Progyny

What Progyny does

Progyny is a publicly traded (NASDAQ: PGNY) fertility and women's health benefits management company headquartered in New York, founded in 2016 and serving 600+ employers and health plans across 45+ industries and more than 120 countries, with 7.2 million lives covered and over 470,000 members supported since inception. Its platform integrates fertility treatment, family building (including adoption and surrogacy), pregnancy and postpartum care, menopause support, and parenting resources, delivered through a proprietary Smart Cycle benefit structure that bundles services such as IVF, IUI, medications, and genetic testing into discrete benefit units, supported by NCQA-credentialed provider networks, 1:1 Care Advocates, and a member web/mobile portal.

The company operates a B2B subscription model, charging on a per-covered-member basis to self-insured employers and health plans, with FY2025 revenue of $1.29 billion (+10% YoY) and FY2026 guidance of $1.355–$1.405 billion. Distribution is multi-channel: direct enterprise field sales for large self-insured employers, health plan partnerships (including Cigna), broker and general agent channels for the new Progyny Select fully insured product targeting small employers (100–1,000 employees), and emerging platform partnerships such as Amazon's Health Benefits Connector and Transcarent's Experience Store. Recent strategic moves include the June 2024 acquisition of Berlin-based Apryl to expand global services to 100+ countries, the 2025 acquisition of BenefitBump for parental leave navigation, and product extensions into pregnancy, postpartum, and menopause care effective January 2026.

Name

Progyny

Legal name

Progyny, Inc.

Website

https://progyny.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Progyny (NASDAQ: PGNY) is a publicly traded fertility and women's health benefits management company providing IVF, family building, pregnancy, postpartum, and menopause benefits to 600+ employers and health plans covering 7.2 million lives across 120+ countries on a per-covered-member subscription model.

Ownership category

akta.pro rank

Product category

Fertility and Family Building Benefits Management

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Family Planning Centers (621410), Family Planning Centers (62141), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Hospital & Medical Service Plans (6324)

akta.pro primary industry

Maternal, Women’s & Family Virtual Care Programs (Payer-Sponsored) (HLALACAJ)

Keywords

• Fertility benefits management
• Family building benefits
• Women's health benefits
• Employer fertility coverage
• Fertility care navigation

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain, Others

Revenue model

1. Fertility Benefits Management: Progyny provides fertility and family building benefits to employers and health plans through a managed services model. The company earns revenue by administering fertility benefits on behalf of self-insured employers and health plans,收取管理费用。 Revenue is subscription-based per covered member, with the company reporting $1.29 billion in FY2025 revenue.
2. Progyny Select (Fully Insured Product): First-of-its-kind fully insured supplemental fertility and family building plan for small employers, offering fixed per-employee-per-month pricing with comprehensive coverage including IVF, IUI, and genetic testing.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Progyny provides fertility and family building benefits management to employers, health plans, and labor unions, administering Smart Cycle-based coverage of IVF, IUI, egg freezing, genetic testing, adoption, and surrogacy with dedicated Care Advocate navigation and access to an NCQA-credentialed provider network. The company also offers pregnancy/postpartum, menopause, and parenting support modules, a global benefits platform (Progyny Global) covering 120+ countries, and a fully insured small-employer plan called Progyny Select.

Product overview

Progyny is a comprehensive women's health and family building benefits platform offering an integrated suite of solutions spanning fertility treatment, pregnancy/postpartum care, menopause support, and parenting resources. The core product is the Fertility and Family Building Benefit, delivered through a unique Smart Cycle model that bundles treatments into comprehensive units. Additional modules include Progyny Select (fully insured plan for small employers), Progyny Global (international coverage via Apryl acquisition), and Progyny Rx (pharmacy benefits). Members access services through the Progyny Member Portal (web and mobile app), supported by dedicated Care Advocates and a credentialed provider network. The platform is complemented by educational content including the 'This is Infertility' podcast and an Education Hub.

Differentiator

Problem solved

Functional benefit

Brands

• Apryl: A Berlin-based fertility benefits platform acquired by Progyny to provide global fertility and family-building services across over 100 countries.
• Progyny Select
• Progyny Global

Products and services

• Fertility and Family Building Benefits Comprehensive fertility and family building benefit for employer-sponsored populations, bundling IVF, IUI, egg freezing, genetic testing, adoption, and surrogacy into Smart Cycle units and delivered via dedicated 1:1 Care Advocate support through Progyny's NCQA-accredited provider network.
• Pregnancy and Postpartum Care Comprehensive pregnancy and postpartum support benefit including doula support, mental health resources, and return-to-work assistance for employer-sponsored members, integrated with Progyny's core fertility and Care Advocate model.
• Menopause and Midlife Care Specialized menopause and midlife support program offering telehealth visits, symptom management, hormone therapy guidance, and educational resources for employees experiencing perimenopause or menopause.
• Parenting and Child Well-being Support services for new parents covering childcare resources, parenting guidance, and resources for families with children, extending Progyny's care continuum beyond fertility treatment.
• Progyny Global International fertility, family building, pregnancy, postpartum, and menopause benefits solution providing coverage across 100+ countries with local currency processing, locally compliant care access, and multilingual support for multinational employers.
• Progyny Select Industry's first fully insured supplemental fertility and family building plan designed for small U.S. employers with 100–1,000 employees, offering fixed per-employee-per-month pricing with comprehensive coverage including IVF, IUI, and genetic testing.
• Progyny Member Portal (Web and Mobile App) Self-service web and native iOS/Android application where members can view benefit details, communicate with the Progyny Care Team, pay bills, track medication deliveries, access authorizations, and navigate curated educational resources.
• Progyny Rx (Fertility Pharmacy Benefits) Fertility pharmacy benefit providing medications for IVF, IUI, and egg freezing cycles through partner pharmacies including Alto Pharmacy, Freedom Fertility, and VFP Pharmacy, with instructional videos for self-administration.

