Generation Prime, a startup that wants to make IVF and other fertility services more accessible to patients in Asia, is launching its first two clinics in Bangkok and Kuala Lumpur. The company also announced seed funding led by Recharge Capital, which incubated it, with participation from Thiel Capital, Shamrock Holdings, an investment vehicle of the Disney family, and Blue Lion Global.
Generation Prime describes itself as the first “full-stack, closed-loop IVF healthcare clinic” in Southeast Asia, meaning IVF services will be provided through digital and physical channels, with initial consultations and egg and sperm freezing, including diagnosis, testing, IVF and surrogacy. The clinics hope to serve both patients who live locally, as well as those traveling from other countries, such as China, for fertility services.
Generation Prime plans to open a total of 15 clinics in Thailand, Malaysia and Singapore over the next three years. Lorin Gu, a founding partner at Recharge Capital, said the firm incubated Generation Prime because people in Asia want options and flexibility for family planning, but often don’t have access to fertility services in the countries where they live.
“In Asia and Southeast Asia, the different legal structures have created a highly fragmented industry,” he said. He said studies show that by 2045, nearly half of couples are expected to use IVF to start their families. “Despite these markers, the state of women’s health accounted for just 1% of pharmaceutical research funding in 2020.”
Generation Prime expects about 70% of its customers to be medical tourists from China, and 30% to be local patients. “This is not because local patients are not actively using IVF services, but mainly because of China’s huge population and the unmet demands that exist in the country,” Gu said. “In addition, China does not allow many IVF procedures that are currently desired by patients seeking more robust family planning services, and as a result, a large number of patients have been pushed into the Southeast Asian market.”