Virtual fertility clinic Apricity has raised around £15 million in a Series B round led by Swiss HealthTech investor MTIP.
Featuring participation from Barcelona-based specialist consumer fund Iris Ventures, the new funds will be used to accelerate London-based Apricity’s growth in the UK, expand around Europe and develop its technology, including the expansion of its at-home services to include ultrasound scans in select areas.
The company, a new entry into our HealthTech 50 ranking this year, intends to launch in Spain before the end of the year, followed by Germany and Italy.
Launched in the UK in 2018 and originally incubated by Kamet Ventures, Apricity combines fertility care with technology to increase the chances of conception.
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 claims to boast a 46% success rate per cycle, compared to a UK average of 31%.
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Apricity has seen rapid growth in the past year, more than doubling its revenue and customer growth. It acquired Madrid-based period-tracking app Woom in May this year, and has signed up major corporate customers which use Apricity’s services as part of their employee benefits – including tech giants, large banks, as well as the leading providers of employee benefits in the UK, AXA and Reward Gateway. The B2B offering now accounts for more than one third of its revenue.
Apricity’s tech team recently developed first-of-its-kind 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.
“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,” said Caroline Noublanche, founder and CEO.
“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, said: “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.”