Apricity raises €17m Series B from MTIP and Iris Ventures
- Funds will be used to accelerate Apricity’s UK growth and expand geographical footprint
- 2022 has seen Apricity double revenue, acquire women’s health app Woom, and grow its B2B offering, signing up employee benefits providers like AXA and Reward Gateway
- Apricity has pioneered new technologies to transform fertility care, such as 3D reconstruction for embryo selection, and boasts a 46% success rate* per cycle (vs a 31% average for traditional clinics)
- The new funds will be used to accelerate Apricity’s growth in the UK, expand geographically (to Spain before the end of the year, followed by Germany and Italy), and further develop its technology, as it continues on its mission to become the leading fertility player in Europe. This includes expanding its at-home services to include at-home ultrasound scans in select areas.
Launched in the UK in 2018 and originally incubated by Kamet Ventures, Apricity heralds a new approach to reproductive medicine - combining fertility care with technology to increase the chances of conception and outperform traditional clinics, while offering a smoother patient experience. 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 boasts a 46% success rate per cycle*, compared to a UK average of 31%. Meanwhile, the global fertility market is predicted to hit $26 billion by 2027.
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.
Caroline Noublanche, founder and CEO of Apricity, 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.”
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.”
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, said: “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.”
*Clinical pregnancy rate (per embryo transfer event) for all egg sources and all ages, period 2021. See https://www.apricity.life/ivf-success-rate
Apricity is a virtual fertility clinic that has reimagined the fertility journey by combining technology and artificial intelligence with personalised care and medical expertise. Its digital solution is designed to improve the fertility experience and maximise chances of conception. It achieves this by providing access to world-class fertility advisors and a fully-customised treatment journey for patients, all easily navigated through a mobile app. Apricity’s mission is to help you create life - and live yours.
For more information, visit https://www.apricity.life/
MTIP is a leading Swiss-based growth equity firm investing in European healthtech companies. We leverage our deep sector expertise to help the founders scale up successful and sustainable digital health businesses. At MTIP, we are driven by the mission to empower healthtech innovation with the potential to impact and improve millions of lives.
For more information, visit: https://www.mtip.ch/
About IRIS Ventures
IRIS Ventures is the advisor to IRIS Fund I FCRE, a growth equity fund targeting European and US purpose-led consumer-centric brands and tech-enabled solutions that solve for healthier, happier and more convenient lives. IRIS Ventures has presence in Barcelona, London and New York.
For more information, visit: https://weareiris.com/