Exclusive: Fertility player Kindbody gets $100M at $1.8B valuation
- Erin Brodwin, author of Axios Pro: Health Tech Deals

Illustration: Gabriella Turrisi/Axios
Fertility clinic operator and employer benefits provider Kindbody raised $100 million at a $1.8 billion valuation, chair Gina Bartasi tells Axios exclusively.
Why it matters: As demand for infertility services rises, tech-forward companies say they can offer people more transparency and convenience than traditional approaches.
Deal details: Life science investment firm Perceptive Advisors provided the funds, tipping Kindbody’s total equity and debt capital to just over $290 million and making the company the second of its kind to hit unicorn status.
- Kindbody is using the funds to acquire additional virtual health and fertility companies and open 10 new locations, including in Seattle, Brooklyn, Miami, Philadelphia and California's East Bay.
- 'This will be the last money in," Bartasi says. "We are projecting to be EBITDA- and cash-flow-positive this year."
Of note: Bartasi says Kindbody expects to be "ready when the markets open back up in 2024," when asked about the company's previously stated intent to go public.
State of play: Fertility startups banked a record $424 million in the last quarter of 2021, per a Rock Health report.
- Maven Clinic, the first maternal and family health startup to reach coveted unicorn status, last fall collected $90 million in Series E funds.
- Legacy, a celebrity-backed sperm testing and storage startup, last summer banked $25 million in Series B funds at a valuation of $150 million.
- Combining fertility financing and care support, Future Family last spring raised $25 million in Series B funding at an $80 million valuation.
How it works: Based in New York, Kindbody functions as payer and provider and offers customers bundled rates for its services, which include fertility and nutrition consultations, in-vitro fertilization (IVF), egg freezing and virtual therapy.
- Roughly half of Kindbody's revenue comes from employers while 30% comes from its managed care service line. The other 20% comes from people who use its services directly, says Bartasi.
- To predict someone's success conceiving, Kindbody assesses factors including male infertility, a woman's age and pregnancy history, and her levels of anti-mullerian hormone (AMH), which corresponds to egg count, and follicle-stimulating hormone (FSH), which stimulates egg production.
What she's saying: "The only way you can improve the patient experience, increase outcomes and reduce costs is to be in the provision of care," says Bartasi.
By the numbers: Kindbody provides benefits to 112 companies and sees roughly 7,200 patients a month.
- 88% of its physicians are women and more than half identify as Black, Indigenous or people of color (BIPOC).
- Its average patient age is 36.
🛁 One fun thing: Kindbody's clinics are designed not to look like a traditional doctor's office.
- "Our patients leave and say it looks like a spa," Bartasi says. "There are no white walls, no white coats, no medical degrees on the walls."
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