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Founder Claire Tomkins believes the number of babies born with IVF could soon grow to 10% in U.S.
Filling in gaps in America’s health insurance and helping tens of thousands of men and women become parents, Future Family has announced scoring $10 million in its Series A funding Thursday.
The female-founded San Francisco startup, which provides subscription-based financing plans for fertility care, was backed in this round by lead investor Aspect Ventures and participating iNovia, BBG Ventures, LaunchCapital, RiverPark Ventures, Ulu Ventures, and Portfolia, an investing platform for women.
“We noticed in this fundraising round that there’s increasing interest in the category of fertility,” Claire Tomkins, Future Family’s founder said in an interview with VatorNews. These days, she said, there are fewer questions of whether the market could grow compared with a few years back when the startup launched.
Tomkins said her company confronts the issue that little fertility care is covered by health insurance and that few people who want in vitro fertilization (IVF) can afford to get it. In addition, having gone through several rounds of IVF to conceive her daughter, Tomkins knows first-hand how tough and isolating the experience can get without support that has never been offered by the existing system.
“I found it to be really isolating and emotionally tough,” she said.
“Like many women, I was working full-time when undergoing fertility care. I went through three miscarriages. It took me several years to conceive Natalie. That journey was lonely and hard, and it convinced me that we need to support not only women but couples going through this journey.”
Future Family provides financing plans for IVF and egg freezing, including options for genetic and hormone testing, travel, 24/7 on-demand support, and customized concierge care from registered nurses. Depending on a bundle of services needed and the costs of the services in a region, plans average between $250 and $300 per month for a period of up to 70 months.
The funding announced Thursday will help Future Family offer a wider variety of services, expand its nationwide network of clinics, and help more and more people build families, Tomkins said. Lately, unable to meet the growing demand, the company had to put clients on a waiting list, which is something that will change with new capital.
Having already helped tens of thousands of couples start or expand their families, Tomkins said what excites her most at Future Family is receiving notes from her clients with pictures of newborns and knowing that the company realizes its mission. She believes, in a few years, the number of children born with IVF would grow from 1 to 10 percent in the United States, comparable to countries where this service is affordable.
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