Exclusive: Mate Fertility raises Series A to tackle IVF provider shortage
Summary
Among the participants, 60% of backers in the round were women, 29% were LGBTQ+ and 30% were Black, Indigenous and people of color. Funds will go toward hiring more clinicians, marketing and opening future clinics in Pittsburgh and Northern Virginia.Whats next: CEO Traci Keen foresees the company raising a Series B in roughly 18 months.How it works: The Los Angeles-based company trains OB-GYNs located in areas with few REIs to offer services including egg retrievals and embryology services. "By the numbers: At Mates flagship clinic in Oklahoma City, which opened in 2021, the average patient age is 31 (people with complex conditions such as ovarian cancer or advanced endometriosis are referred elsewhere). The OB-GYNs there have conducted 219 procedures (OB-GYNs perform their first 20 egg retrievals with an REI present).The intrigue: Struck Capital managing partner Adam Struck says Mates biggest headwind is pushback from REIs. "Were in a sense taking market share from them and giving it to OB-GYNs similar to what Uber did for Taxi medallions," Struck says.