Social network for mothers, Peanut, has announced the closing of a $5m funding round and the launch of TTC (Trying to Conceive) the first social community for women hoping to become pregnant.
Index Ventures, the San Francisco and London-based venture capital firm, which has previously backed Dropbox, Facebook and Glossier, led the round.
London-based Peanut’s funding round brings the company’s total funding to $9.8m. Previous investors include Sweet Capital, Greycroft, Sound Ventures (the venture firm founded by Ashton Kutcher), Female Founders Fund, Felix Capital and Partech.
Peanut’s million members can use the platform from the moment they consider motherhood, and the platform hopes to enable women at similar life stages to connect, chat, and share advice.
It’s launch of TTC (Trying to Conceive) offers women on assisted fertility journeys, those considering alternatives to pregnancy and women experiencing loss information, support and access to a community.
Peanut was launched in 2017 by Michelle Kennedy, who previously served as the Deputy CEO at multi-billion dollar dating app, Badoo. Kennedy was also an inaugural board member of dating app mainstay Bumble, integral to its launch.
She said the platform offered women a way to connect that they may not feel able to on other platform and social networks.
“We want to shine a light on an often silent struggle,” she said.
“Providing a safe, inclusive space for women to discuss fertility is a natural progression for our brand as we continue to support women throughout each life stage.
“No woman should ever feel lonely, isolated or muted on such an important issue.”
Hannah Seal, Principal at Index Ventures added: “We’re incredibly excited to partner with Michelle to grow Peanut from the essential platform for mothers it is today, to a social network for women globally.
“Peanut is a true companion for women, bringing them together when they need each other the most. We’ve been impressed with the response Peanut has received since launch and look forward to supporting the team as it enters into new areas such as fertility, and expands globally,” says Hannah Seal, Principal at Index Ventures.
Kennedy said Peanut TTC addresses an overlooked component of The Global Fertility Services market size, which is expected to reach USD$36 billion by 2023.
“We believe that trying to conceive should be a supported journey— not kept in the shadows, or isolated to medical conversations. It should be met with shared experience, compassion, and community,” explains Kennedy. “At Peanut, we believe the more we speak about our experiences, the less isolating they become.”