Less than a year after taking a small Series A extension, Future Family, a startup aiming to make fertility services like IVF and egg freezing more accessible, is back with $25 million in funding of series B.
Munich Re Ventures led the round and was joined by TriVentures, MS&AD Ventures and ORIX and existing investors Aspect Ventures, Mindset Ventures, at.inc/ and OurCrowd. The latest round provides the company with total funding of $150 million, including $100 million in a credit facility announced in 2018.
We’ve been covering Future Family now for almost five years – you can read it all here – and have followed founder Claire Tomkins as she and her team set out to partner with clinics so that all procedures are priced at the right time. ‘advance. and bills are paid upfront, so there are no hidden or unexpected costs.
The company offers 60-month loan plans that range from $300 to $475 per month and cover things like clinical procedures, lab work, and medications.
In 2021, Tomkins told TechCrunch it expects record activity due to people waiting during the global pandemic to move forward with treatments. And that’s exactly what happened; the result was that Future Family saw its gross transaction volume – the volume of patients it funded – jump 300% in 2021. The company also doubled its workforce.
She expects an even faster pace of growth for this year and in 2023, as many people have now navigated the pandemic. She noted CDC statistics that show about 20% of Americans will need access to fertility care in the coming years, and as people wait until later in life to start families, 1 in 8 will experience age-related infertility. Most people finance a car, so for Tomkins, it’s only natural that with the average cost of an IVF cycle of $12,400 – similar to the cost of a car – people would want to finance fertility treatments.
The new funding will allow the Future Family to expand its network, invest in people and product development, and explore new channels. Tomkins hinted that there would be more news in the second half of the year.
“We had seen such performance with the growth and momentum of the business, so we were interested in increasing in the second half of last year,” Claire Tomkins, founder and CEO of Future Family told TechCrunch. “It has never been more difficult to start a family than in 2022, right between age-related infertility and the cost of care is so high. Future Family offers a unique, buy now, pay later healthcare solution that makes sense and offers simple monthly plans. »