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How Kindbody uses PitchBook to raise capital and map the competitive landscape

Learn how the fertility services startup Kindbody uses PitchBook to raise capital and map the competitive landscape.

Kindbody provides fertility, gynecology, and family-building services at its own private clinics and a network of partner clinics. As a provider and network solution, Kindbody serves patients and employers, leveraging proprietary technology to deliver a seamless, end-to-end experience. Kindbody currently has clinics in New York City, San Francisco, Los Angeles, and New Jersey.

Debbie Markowitz
Chief Financial Officer


Year founded


Private Company

In June 2020, the company completed its Series B funding round for $32 million. It also raised $22.5 million of Series A funding the previous year. With each financing round, Kindbody leveraged PitchBook’s comprehensive capital market data and analysis tools to help inform its negotiations and connect with the right investors—and it continues to use PitchBook to gain a competitive advantage as it scales.

Two ways Kindbody uses PitchBook


investor icon
Identifying, vetting and connecting with the right investors
market intelligence icon
Mapping the competitive landscape and building more accurate comps

Identifying, vetting and connecting with the right investors

According to Kindbody’s CFO, Debbie Markowitz, “Kindbody’s mission is to transform the delivery of family-building services and fertility care to make it accessible for everyone.” The company does this through two main approaches: providing more effective and efficient care through its own holistic women’s healthcare clinics, and by offering direct-to-employer benefits at a rate that is 30%-40% lower than the industry standard.

“We believe that you have to be the provider of care to have true impact, to have the ability to improve the experience and outcomes while controlling costs. Our mission is to pass on the savings from our efficiencies to the patient, increasing access,” Markowitz says. “Our direct-to-employer fertility benefit is also a major way for us to increase access to treatment—and we’re seeing enormous scale there.”

“PitchBook is the gold standard when it comes to private market data providers. It’s intuitive and has all the info I need.”

—Debbie Markowitz, CFO, Kindbody

Kindbody’s growth trajectory has made it appealing to investors; however, Markowitz and her team know it’s imperative for the company to work with the right ones. By using PitchBook’s granular data on hundreds of thousands of investors around the world, Markowitz and her team have been able to quickly find and connect with investors whose interests align with their own. Namely, those who have previously invested in other high-growth consumer healthcare companies.

Using the platform’s Advanced Search feature, Markowitz was able to target the right investors quickly with insight into their past investments, dry powder and more. With up-to-date contact information, PitchBook also made it easy for the company to reach out directly to the most promising leads with a targeted pitch.

“We have a lot of inbounds as well,” Markowitz points out, “so we also use PitchBook to figure out ‘Who exactly is this investor? And what else are they invested in and who’s on the team?’ It helps us ensure that our investors add value beyond the check.”


Kindbody deal history

Deal 1


Angel (individual), Undisclosed date

Deal 2


Seed Round, Undisclosed date

Deal 3


Early stage VC
(Series A),
September 2019


Deal 4


Early stage VC
(Series B),
June 2020

Total raised


As of June 2020

Mapping the competitive landscape and building more accurate comps

Kindbody also uses PitchBook to access hard-to-find information about similar companies—like pre- and post-money valuations, round-by-round cap tables and detailed series terms. This allows it to quickly map its competitive market, more accurately assess the value of its own business and inform negotiations with investors.

“I look at my PitchBook alerts and emails every day,” Markowitz says. “I use both the mobile app and the desktop platform to stay up to date on all the transactions and activity going on within the healthcare industry. PitchBook also helps us construct more specific comps, which is critical for any business that wants to have a competitive advantage.”

With Kindbody’s unique business model, however, finding relevant comps isn’t exactly simple.

“Because we have a few different facets of the business, we use PitchBook to help us identify comps for each of those,” Markowitz says. “By using PitchBook’s Similar Companies Search, for example, we were able to identify several benefits providers that are technology first and working within the direct-to-employer healthcare space.”

“PitchBook helps us construct more specific comps which is critical for any business that wants to have a competitive advantage.”

– Debbie Markowitz, CFO, Kindbody

Markowitz acknowledges that the company is also a medical provider, “but we’re more technology forward than most of the traditional ones,” she says. “So, we wouldn’t want to put ourselves in an old-school category when we’re definitely a new-school company.” Using PitchBook’s detailed search criteria, Markowitz and her team were able to identify companies that offered more relevant comparisons.

“We developed our own electronic medical records system,” Markowitz says. “So PitchBook helped us identify healthtech companies in that space that we compare ourselves to as well. We then use this information to make sure we’re all internally aligned on growth strategy, and then to form and defend a position on what the company is worth to potential investors.”

With offices currently in New York, Princeton, NJ, Los Angeles and San Francisco, Kindbody plans to triple its footprint across the United States in 2021. Meanwhile, it continues to use PitchBook to map market trends and raise the capital it needs to grow and achieve its mission: transform fertility care and make it accessible for everyone.


Kindbody pricing comparison

Egg freezing

Self pay


Industy average








Self pay


Industry average






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