Fertility Startup Kindbody Set to Cut Valuation, Letter Shows
- Funding deal may value firm at $600 million, letter shows
- Kindbody has been making cuts and reported operating losses
Kindbody has cited a number of reasons for falling behind on financial estimates.
Photographer: David Paul Morris/BloombergFertility startup Kindbody is working to raise money in a funding round that would give the company a significantly lower valuation, a letter sent to potential investors and viewed by Bloomberg shows.
Kindbody is seeking to raise $30 million to $50 million by mid-September in new financing that would put the startup’s pre-money valuation at $600 million, according to the letter, the contents of which were confirmed by multiple people. The company had previously earned a $1.8 billion valuation, including dollars raised. The terms of the latest funding effort were set by a new “blue-chip growth equity investor” who plans to inject at least $10 million into the company, according to the letter.