Quantifiable outcome

• 99% client retention rate
• +4 more outcomes

Named customers14 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• ŌURAcoreTechnology or Integration · 1 May 2026Progyny partnered with ŌURA to integrate wearable tech data into care plans, enabling members to share hormonal health data including temperature trends, sleep patterns, and recovery metrics with Progyny care teams from preconception through menopause. Progyny joins Maven and Twentyeight-Health in ŌURA's clinical partnerships.
• Emerson RogersminorChannel Partner/ Reseller/ Distributor · 22 October 2025Emerson Rogers is a general agent distributing Progyny Select fully insured fertility benefits to small employers, helping market the new product to employers with 100-1,000 employees.
• Labor UnionscoreChannel Partner/ Reseller/ Distributor · 22 October 2025Progyny expanded its women's health programs to include pregnancy, postpartum, and menopause services for global employers starting January 2026, with labor unions being a key channel for delivering these comprehensive benefits to union members.
• TranscarentcoreGTM or Marketing Partner · 19 October 2025Progyny joined Transcarent's Experience Store platform alongside Maven Clinic and Midi Health, providing employers and health plans with broader women's health solutions through Transcarent's generative AI-powered WayFinding platform that delivers 7.6x more referrals to women's health solutions.
• AprylcoreStrategic or Co-development Partner · 24 June 2024Progyny acquired Berlin-based Apryl, a fertility benefits platform, to expand global services. Apryl provides fertility support across Europe and beyond, enabling Progyny to offer personalized, locally compliant fertility care in over 100 countries. The acquisition enhances Progyny's capabilities to support multinational employers with fertility and family building benefits.
• Cigna HealthcarecoreStrategic or Co-development PartnerCigna Healthcare partnered with Progyny to expand fertility benefits access, integrating Progyny's fertility and family building services into Cigna's health benefit offerings for employer clients.
• CarrotminorGTM or Marketing PartnerSalesforce partners with both Progyny and Carrot for fertility care benefits, providing employees access to fertility services through these providers alongside mental health support (Lyra Health, BetterUp) and childcare services (Bright Horizons, Cleo).
• Maven ClinicminorGTM or Marketing PartnerMaven Clinic is a women's health partner in Transcarent's Experience Store platform alongside Progyny, collectively providing comprehensive women's health solutions to employers and health plans.
• Midi HealthminorGTM or Marketing PartnerMidi Health is a menopause-focused women's health partner in Transcarent's Experience Store platform alongside Progyny, offering employers integrated access to menopause care services.
• EvernowminorGTM or Marketing PartnerEvernow is a menopause care partner integrated with ŌURA's platform alongside Progyny, providing comprehensive menopause care pathways for ŌURA members in the US, Canada, and UK.
• AmazoncoreChannel Partner/ Reseller/ DistributorProgyny became the first women's health provider in Amazon's Health Benefits Connector Program, enabling Amazon employees to access Progyny's fertility and family building benefits through Amazon's integrated health benefits platform.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Carrot Fertility: Carrot Fertility is a direct competitor offering employer-sponsored fertility and family-forming benefits, including IVF, adoption, and surrogacy coverage. It is the closest head-to-head rival to Progyny in the same product category, serving overlapping enterprise customers (e.g., Salesforce).
• WIN Fertility: WIN Fertility is a fertility benefits management company administering IVF and family-building benefits for employers and health plans, closely mirroring Progyny's original core offering of managed fertility benefits.
• Maven Clinic: Maven Clinic is a women's and family health virtual care platform spanning fertility, maternity, and pediatric care, sold to employers and payers. It competes directly with Progyny's expanded women's health continuum and is co-distributed alongside Progyny via Transcarent.
• Kindbody: Kindbody operates a vertically integrated fertility care model combining employer benefits administration with owned fertility clinics. Its hybrid clinic-plus-benefits approach directly competes with Progyny's network-based model, particularly for cost-conscious self-insured employers.

Broad incumbents

• UnitedHealth Group (Optum): UnitedHealth Group, through Optum, is a broad incumbent in U.S. health benefits and care delivery with overlapping capabilities in fertility, maternal health, and women's health. Its scale and payer relationships make it a strategic competitor as employers consolidate benefits vendors.
• CVS Health (Aetna): CVS Health, through Aetna, is a broad incumbent health plan and care services provider with women's health and fertility-adjacent offerings. As a large payer with integrated pharmacy (Caremark), it competes for employer benefits wallet share alongside Progyny's specialty focus.
• Cigna Group: Cigna is both a strategic distribution partner for Progyny and a broad incumbent health services company. Its Evernorth platform competes for employer benefits spend and could choose to build or acquire rather than partner as Progyny scales.

Emerging players

• Midi Health: Midi Health is a virtual care clinic focused on menopause and perimenopause care, sold to employers and health plans. It competes directly with Progyny's newly launched Menopause and Midlife module and is co-distributed via Transcarent.
• Evernow: Evernow provides employer-sponsored virtual menopause care, positioning it as a direct competitor to Progyny's menopause offering. It is also integrated into Oura's clinical partnerships alongside Progyny.
• Twentyeight Health: Twentyeight Health is a digital reproductive and sexual health platform serving employers and consumers, with overlap on fertility-adjacent services and women's health benefits sold to payers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Progyny
• Facebookfacebook.com/440785089402930
• LinkedInlinkedin.com/company/progyny

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds11 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Progyny