Just a few months ago, Future Family, a startup that wants to make fertility services like IVF and egg freezing more accessible, got a small amount of money from its first round. Now, the company has raised $25 million in its second round.
Munich Re Ventures led the round, which was also joined by TriVentures, MS&AD Ventures, ORIX, and existing investors Aspect Ventures, Mindset Ventures, inc/, and OurCrowd, as well as new investors TriVentures, MS&AD Ventures, and ORIX. Including the $100 million the company got in a credit facility in 2018, the company has now raised $150 million.
If you want to read more about Claire Tomkins, the founder of Future Family, click here. She and her team worked with clinics to make sure that all of the prices for procedures were worked out in advance and that bills were paid upfront so there were no hidden or surprise costs.
Between $300 and $475 is what the company charges each month for 60-month loan plans. They cover things like clinic procedures as well as lab work and medicines.
When TechCrunch asked Tomkins what she thought would happen in 2021, she said she thought there would be a record amount of activity because people were waiting for the global pandemic to pass so they could get treatment. Future Family saw its gross transaction volume (the number of patients it was financing) go up by 3000% in 2021. A lot more people were hired by the company as a whole, too.
When people have made it through the virus, she thinks the growth rate will be even faster this year and in 2023. She talked about statistics from the CDC that show that 20% of Americans will need fertility care in the next few years. As people wait to start a family later in life, 1 in 8 will have age-related infertility. As most people finance their cars, Tomkins thinks it’s natural that people would want to finance fertility treatments as well. The average cost of an IVF cycle is $12,400, which is about the cost of a car.
The Future Family will be able to expand its network, invest in staffing and product development, and look into new ways to reach people. During the second half of the year, Tomkins said there would be more news to report.
Future Family CEO Claire Tomkins told TechCrunch that the company had done so well that they were interested in raising money in the second half of last year. “It’s never been more difficult to start a family because of age-related infertility and because the cost of getting care is so high.” Future Family has a “buy now, pay later” plan for health care that makes sense and is easy to pay for each month.