NEW YORK — Progyny, a digital fertility company, has secured $14.7 million in Series B financing to accelerate the growth of its proprietary technology as well as its fertility benefits solution to enterprise customers. The new funds will also be utilized to launch new products and services including Progyny’s new app which is focused on the education and empowerment of those trying to conceive, going through fertility treatment, or interested in preserving their fertility through egg freezing.
The company offers clinical advancements in the IVF lab such as Eeva, the only FDA cleared early embryo viability assessment test, and its innovative SMART Cycle fertility benefits plan to employers providing fertility treatment and preservation plans uniquely designed to yield the best possible outcome, the first time.
In the last six months, Progyny has experienced hyper-growth in both provider enrollment and interest from large, self-insured employers seeking to provide a better family-building benefits solution. This new round of financing will be used to grow the customer base, account management and technology teams, while continuing to invest in product features and clinical tools which put Progyny at the forefront of the fertility and healthcare industry.
“We’re humbled to see the enormous interest from a broad range of Fortune 500 companies including big box retailers, technology firms, financial institutions and media companies. They run the gamut and all are interested in a new fertility solution – and each of them has intentionally added an egg freezing benefit to our standard fertility benefit offering,” said Gina Bartasi, Chief Executive Officer of Progyny. “What we see first-hand are patients who are seeking more transparency which is why we’re launching a new app that will bring together data, substantive curated content and access to expert assistance, making one’s fertility journey seamless and informed.”
George Nassef, Chief Technology Officer of Progyny, added, “These funds will be used to speed the development of new features launching later this year including a valuable IVF success predictor tool, ability for patients to securely track their fertility progress, view benefits information, and chat directly with a patient care advocate for support.”
“Technology and benefit design innovation in the IVF industry is needed to improve success rates and patient satisfaction. Progyny is leading that charge and is poised to have a significant impact on helping patients navigate the complicated world of IVF and egg freezing. We’re continuing to see the clinical and business communities stand with us as we bring transformative technologies and solutions to the marketplace,” commented Dr. Beth Seidenberg, General Partner, Kleiner Perkins Caufield and Byers and Progyny’s Board Chair.
Progyny is privately held and is headquartered in New York with operations in San Francisco and Menlo Park, CA.