UK virtual fertility provider Apricity has raised €17m in a Series B funding round led by Swiss healthtech investor MTIP with participation from Barcelona-based specialist consumer fund Iris Ventures.
Apricity, which combines technology and AI with personalised care to maximise the chances of conception, said it would use the funds to accelerate growth in the UK, expand its presence in Spain, Italy and Germany, and further develop its technology, including development of ‘at-home ultrasound scans’ in select areas.
Launched in the UK in 2018 and originally incubated by Kamet Ventures, Apricity says its personalised approach greatly improves the chances of conception and claims to have 46% success rate per cycle compared to the UK average of 31%.
The company has doubled its revenue in the last year and recently acquired Madrid-based period-tracking app Woom. It has also signed up a number of major corporate customers and its B2B offering now accounts for more than one third of its revenue.
Founder and CEO Caroline Noublanche 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.’
The company has pioneered new technologies which it says will transform fertility care, such as 3D reconstruction for embryo selection.
Commenting on the investment, MTIP managing partner Christoph Kausch 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.’