JPMorgan's venture arm invests $25M in NoMad fertility startup

JPMorgan's venture arm invests $25M in NoMad fertility startup Bloomberg

The investment comes after a March fund-raise where Kindbody secured $100 million from Perceptive Advisors in a deal that valued the company at $1.8 billion.

“Kindbody’s mission to provide a new fertility experience with their own health care professionals and benefits navigation is unique,” said Cheryl Pegus, managing director at Morgan Health, who is joining Kindbody’s board. “Their focus on improving access and health outcomes helps mitigate many of the longstanding equity challenges employers and employees face.”

A report from the World Health Organization estimated that one in six people globally are affected by infertility. Kindbody says it saves employers 25% to 30% by contracting directly to provide virtual and in-person care to their employees.

Morgan Health is JPMorgan’s successor to Haven Healthcare, a joint venture with Amazon.com Inc. and Berkshire Hathaway Inc. It was created in 2018 but disbanded in 2021 after failing to make a dent in the employer-sponsored health-care system. Morgan Health, founded in 2021, is the bank’s second attempt at shaking up the employer coverage space and has committed to investing $250 million in startups and technology that make employee benefits less costly and more equitable.

Morgan Health has invested nearly half the initial pool of capital in backing companies like health-plan administrator Centivo; Vera Whole Health, a primary-care company; and Embold Health, which provides data on physicians.

JPMorgan is not a Kindbody client and has no immediate plans to offer the service to its employees.