
Revenue
$180.00M
2023
Valuation
$1.80B
2023
Growth Rate (y/y)
50%
2023
Funding
$306.30M
2023
Revenue
Sacra estimates Kindbody hit $180M in revenue in 2023, growing approximately 50% year-over-year, driven by increasing demand for fertility services and employer benefits programs.
The company has achieved significant growth since its Series A funding in 2019, when it primarily generated revenue through its Manhattan clinic offering egg freezing services at $6,000 per cycle, substantially below market rates of $18,000+. Kindbody's current $1.8B valuation reflects strong investor confidence in its vertically-integrated fertility care model.
Revenue is primarily derived from three channels: direct-to-consumer fertility services, employer-sponsored benefits programs, and its growing network of brick-and-mortar clinics. The employer benefits segment has become increasingly important as companies seek comprehensive fertility coverage for employees. Kindbody's B2B partnerships with self-insured employers enable direct purchasing of benefits, eliminating costly middlemen.
Valuation
Kindbody is currently valued at $1.8B as of their Series D funding round in 2023.
Based on 2023 data, when the company was valued at $1.8B with $180M in revenue, Kindbody operated at a 10x revenue multiple.
The company has raised more than $300M in total debt and equity funding. Key investors include JP Morgan Chase's Morgan Health, GV (formerly Google Ventures), and Perceptive Advisors, with additional backing from RRE Ventures and Claritas Health Ventures.
Product
Kindbody was founded in 2018 by Gina Bartasi, who previously founded Progyny and FertilityAuthority.com. The company launched with a vision of making fertility care more accessible and integrated.
Kindbody found product-market fit as a full-stack fertility clinic system for millennial women seeking fertility preservation and family-building services. Their initial breakthrough came through mobile fertility clinics that offered free AMH testing, which effectively funneled patients to their brick-and-mortar locations.
The core product is a vertically-integrated fertility care system that combines physical clinics with a digital platform. Patients begin with a comprehensive fertility assessment, which includes hormone testing, ultrasounds, and consultation with specialists. Through Kindbody's patient portal, users can view their test results, track their fertility metrics, and communicate with their care team.
The company provides a continuous care experience that follows patients through their entire fertility journey. This includes egg freezing, IVF treatments, and related services like mental health support and nutrition counseling. Their clinics operate with a distinctly millennial-focused approach, offering modern spaces and transparent pricing structures.
Kindbody has expanded its offering to include employer benefits programs, allowing companies to provide fertility coverage to their employees through a single integrated platform rather than piecing together multiple providers.
Business Model
Kindbody is a vertically integrated fertility healthcare provider that combines brick-and-mortar clinics with mobile fertility testing units and telehealth services. The company generates revenue through direct-to-consumer fertility services and by contracting with employers as a fertility benefits provider.
The company's core revenue streams come from fertility treatments like egg freezing ($6,000 per cycle), IVF ($10,000-$12,000 per cycle), and comprehensive fertility assessments ($250). By owning and operating its own clinics rather than acting as a benefits navigator, Kindbody can offer prices 25-30% below market rates while maintaining healthy margins through operational efficiencies and technology integration.
Kindbody's competitive advantage stems from its full-stack approach combining medical care, mental health support, nutrition services, and gynecological care under one roof. The company uses mobile clinics as a marketing channel to drive awareness and convert patients to its permanent facilities. Its tech-enabled platform and patient portal create operational efficiencies that legacy clinics lack.
The company expands revenue through both geographic growth (opening new clinics) and service expansion (adding complementary services like mental health and nutrition). Its employer benefits program provides a scalable distribution channel, while its direct-to-consumer offering maintains brand awareness and patient acquisition.