Legacy, the celebrity-backed sperm testing and storage startup, has banked $25 million in Series B funding, thrusting its valuation to $150 million, founder Khaled Kteily tells Axios exclusively.
Why it matters: Fertility has become a white-hot sector for venture investment of late, with backers pouring money into businesses tackling the financial and clinical aspects of starting a family.
Details: Bain Capital Ventures led the round and was joined by FirstMark Capital, Section 32 and TQ Ventures.
Driving the news: Several demographic trends are adding fuel to the fertility tech fire, industry observers and investors tell Axios.
Context: The past three months have seen a rush of VC interest in startups offering everything from IVF financing tools to nutritional support and home hormone testing.
How it works: Legacy offers its services both directly to consumers and via contracts with employers, insurers, the Veterans Administration and the military.
One fun thing: Kteily's Instagram handle has long been @djnotkhaled, but he's been forced to rethink that since the real DJ Khaled has invested in his startup along with Justin Bieber, The Weeknd, and Orlando Bloom.
What they're saying: Investors and clinicians tell Erin they are pleased to see more of a focus on inclusive fertility efforts that bring men and people who identify as LGBTQIA+ into the equation.
What's next: Legacy plans to use the funds to double its staff and launch a same-day service that lets people supply a sample and get results within 24 hours.