Flora Fertility has raised a $5 million seed round for its reproductive insurance platform that aims to expand access to reproductive care.
The Canadian startup’s round was led by venture firm ManchesterStory, with participation from Slauson & Co., BDC and Adara Venture Partners, as well as returning investors Highline Beta, Everywhere Ventures, Cartography Capital and fertility executive David Stern.
Operating as an individually owned insurance platform, Flora Fertility is looking to make treatment across the board more accessible — 1 in 6 people are impacted by infertility globally, according to the World Health Organization, while fewer than 2% of those who need treatment can actually afford it: the cost of intrauterine insemination (IUI) ranges from $1,000 to $4,500 per cycle, while in vitro fertilization (IVF) reaches anywhere from $15,000 to $30,000 per cycle in the U.S.
Flora offers a direct-to-consumer subscription model, with policies starting at $20 per month and covering the full spectrum of treatment, including diagnostics, medications, IUI and IVF. Unlike employer-tied benefits, Flora’s coverage is owned by subscribers who can bring it with them through career shifts and job changes.
“Fertility is one of the largest uninsured financial risks people face, yet the system today only offers support once you’re already in crisis — and often only if your employer provides it,” said Flora co-founder Laura McDonald. “We’re creating a new category where fertility becomes something you can proactively plan for, not just pay for when it’s too late.”
Flora is helping build the category of fertility insurance, differentiating itself from group-benefit models that could leave a critical gap for reproductive care.
The new funding capitalizes on Flora’s first-mover advantage as well, in which subscribers file claims or start treatment early to use policy benefits to lock in current coverage levels before potential plan changes, provider network shifts or annual deductibles reset, securing lower out-of-pocket expenses.
“Flora is building something that has never existed before — affordable, portable fertility insurance that meets the next generation of women exactly where they are,” said principal at ManchesterStory, Nicole Gunderson. “The InsurTech opportunity here is enormous, and the Flora team has the expertise, technology, and vision to define this category.”
The platform already reaches over 10 million prospective policyholders across North America, as Flora pours the new funding into expanding fertility care.
Other companies are amplifying the wave of reproductive wellness, including Sunfish, which recently launched its AI-powered Egg Freezing Success Program.
The company is using proprietary AI to analyze patient biodata and clinical outcomes, then predicting the likelihood of success and the exact cost to achieve it. And if the cycle does not retrieve the predicted number of mature eggs, Sunfish provides patients with a second cycle for free.
The global femtech market is projected to grow from $63 billion in 2025 to nearly $267 billion by 2035 — a compound annual growth rate of more than 15%. North America accounted for roughly 38% of the global femtech market in 2024, driven overwhelmingly by the U.S.
The market’s expansion overall reflects an evolution beyond fertility apps, as fitness and wellness brands continue to embrace women’s health.
