Male fertility technology is quietly gaining investor attention

Guys, here’s a question: Do you know your sperm count? While it may seem personal, even awkward, it’s a conversation that’s becoming increasingly common. For years, fertility tech has focused largely on women’s reproductive health—think egg freezing and in vitro fertilization. But now the spotlight is shifting. Male fertility startups are gaining traction and attracting investor interest. So why the sudden focus?

History of Heritage

Khaled Kteily, founder and CEO of Legacy, leads a well-known startup in the male fertility space. After raising a successful Series B round in 2022, Legacy has become a key player, offering services like semen testing, quality improvement tips, and sperm freezing. In fact, the company is known for making semen testing more accessible and helping to break the taboo surrounding male fertility care in the U.S. “What we learned in biology class is wrong,” Kteily says. “We’re taught that infertility is a female issue, but infertility is just as likely to come from a male partner as it is from a female partner.”

It’s true: Historically, infertility has often been viewed as a primarily female problem, leading to a rise in female-centric solutions. This view was not only scientifically incorrect, but also culturally biased, ignoring the fact that male factors contribute to nearly one-third of infertility cases. Another third of cases are caused by female factors, while the remaining cases are either unknown or involve both partners, according to the National Institute of Health. Despite male infertility being easier and cheaper to diagnose and treat—often with lifestyle changes—nearly one-third of infertility clinics do not test male partners. This gap is often driven by business interests. As Kteily notes, “When you’re in a fertility clinic, they push for IVF because that’s their business model. They’re not interested in making a few hundred dollars on a semen analysis when they can make $15,000 to $20,000 per IVF cycle.”

Kteily emphasizes the importance of a solution like Legacy, given the general reluctance of men to visit fertility clinics unless absolutely necessary. “No man will go to a clinic unless absolutely necessary,” Kteily notes. “But with sperm counts declining, DNA damage, microplastics, and the fact that men are waiting longer to have children, it’s clear that men need to have access to sperm testing without having to go to a doctor.”

As our understanding of fertility evolves, investors are increasingly turning to experts in the field for information.

A Conversation with Chantal Noble Haldorsen of Freya Ventures

Chantal Noble Haldorsen is an early stage investor specializing in healthcare and family technology, with a diverse portfolio of over 40 investments in Europe and North America. She previously managed early stage investments at private equity firm Certares and holds an MBA from Harvard Business School. Recognized as an expert in the fertility sector, her investments include access to in vitro fertilization, male fertility testing, menopause management, hormone testing, and in vitro spermatogenesis.

Q: The World Health Organization estimates that 1 in 6 people worldwide experience infertility. What trends do you see in the fertility technology market, particularly as it relates to men’s and women’s reproductive health?

Until recently, most of the startups I came across in the fertility space focused on making egg freezing and IVF more manageable through consumer-facing apps. While these platforms solve a significant problem for patients, many have struggled to find business models that support sustainable growth.

Personally, I am less interested in investing in short-term solutions that modestly improve the patient experience in today’s overburdened reproductive healthcare infrastructure. I spend my time looking for technology that can improve access, efficiency, and success rates of fertility preservation and IVF cycles—or even better, reduce the need for IVF altogether for some couples. Key areas that excite me include equipment that automates embryology labs, data-driven decision-making platforms for embryo stimulation and creation/selection protocols, life science companies developing IVF gametogenesis, advanced genetic testing solutions, and technology that can treat specific causes of upstream fertility issues.

Q: Do you see any technology trends, particularly in relation to male fertility? How do these trends impact your investment decisions in this space?

Some of the more interesting things I see in the male fertility space include in vitro spermatogenesis, improved sperm testing, fertility preservation (sperm freezing), and male contraception. For example, Paterna Biosciences is developing technology to solve male infertility with in vitro spermatogenesis, by creating healthy sperm from a man’s testicular stem cells in the lab. Consider a couple who must repeat multiple stimulation cycles for a male infertility problem because today’s commercial technology does not support testing of a single sperm before fertilization of an egg. The ability to ensure that the sperm used to fertilize an egg is “healthy” could drastically reduce the average number of eggs retrieved per live birth.

While I spend a lot of time supporting companies that make it easier to start a family, I also believe deeply in the right of every person to choose when they want to do so. Historically, there have been very few options for men seeking contraception, but that is changing. Contraline and Next Life Sciences are two companies developing long-lasting, non-hormonal, reversible male contraception that can be administered with a single injection. I expect there will be a strong market for these types of products in the post-Roe era.

Q: What do you see as the greatest challenges and risks of investing in the male infertility services market and how can these risks be mitigated?

There are four main risk factors I consider when investing in the male infertility treatment market:

The first would be preclinical risk, because there’s always a chance that a diagnostic or therapy won’t work when you do a human clinical trial. But I personally hold off on investing until there’s some body of research that strongly suggests otherwise.

The second major risk I assess is the regulatory framework, especially given the current political environment in the United States. The overturning of Roe v. Wade has created significant uncertainty in the reproductive health space, especially given the Alabama ruling on in vitro fertilization treatments, and there are widespread concerns about what comes next. That said, I am optimistic about the long-term trajectory of reproductive health regulation, even if there are some headwinds in the near future.

Other risks I assess include entry and adoption risks, which may be somewhat higher for male fertility than for reproductive health companies that target women or couples trying to conceive. Adoption of some existing and emerging technology options, such as proactive sperm freezing, requires a cultural shift and education about the benefits of fertility preservation (for which the evidence is rapidly growing).

That said, most of the risks that you might consider before investing in a male fertility business will also be relevant to a startup in women’s reproductive health. Ultimately, you have to believe that progress will happen over the long term, and you can wisely adjust your portfolio construction to account for the risk of extended timelines or temporary regulatory hurdles while also investing in other business models that are more likely to deliver returns over a shorter time horizon.

The Future of Male Fertility Technology

As more startups enter the male fertility space and existing companies expand their offerings, we can expect to see a wave of innovative solutions focused on improving male reproductive health. Kteily envisions a future in which “every man freezes his sperm when he’s young and healthy, just as women are increasingly freezing their eggs in their 25s and 30s.” He predicts that couples in their mid-30s will have fertility options already in place, removing gender from the conversation altogether. Legacy is also scaling its business operations, particularly in the military. Kteily emphasizes the importance of this focus: “If there’s a risk of harm or death, you should freeze your sperm. Veterans are twice as likely to have fertility issues due to chemical exposure and combat stress.” In keeping with this mission, Legacy recently signed two major contracts with the Department of Veterans Affairs to offer sperm testing and preservation services to veterans, giving military personnel a chance to protect their fertility.

Kteily concluded by discussing the broader industry, emphasizing his belief that developed countries will soon require policies that address falling birth rates. “Governments will need to expand access to fertility testing, sperm preservation, in vitro fertilization, child care—whatever it takes to reverse this trend,” he said. With investor interest growing and a market ripe for expansion, the future of male fertility care looks bright.