PUBLISHED Health and wellness company Kindbody secures $32 million in Series B funding
Updated: Aug 27, 2020
The full article (with citations) is published on The Buttonwood Tree here.
Public equity investor Perceptive Advisors takes the lead again, with help from GV (formerly Google Ventures) specializing in disruptive technologies in the consumer space. New investors include healthcare and biotechnology funds Goodrower, Claritas Capital, Rock Springs Capital and insurance investor NFP Ventures.
Kindbody is Gina Bartasi’s third healthcare company seeking to change women’s access to healthcare. After realizing the lack of transparency in the fertility industry, Bartasi founded startups FertilityAuthority and Progyny. Since exiting, she continues to see demand for specialty services. “There’s easily a 20 percent cost reduction by eliminating the middleman and automating much of the operations,” she said in a statement. “The result can be millions of dollars in savings,”
Recognizing demand for employers purchasing fertility benefits direct from physicians, Bartasi launched Kindbody in 2018.
Ellen Hukkelhoven, Perceptive Advisors partner and Managing Director, says funding Kindbody should create positive change. “We’ve followed Gina’s career . . . and trust her veteran leadership to not only navigate through the global pandemic, but show tremendous growth,” Hukkelhoven says.
The increase in patients since the COVID-19 outbreak is also a call for investment. “[It] speaks to the resilience of the business, and the interest from employers, which we see as a huge opportunity going forward,” adds Hukkelhoven.
Kindbody works to connect self-insured patients and employers with fertility care, both in-person and online. Using the high demand for women’s health and fertility services, the company seeks to create another $6 million in TAM by making the industry more accessible.
As a women’s health and wellness company, Kindbody specializes in affordable family planning by offering a full suite of fertility, gynecology; and LGBTQ+ services. It maintains low cost by acting as both provider and network, offering direct purchasing and inclusive rates.
Kindbody delivers a one-stop solution for all reproductive needs, fertility services and wellness care. Its goal is to provide accessible care so patients and employers won’t blindly navigate healthcare systems on their own.
Since its launch, Kindbody opened two flagship clinics to increase convenience and accessibility to affordable treatment.
“You must be . . . in the actual care delivery business to effectuate change in member experience, outcomes and costs,” says Bartasi. “Sophisticated employers know this, and are helping to drive change, utilizing buying power to control costs. We’re fortunate to have blue-chip investors to help accelerate this.”
Kindbody uses technology to deliver a member experience and data-driven results at over 180 locations nationwide. Additionally, the company operates as a full-service benefits solution for a lower cost as an accessible, inclusive provider.
Funds raised will be used to establish Kindbody’s nationwide presence with new locations, partner clinics and technology. The first round of funding sought to expand flagship clinics nationwide. This round seeks to expand even further, with opportunities for international locations and partners.
The latest investment will help improve infrastructure and accessibility process. “We’re adding depth to our outstanding team at almost every level,” says Bartasi.
In addition to the $15 million raised in its Series A funding, private investor and seed funds increased the total to $22 million.
Bartasi and the women-led team at Kindbody agree, saying ideal investors are women and NYC-based investors. “We’re appreciative of the support and infrastructure that a city like New York provides us,”
Bartasi said in a statement.
The newest clinic was opened in NYC in September, with plans to open a Los Angeles location in the near future.