SR One, the corporate venturing vehicle for pharmaceutical firm GlaxoSmithKline, has helped US-based fertility benefits platform Progyny add $10m to a series B round now sized at $24.7m.
The extra funding was provided by all the company’s existing investors, with Kleiner Perkins Caufield and Byers (KPCB) and TPG Biotech co-leading the tranche with Progyny.
Reproductive health technology companies Auxogyn and Fertility Authority merged in 2015 to form Progyny, which provides fertility benefits services to self-insured employers that helps improve fertility outcomes and reduce the time to achieve pregnancy.
SR One, TPG Biotech and KPCB had participated in the $14.7m first tranche in June 2016, according to New York Business Journal, along with Union Grove Venture Partners and Mellon Ventures.
Before the merger, Auxogyn had raised approximately $80m in debt and equity financing from investors including SR One, KPCB and Merck Serono Ventures, a subsidiary of pharmaceutical company Merck Group, according to press releases and regulatory filings.