CPE News (6.6.2023) – Twig Fertility (Twig) has announced the closing of $8 million Series A financing round led by Rhino Ventures.
Twig Fertility held an initial closing in early 2023 and did not specify if $8 million financing is tranched. Twig’s investors also include WELL Health Technologies Corp. (TSX: WELL) and private investors.
Dentons Canada LLP acted as legal counsel.
Rhind Jay, Partner at Rhino Ventures, has joined Twig board of directors.
Twig will use the funding to accelerate its growth, seeking to recruit and retain additional world-class fertility specialists, and expanding its footprint to become Canada’s premier fertility solution. The funds will also support the development of its proprietary technology platform that harnesses personal health and demographic data to optimize each patient’s treatment plan and bring them closer to achieving their family-building goals.
UPDATE – The financing closed in two tranches.
photo credit: Twig Fertility, founders (l-r): Tanner Kohara, Dr. Rhonda Zwingerman, Zach Shapiro
News Release
Pioneering a New Era of Fertility Care: Twig Fertility Grows with $8 Million Series A Financing Led by Rhino Ventures
TORONTO, June 6, 2023 /CNW/ – Twig Fertility (Twig), an innovator in the Canadian fertility and reproductive health market, is pleased to announce the successful completion of an $8 million Series A financing round. Rhino Ventures, a leading early-stage venture capital firm focused on empowering visionary teams addressing complex challenges, led the investment.
Twig opened its flagship location in midtown Toronto in 2022, and today offers in-vitro fertilization (“IVF”), egg freezing, intrauterine insemination (“IUI”), LGBTQ2S+ family building, fertility checks, comprehensive reproductive genetic counselling, reproductive urology, and mental health & wellness support.
“When my wife and I embarked on our journey to start a family, we thought it would be easy,” said Tanner Kohara, Co-Founder & President of Twig. “However, our fertility experience was far from it. The medicine was there, but the service, technology, and emotional support were not. There was no transparency in pricing or cost, and like countless other fertility patients, we began to feel like faceless numbers at sterile clinics.”
Driven by the mission to improve the convoluted fertility experience, Kohara joined forces with Zach Shapiro, Co-Founder & CEO, and Dr. Rhonda Zwingerman, Co-Founder & Medical Director, to introduce a new method of personalized, empathetic and outcome-driven fertility care. It was then that Twig was born with a purpose – to revolutionize the fertility journey.
With the goal of placing emphasis on a frequently overlooked aspect, the quality of the patient experience, they also sought to address two rarely discussed metrics: the time and cost required to achieve family-building goals. To accomplish this, Twig built a new state-of-the-art fertility clinic & IVF laboratory incorporating the latest technological developments to drive superior patient outcomes in a physical space, thoughtfully designed around a personalized, compassionate patient experience.
The investment from Rhino Ventures will propel Twig to the forefront of the industry. “With this strategic investment, Twig is positioned to revolutionize fertility care in Canada and empower more people to build the families they dream of,” said Shapiro. “The team at Rhino demonstrates a unique understanding of our vision to provide patients with the best possible outcomes, simple and transparent pricing, and a five-star patient experience.”
The investment will accelerate Twig’s growth as they seek to recruit and retain additional world-class fertility specialists, and expand its footprint to become Canada’s premier fertility solution. The funds will also support the development of its proprietary technology platform that harnesses personal health and demographic data to optimize each patient’s treatment plan and bring them closer to achieving their family-building goals.
“Canada has the lowest per capita use of fertility treatments in the G7, and we believe that is directly related to accessibility and cost,” said Jay Rhind, Partner at Rhino Ventures. “Twig Fertility’s vision for personalized care and their dedication to improving patient outcomes addresses a critical need in the Canadian market.”
The demand for fertility treatment in Canada is well documented, with 1 in 6 Canadians* experiencing infertility, yet timely and affordable care continue to be large barriers. Optimistically, employers across the country recognize the demand and are customizing perks and coverage that include fertility benefits to their healthcare packages in an effort to attract and retain talent.
“There’s never been a better time to revolutionize the industry, and Twig seeks to be at the forefront of defining standards of care and patient experience across the fertility journey in Canada,” said Shapiro. “Our dream of delivering cutting-edge fertility care in an environment that puts patients first has come to fruition, and we will only continue to raise the bar from here.”
About Twig Fertility
Twig Fertility is a leading fertility clinic and reproductive health company dedicated to helping people navigate their fertility journey with personalized care and advanced treatment options. Twig is redefining the fertility category by bringing together hospitality, technology, and medical expertise to create an innovative and elevated fertility care experience for its patients. The company’s focus is to empower people to build the families they desire by providing compassionate, evidence-based care and harnessing the power of innovative technology. For more information, please visit https://twigfertility.com.
About Rhino Ventures
Rhino Ventures leads financing for early-stage businesses in Canada. With over $200M under management, they’ve invested in several iconic Canadian companies including Article, Aspect Biosystems, FISPAN, and Klue. Rhino Ventures is led by partners Fraser Hall, Jay Rhind and David Hogarth and is based in Vancouver, BC. For more information, visit www.rhinovc.com.
SOURCE Twig Fertility
For further information: For media inquiries or further information, please contact: Alessandra Seca, Media Relations, Blue Door Agency, alessandra@bluedoor.agency; Emma Mills-George, Strategy & Growth Lead, emillsgeorge@twigfertility.com