Bengaluru-based PN IVF Access Hospitals, which operates healthcare platform IVF Access, has raised $5 million in Series A funding round from venture capital firm Vertex Ventures Southeast Asia and India.
The company will use the fresh funds to set up in-vitro fertilisation (IVF) clinics across India to provide assisted reproductive treatments, according to a statement.
“IVF Access will increase the reach of such fertility treatments through a chain of clinics in India, where couples trying to conceive will have access to both technology and medical expertise,” Naresh Rao, co-founder and CEO of IVF Access, said.
Rao co-founded the company with Nikhil Rajmohan, Harinath Chakravarthy and Pravin Sethuraman, the former management team at Nova IVI Fertility that set up 20 IVF centres across 15 cities.
Additionally, Ben Mathias, managing partner of Vertex Ventures Southeast Asia and India, will join the board of IVF Access, the statement said.
“Demand for assisted reproductive treatments far exceeds the supply across the country. IVF Access’ management team is the best in the industry – we are confident they will empower doctors with the training and infrastructure they need in order to meet this growing need,” Mathias said.
An estimated 10-15% of married couples in India, or 27.5 million couples who are actively seeking children, suffer from infertility, according to a report from advisory firm EY. “The increasing marital age, postponement of childbearing, demographic skew and lifestyle risk factors are key factors driving this trend,” it said.
Despite the market opportunity, the penetration of IVF treatment is currently very low in India, which the healthcare startup is looking to address, the company statement said.
Vertex Ventures Southeast Asia and India invests in high growth startups seeking their first round of institutional venture capital funding in Southeast Asia and India, with a primary focus on Singapore, India, Indonesia and Thailand markets.
Firms in the healthtech segment that recently saw funding deals include pharmaceuticals marketing startup Doceree, which raised $1 million in a seed funding round last month and diagnostics platform Cardiotrack, which raised funds in an extended seed round from Frontline Strategy Funds in March. Bessemer Venture Partners, Rebright Partners and Milliways Ventures invested $9.6 million in healthtech startup DocsApp last week.