The company works with employers to offer its services as a covered benefit
Fertility problems are not an easy issue for many, but they are common: About 9% of men and about 11% of women of childbearing age in the United States have some fertility problems.
Jeni Mayorskaya experienced her own fertility issues, which led her to start Stork Club, a company dedicated to helping people through the process, giving them more options and more cost transparency.
“I was diagnosed with some reproductive health disorders when I was in my mid twenties and I remember hearing, ‘You have these problems, which are actually very common, and we would recommend that you just make a friend now and have kids because you “‘will have a really hard time getting pregnant later in life.’ As you can imagine, this type of recommendation is not that easy to follow, “she told me.
“It was really shocking to me that I should start a family on the doctor’s recommendation. ‘What kind of nonsense is this?’ Later in life I learned that I was not the only one who had to face this type of choice or decision.“
She also learned that the solutions to these problems, including in vitro fertilization and egg freezing, are not only expensive and cost at least tens of thousands of dollars, but are complex and difficult to navigate, adding to the already incredible burden additionally increases stressful situation. It is a system that seems to be of the least benefit to the people who need it most.
“The way fertility works was designed almost a century ago, mostly for a straight couple where a woman had a child in her early twenties and mostly stayed at home afterwards. And that’s not how the modern family looks like anymore.” , Mayorskaya said.
“We have single parents, we have the LGBTQ community, we have people who have kids much later, but usually both partners work and it’s really hard to weigh this family and career together.”
Stork Club’s goal is to make fertility treatment more comprehensive and accessible to all people, and now it will be able to put that plan into practice: the company announced a Series A funding round of 30 on Wednesday Million US dollars led by existing investors Bowery Capital, Slow., Enterprises. Also Angel Jack Altman, founder of Lattice; Zach Sims, founder of Codecademy; Oleg Rogynskyy, founder of People.ai; and Kevin Mahaffey, Founder of Lookout, also attended the round.
Founded in 2017, Stork Club works with employers to add its services to their employees’ existing health plans. On the platform, employees and their relatives can view medical providers in their network via StorkClub and at the same time view their expenses. Stork Club also offers members a Care Navigator who can help answer questions related to fertility, maternity care and insurance.
One of the key differentiators of Stork Club is that while other companies offer users an option to get started, Stork Club users can start at several points along the fertility / childcare journey.
“When you activate an account, there are five categories on the first page: having a child later, wanting to have a child now, pregnant, having a newborn or working parents. You can choose one of these phases and we will cover the entire journey of the Family building. And once you’re in, you have a bespoke way we can help you achieve your goal. ”
Stork Club works with medical providers in the US and has now expanded to over 250 locations; In addition, it developed its own verification process to identify high performing doctors, clinics and laboratories, and also established its own care packages at a unit price. By identifying the best doctors and then reviewing them instead With every single provider in its network, Stork Club is able to offer users better and more affordable care.
“We’re going to look at criteria like how many IVF cycles does it normally take to get a healthy birth? How many twins, triplets, compared to individual babies? IVF is known for a high number of unexpected twins and triplets, “Mayorskaya said.
“This has a real impact on the mother’s health, and very often multiple pregnancies become premature, adding an additional risk to the mother’s health, but also an additional cost for the employer, as a premature birth very often means spending a lot of time in the neonatal intensive care unit and only need to spend some time. ” A day of care can sometimes cost $ 25,000. “
As a result of the medical review process, Stork Club members have 75% fewer unexpected twins and triplets, significantly reducing the overall cost of motherhood: a company with just a few thousand employees can save between $ 500,000 and $ 3 million per year.
The company currently has over a dozen customers, including Ropes & Gray, Crescent Capital, Corgan, Fors Marsh Group and Inception.
Last year the company that launched its product for self-insured companies and saw 5x growth in sales. One reason for this, Mayorskaya said, is because they understand that from an employer’s perspective These types of services are really important to keeping top talent. For the employees who will use these services, the pandemic has put things into perspective for many people.
“For many people there is a very short window of time in which they can actually biologically have a child; we have different restrictions. What people have really realized is that there is nothing more important than a family. Regardless of your professional goals, this is your first “priority, and you just want to do this,” she said.
“You never know if another major disaster is coming and you really want to achieve your dreams as soon as possible. Because of this, we have seen a really huge increase in the use of services, including fertility maintenance, actually assisted pregnancies, surrogacy “Adoption, natural pregnancies. People see this value more clearly than bad things happen.”
Now that it has this new funding, the company plans to expand its team, particularly while focusing on sales and customer success Building his go-to-market machine. It will also add new features to the product Help employers achieve better clinical outcomes for their employees and further reduce their costs.
In connection with the financing, Hemant Taneja, Managing Partner of General Catalyst, has joined the board of directors of the Stork Club.
“Hemant was involved in healthcare, he actually runs a company, he co-founded it Commure, It is a platform for healthcare providers and he has been a huge proponent of advancing the healthcare industry for a very long time, “Mayorskaya said.
“He’s been with Livongo from the start and their concept of making sure that not just services are paid, but people are paid to stay healthy longer. It’s such a beautiful concept and we all want to make it one. We have the best partner to achieve this goal together, starting with obstetrics. “
Ultimately, Stork Club wants Support people from all walks of life, regardless of their situation, and enable them to realize their dream of having a family, regardless of their living conditions.
“Our goal is to help employees and individuals close gender inequality and ensure women have no choice: should they get pregnant or should they be ambitious in their careers? The same goes for men because they have the same choice or for the LGBTQ community. Everyone has the same right to a family. “