Fertility testing company Proov announced Tuesday that it has raised $9.7 million in Series A funding.
The round was led by Hambrecht Ducera Growth Ventures with participation from SteelSky Ventures, WCC Partners, LightShip Capital, GingerBread Capital and Portfolia.
WHAT THEY DO
In early 2020, Proov scored FDA clearance for its at-home urine test measuring pregnanediol glucuronide, which can help confirm ovulation.
It’s also received a patent for using a luteinizing hormone test to determine a user’s fertility window and then a PdG test to figure out when that window has closed.
Proov offers other hormone and fertility tests, as well as an app that can let customers know when they should test, keeps track of their results and suggests next steps.
WHAT IT’S FOR
The fertility company will use the Series A financing to support its new Complete product, which includes follicle-stimulating hormone tests as well as multi-hormone tests that measure estrone glucuronide, LH and PdG.
“I started this company in my basement after my own infertility battle, and it has become more than I could have imagined. We are so excited to help women get even better information about their cycles to promote better treatment and ultimately better outcomes,” MFB Fertility’s founder and CEO Amy Beckley said in a statement. “With this funding, Proov is now poised to help women across life stages reach their goals faster and ultimately live better by increasing accessibility to key diagnostic and hormone health supporting solutions — both at home and in partnership with physicians.”
Femtech, or digital health products geared toward women and others who may have similar healthcare needs, is starting to get more attention from investors. In the third quarter of 2021, women’s health companies raised $443 million, the second-highest-funded quarter ever for the space, according to Rock Health.
Though the area is seeing plenty of growth, it still makes up a small percentage of digital health funding overall, according to another report from Rock Health.