcomes and costs. Sophisticated employers know this and are helping to drive change, utilizing their buying power to control costs. We're fortunate to have blue-chip investors to help accelerate this," said Founder and CEO, Gina Bartasi. Adding, "The funds allow us to scale the infrastructure - in terms of people and process - required to execute on large accounts. We're adding depth to our outstanding team at almost every level."
"We've followed Gina's career since her time at Progyny and trust her veteran leadership to not only navigate through the global pandemic, but show tremendous growth. June's patient volume is up 30% from pre-Covid levels - which speaks to the resilience of the business, and the interest from employers, which we see as a huge opportunity going forward," said Ellen Hukkelhoven, Managing Director, Perceptive Advisors.
Kindbody's clinical team is led by Chief Medical Officer, Dr. Lynn Westphal, the former head of Stanford Medicine's Third-Party and Fertility Preservation Program, and Founding Ob/Gyn, Dr. Fahimeh Sasan, previously at Mount Sinai. Their corporate team includes President Annbeth Eschbach, Chief Operating Officer Patty Stull, Chief Business and Legal Officer, Shilpa Patel and Chief Financial Officer, Debbie Markowitz.
About Kindbody
Kindbody provides fertility, gynecology, and family-building services at Kindbody clinics and a network of high quality partner clinics. As both a provider and network solution, Kindbody serves patients and employers at 180+ locations, leveraging proprietary technology to deliver a seamless end-to-end experience. Kindbody offers superior outcomes at significantly lower prices, with a mission to increase access to care and deliver a more welcoming, inclusive experience.
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SOURCE Kindbody
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