# Progyny (formerly Apryl) Financial Model B2B2C platform that enables employers to offer fertility benefits to employees, covering emotional support, clinic navigation, and reimbursement management. - Canonical: https://finamodel.com/startups/progyny-formerly-apryl - Excel download: https://finamodel.com/startup-models/progyny-formerly-apryl.xlsx - Category: Health-tech - Model type: SaaS ARR / Valuation - Funding round: Seed - Founded: 2022 - Geography: Europe (Germany primary; prices in EUR; Berlin/Munich/Frankfurt user locations visible in testimonials). [DECK] - Customer: B2B ## About the company Progyny, formerly Apryl, enables employers to offer fertility benefits covering emotional support, clinic navigation, and reimbursement. It gives employees access to a structured benefit and guidance through fertility decisions, while employers use the service as part of their talent and health-benefits proposition. It is B2B2C benefits infrastructure with employer-funded access for employees. Commercial performance depends on employer contracts, eligible populations, utilisation, care-navigation capacity, reimbursement exposure, employee experience, and renewal through benefits procurement cycles. The model forecasts employer contracts, eligible employees, utilisation, PEPM or case fees, care-navigation cost, and renewal. It includes enterprise sales, clinical and navigation staffing, reimbursement timing, technology costs, gross margin, operating cash flow, cash burn, and runway. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition Three core modules delivered via a Member Portal web app: 1. **Know your options** - personalized, self-guided knowledge center (education on fertility treatments, IVF, etc.) tailored by age, gender, relationship status, timing. 2. **Find the right partners** - curated clinic and service-provider navigation so employees skip the "jungle of clinics." 3. **Leverage your budget** - reimbursement management that maximizes employer benefit budget against insurance coverage. 360° concierge: personal fertility or adoption expert available on-demand (via WhatsApp and scheduled video calls shown in portal UI). Product UI is branded "OVIAVO" in some portal screenshots - appears to be an earlier or white-label brand name. Employer value prop: attract/retain millennial talent by demonstrating a family-first culture; D&I-inclusive (no marriage or heterosexual relationship required). ## Market No explicit TAM/SAM/SOM figures presented. Market context data provided: - 15% of the global population struggles with infertility. - Median age at first birth: 30+. - 63% of same-sex couples plan to start a family requiring fertility or adoption support. - Average cost of fertility treatments in Europe: €10k. - 95% of female egg cell reserve is gone by age 35. - Sources cited: Eurostat 2020, Family Equality (2019), American Urological Association, Carl Djerassi. No market growth rate, addressable employer count, or revenue market size stated. ## Revenue model Not explicitly stated in deck. Model is inferred from product architecture: - **Primary revenue**: SaaS/subscription fee charged to employers (per-employee-per-month or annual contract), giving employees access to the platform and care team. - **Benefit budget**: Employers fund a per-employee budget (deck shows €10,000 as a benefit allocation in the product UI - this appears to be a configurable employer-funded benefit wallet, not Apryl's revenue directly). - **Possible add-ons**: Premium concierge hours, clinic referral fees, or admin fees on reimbursement processing. No pricing page, contract structure, PEPM rate, or revenue figures disclosed in deck. ## Traction & metrics - Trustpilot score: 4.8 out of 5. - Four named user testimonials (K.S. Frankfurt, Sarah Munich, Ivana Berlin, Chiara Berlin). - No revenue figures, no customer/employer count, no GMV, no MRR/ARR, no growth rates disclosed. ## Competition / moat Implied moat from product: - Concierge care model creates switching cost for employees mid-treatment. - Employer relationships/integrations (HR system) create enterprise stickiness. - European-first positioning (Progyny is US-only at this stage). ## Team & funding ask / use of funds **Team** (8 people total): - **Jenny Saft** - Co-founder; former VP Business Development at Adyen; previously Fyber and Deutsche Telekom. Sales, Marketing, IR. - **Tobias Kaufhold** - Co-founder; former Senior Consultant at OC&C Strategy Consultants. Product, Operations, Finance. - Marick Ballay - Product & Experience - Jasmin Becher - Sales - Melvyn Sopacua - Development - Lisa Kapla - Member Experience - My Le - People & Finance - Amir Off - Development Previous employer logos shown: CoachHub, Adyen, OC&C, Adobe, Fyber, Jochen Schweizer. Team headline: "more than 10 years of experience in building and selling digital products." --- ## Recommended financial model - **Archetype**: B2B SaaS + employee benefits platform - employer-count-driven ARR model with a PEPM (per-employee-per-month) revenue layer and a separate benefit wallet flow-through. - **Why**: Revenue is driven by employer contracts (ARR); the benefit budget (€10k/employee) flows through the platform but is employer-funded, not Apryl's top-line revenue. Model structure mirrors Progyny (NASDAQ: PGNY) - separate lines for platform fees vs. benefit utilization. - **Forecast horizon & granularity**: 3 years monthly (Year 1–2 monthly buildout; Year 3 annual); critical to model employer sales cycle (~3–6 month enterprise sale). - **Key drivers & assumptions**: - Number of employer clients signed (start: 0, ramp from Y1): - Average employees per employer client enrolled in program: - PEPM platform fee (e.g. €5–15/enrolled employee/month): - Benefit budget per employee (€10,000 stated as example in portal UI): - Average benefit utilization rate (% of enrolled employees who activate): - Concierge consultation rate (% of members using paid consults): - Gross margin on platform fee revenue: - Care team headcount vs. member ratio: - Sales cycle: 3–6 months; - New employer wins per quarter: - Churn rate (employer-level): - CAC (per employer): - Germany-focused in Y1, expand to additional EU markets in Y2–3: - **Scenarios (Base / Bull / Bear - which variables flex)**: - **Base**: Moderate employer wins (3–5/quarter by Y2), mid-market clients, €10 PEPM - **Bull**: Faster enterprise land (10+/quarter by Y2), large employers (1,000+ employees), higher PEPM (€15), lower churn - **Bear**: Slow sales cycle, smaller SMB clients, lower utilization, competitive pressure on PEPM pricing - **Required sheets / outputs**: 1. Assumptions dashboard (all drivers centralized) 2. Employer cohort build (new wins, retained, churned by quarter) 3. Revenue bridge: platform fee ARR + benefit wallet volume (pass-through) 4. P&L: Revenue → Gross Profit → EBITDA (care team, engineering, sales, G&A) 5. Headcount plan (care experts scale with member count) 6. Cash flow & runway (critical pre-revenue burn context) 7. Unit economics summary: CAC, LTV, LTV/CAC, payback period ## Frequently asked questions ### Is the Progyny (formerly Apryl) financial model free? Yes. The Progyny (formerly Apryl) model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.