Virtual fertility clinic raises €17m in Series B round
Apricity, a virtual fertility clinic, has raised €17 million in a Series B round led by MTIP, the Swiss healthtech investor, with participation from Barcelona-based specialist consumer fund Iris Ventures.
The new funds will be used to accelerate Apricity’s growth in the UK, expand geographically (to Spain before the end of the year, followed by Germany and Italy), and further develop its technology. This includes expanding its at-home services to include at-home ultrasound scans in select areas.
Launched in the UK in 2018 and originally incubated by Kamet Ventures, Apricity combines fertility care with technology to increase the chances of conception and outperform traditional clinics, while offering a smoother patient experience. The service assists with every step of the fertility treatment journey, and provides continuous, personalised support through its app. With one in six couples having difficulty conceiving, Apricity boasts a 46% success rate per cycle, compared to a UK average of 31%. Meanwhile, the global fertility market is predicted to hit $26 billion by 2027.
Apricity has more than doubled its revenue and customer growth. It acquired Madrid-based period-tracking app Woom in May this year and has signed up corporate customers which use Apricity’s services as part of their employee benefits - including tech giants, large banks, as well as AXA, and Reward Gateway. The B2B offering now accounts for more than one third of its revenue.
Apricity’s tech team recently developed AI algorithms that identify the most suitable fertility treatment for patients and then determine the best embryo for selection through 3D reconstruction. Apricity is the first company to develop 3D reconstruction technology for embryos to assist fertility treatments.
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.”