Proov, an at-home hormone testing kit company, has announced funding from two venture capital firms that aim to build up underrepresented founders.
The investment – the amount was not disclosed – from Lightship Capital and Texas HALO Fund will help Proov scale in the wake of Covid-19 as the company continues to offer fertility diagnostics technology to the retail market.
MFB Fertility Inc. launched Proov in 2018. Its FDA-approved at-home test measures the presence of progesterone metabolite PdG in urine to help a woman confirm ovulation; low progesterone is the number one cause of infertility and preventable miscarriage. The company was originally co-founded in Boulder, Colorado, by two women who both struggled to conceive.
Because of Covid-19, the demand for at-home testing kits has greatly increased, the company said. Funding from Lightship Capital and the Texas HALO Fund, along with additional angel investors, will help the company meet the growing need for testing kits as well as ongoing research and development.
Only 2.8 percent of women-owned companies receive venture capital money, Proov said.
“This partnership between these two incredible VCs will allow us to continue developing and delivering fertility tools to the market and expand our product offering during a time where affordable and accessible health solutions are needed more than ever,” said MFB Fertility’s founder and CEO, Amy Beckley. “With technology evolving every day, our research and developments will accommodate these changes to deliver women the knowledge and application to their different reproductive health cycles.”
The news comes on the heels of Proov’s $1.3 million contract with the U.S. Air Force to help military couples trying to start a family. With the contract, Proov will provide free kits and connect users with doctors specializing in fertility who may help them conceive naturally.
Cincinnati-based Lightship Capital, which invests in early-stage companies led by minority, LQBTQ+ and women leaders in the Midwest, recently announced a groundbreaking debut $50 million fund for underrepresented entrepreneurs in consumer packaged goods, e-commerce, sustainability, artificial intelligence and healthcare. Proov is the third in its portfolio. Most recently, the firm led a $1.6 million financing round for Undock, an AI-enabled productivity platform.
Texas HALO Fund, meanwhile, is known for its focus on early-stage businesses. It said that the funds will help Proov better support its customers through the development and launch of new products and services.
“With our investment in Proov, we are confident in the progressive research and developments that will continue to design innovative tools to provide counsel and resources to couples in need of fertility care,” said Kyra Doolan, Texas HALO Fund managing director.