Archive for October, 2020

Passion Capital backs UK fertility workplace benefits provider, Fertifa

UK-based Fertifa has bagged a £1 million (~$1.3M) seed to plug into a fertility-focused workplace benefits platform. Passion Capital is investing in the round, along with some unnamed strategic angel investors. The August 2019-founded startup sells bespoke reproductive health and fertility packages to UK employers to offer as workplace benefits to their staff — drawing on the use of technologies like telehealth to expand access to fertility support and cater to rising demand for reproductive health services. Challenges conceiving can affect around one in seven couples, per the UK’s National Health Service (NHS). In recent years fertility startups have been getting more investor attention as VC firms cotton on to growing market. Employers have also responded, with tech industry workplaces among those offering fertility ‘perks’ to staff. Although the access-to-services issue can be more acute in the US — given substantial costs involved in obtaining treatments like IVF. In the UK the picture is a little different, given that the country’s taxpayer funded NHS does fund some fertility treatments — meaning IVF can be free for couples to access. Although how much support couples get can depend on where in the country they live, with some NHS trusts funding more rounds of IVF than others. There can also be access restrictions based on factors such as a woman’s age and the length of time trying to conceive. This means UK couples can run out of free fertility support before they’ve been able to conceive — pushing them towards paying for private treatment. Hence Fertifa spotting an opportunity for a workplace benefits model around reproductive health services. It signed up its first employers this spring and summer, and says it now has a portfolio of corporate clients with an employee pool from a few hundreds to >10,000 — although it isn’t breaking out customer numbers. Rather it says its services are available to around 700,000 UK employees at this point. “At Fertifa we want to make fertility services more widely accessible to people,” says founder and CEO Tony Chen. “Some levels of fertility services can be provided by the NHS but every single NHS trust is different with eligibility, requirements and resources, and so unfortunately it can too often be reduced to a ‘postcode lottery’. “We believe that everyone should have easy access to information, resources, education and services relating to fertility — and that working with workplaces is one way to start. With our efforts and partnerships we hope to normalise the conversations about fertility at work, just as other forms of health are openly discussed and provided for.” Passion Capital partner Eileen Burbidge — who is joining Fertifa’s board (along with Passion’s Malin Posern) — has been public about her own use of IVF and takes a very personal interest in the fertility space. “The unfortunate fact that over recent years, even though success rates have increased and of course more and more patients are exploring the benefits of IVF, NHS funding has been declining and the number of […]

Reliance Jio Platforms tops 400M subscribers, explores expanding services outside of India

Reliance Jio Platforms, the telecom venture run by India’s richest man (Mukesh Ambani), had 405.6 million subscribers in the quarter that ended in September, becoming the first operator outside of China to cross 400 million subscribers in a single country market. The Facebook and Google-backed telecom operator said its finances has improved, too, despite the pandemic. Its EBIDTA run-rate crossed $1 billion in the aforementioned quarter, while net profit jumped to $409 million. The average revenue it clocks per user now stands at Rs 145 ($1.94), up from $1.88 the quarter before. In the past two quarters, the company has expanded its workforce by 30,000 people, it added. Jio Platforms also operates a range of services including JioTV (on-demand live TV service), music streamer JioMusic, and payments app JioMoney. Kiran Thomas, President of Reliance Industries (parent firm of Jio Platforms), said in an earnings call Friday that the company has proven that its services can be feasibly built in India, and the company plans to expand them outside of the country. However, he did not share a timeline for this expansion. A slide from Reliance Industries’ quarterly earnings call (Reliance) Reliance Industries, the most valuable firm in India, announced some more investments in its businesses, continuing its eye-catching funding spree at the height of a global pandemic. The oil-to-retails giant announced that Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund will invest $1.01 billion in the company’s digital fibre business as the Indian firm makes further push in deploying its broadband line across the country. Abu Dhabi Authority and Saudi Arabia’s PIF are also an investor in Jio Platforms, which this year has raised about $20 billion. A Reliance Jio spokesperson told TechCrunch that the investment announced today are separate and not part of the two firms’ previous deals.