Apricity, a London-based virtual fertility clinic, has raised €17M in a Series B round led by MTIP with participation from Barcelona-based specialist consumer fund Iris Ventures.
The fertility clinic will use the funds to accelerate its growth in the UK, expand to Spain, Germany, and Italy, and further develop its technology, including expanding its at-home services to include at-home ultrasound scans in select areas.
Caroline Noublanche, founder and CEO of Apricity, says, “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 struggling to conceive and can now hope for a better, less stressful alternative option,” she adds.
The service assists with every fertility treatment journey and provides continuous, personalised support through its app.
With one in six couples having difficulty conceiving, Apricity boasts a 46% success rate per cycle, compared to a UK average of 31%.
The UK company has doubled its revenue and customer growth in the past year. Also, the company acquired Madrid-based period-tracking app Woom in May this year and has signed up major corporate customers, including tech giants, large banks, and 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.
Christoph Kausch, the managing partner at MTIP, says, “The virtual business model has 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.”
Marc Dietrich, who joins the board of directors on behalf of MTIP, adds, “Fertility tech is one of the most important areas of healthcare innovation, and we’re excited to support Apricity as it leads the industry to new heights.”
Montse Suarez, Founder and Managing Partner, Iris Ventures, says, “Finding ventures that put the needs of the modern consumer at the heart of their mission is what drives us at Iris Ventures. There is no doubt Apricity is a stand-out in their field, using patient-centric technology to make a real impact in the lives of fertility patients, delivering high-quality care when and where patients need it most. It is just a matter of time until Apricity’s big success in the UK is exported to other European markets, such as Spain, and we are proud to come together with Caroline and the entire team at Apricity in their mission to reimagine fertility care.”