Fertility tech continues to be one of the most important areas of healthcare innovation. The global fertility market is predicted to hit $26 billion by 2027. Bullish on the expanse of the fem tech sector, London-based virtual fertility clinic Apricity has raised €17 million.
The new cash will drive the startup’s growth in the U.K. and fuel its expansion plans in Spain, Germany and Italy. It also plans to expand at-home services to include at-home ultrasound scans in select areas.
The funding comes on the back of its acquisition of Madrid-based period-tracking app Woom in May this year. The Series B round was led by MTIP, the Swiss healthtech investor, with participation from Barcelona-based specialist consumer fund Iris Ventures.
Founded in the UK in 2018 and originally incubated by Kamet Ventures, Apricity focuses on reproductive medicine by combining fertility care with technology to increase the chances of conception and outperform traditional clinics. Aiming to offer a smoother patient experience, the platform claims to assist customers at every step of the fertility treatment journey, and provides personalised support through its app.
With one in six couples having difficulty conceiving, Apricity says its platform has a 46% success rate per cycle, compared to a UK average of 31%.
So how does it achieve this? The platform has developed AI algorithms that can identify the most suitable fertility treatment for patients and then determine the best embryo for selection through 3D reconstruction. Each Apricity patient is assigned a set of dedicated fertility advisors, a bespoke medical companion app and fully transparent pricing options. Its unique virtual platform empowers patients to take control of their fertility journey, resulting in improved success rates and greater patient satisfaction.
Caroline Noublanche, founder and CEO of Apricity, said: “MTIP’s deep-rooted understanding of the healthcare landscape combined with Iris Ventures’ expertise in the consumer space will be invaluable as Apricity enters its next stage of growth and we expand into more regions. We look forward to supporting more women and couples across Europe who are struggling to conceive and can now hope for a better, less stressful alternative option.”
Christoph Kausch, managing partner at MTIP, added: “The virtual business model has really taken off across the healthcare industry, and Apricity was one of its pioneers. Rather than focusing on just one part of the fertility journey, Apricity is using cutting edge technology to transform the end-to-end experience for patients and has seen incredibly strong traction as a result.”
The company has signed up major corporate customers which use Apricity’s services as part of their employee benefits - including tech giants, large banks, including AXA and Reward Gateway.
Montse Suarez, founder and managing partner of Iris Ventures, concluded: “Finding ventures that put the needs of the modern consumer at the heart of their mission is what drives us at Iris Ventures. Apricity is using patient-centric technology to make a real impact in the lives of fertility patients, delivering high quality care when and where patients need it most. It is just a matter of time until Apricity’s big success in the UK is exported to other European markets, such as Spain.”