Fellow Health Closes a $24 Million Series B Financing to Expand its Male Reproductive Test Offerings

Capital will be used to scale mail-in semen analysis and expand its market offerings

SAN LEANDRO, Calif.--(BUSINESS WIRE)--Fellow Health, a leading company focused on advancing male reproductive health through patient-centric testing solutions, announced today the close of a $24 million Series B financing round. The round was led by 5AM Ventures, with new participation from The Forest Road Company (Forest Road). The Series B adds to Fellow Health’s prior Series A and follow-on funding, bringing the company’s total capital raised to $48 million across all rounds.

The funding will accelerate Fellow Health’s expansion of its mail-in semen analysis services, including fertility and post-vasectomy testing, through continued growth of its clinical partner network now spanning more than 2,500 fertility and urology practices nationwide. The company will leverage insights from its success in urology practices to deepen its footprint in fertility, with planned expansions into employer-sponsored fertility benefits and broader access initiatives. As part of the financing, Bill Burkoth of Forest Road will join Fellow Health’s Board of Directors.

The demand for male reproductive care continues to rise, yet traditional testing methods remain archaic, inconvenient, and clinic bound. Fellow Health provides clinical grade, mail-in testing that gives patients privacy, convenience, and timely results while also reducing the burden on healthcare providers.

“Male reproductive health shouldn’t be reactive or inaccessible,” said Brian Hogan, CEO of Fellow Health. “We are on track to deliver over 40% year-over-year revenue growth, with a path to profitability in our fertility segment by 2026. This investment allows us to scale that vision and support both patients and providers with modern tools that work.”

“Fellow Health is exactly the kind of company we look for—operating in a large, overlooked market that’s long overdue for disruption,” said Bill Burkoth, Managing Partner, Life Sciences, Forest Road. “With over 50,000 test results delivered so far this year, they’ve proven there is real demand for a better patient experience.”

“At 5AM, we back science that redefines what’s possible in healthcare, and Fellow Health is doing exactly that,” said Andy Schwab, Managing Partner of 5AM Ventures and Fellow Health Board Member. “They’ve taken a traditionally overlooked segment of reproductive health and applied the same rigor and precision that occurs at a traditional clinic. The result is a platform that is shifting the standard of care.”

About Fellow Health

Founded in 2018, Fellow Health is a leading company dedicated to advancing male reproductive health through innovative and comprehensive mail-in testing solutions. The company partners with more than 1,800 top clinical practices, processing over 400 patient samples daily through their CLIA-certified lab, and is the only mail-in fertility test with peer-reviewed validation data. Fellow Health has secured funding from leading life sciences and technology investors, including 5AM Ventures, Forest Road, Labcorp Venture Fund, Genoa Ventures, and Mantis Venture Capital.

About 5AM Ventures

Founded in 2002, 5AM Ventures is a leading venture capital firm focused on investing in and building next-generation life science companies. Based in San Francisco, Boston, and New York City, 5AM takes a hands-on approach to investing and company building, often going beyond traditional board roles to leverage our diverse team of scientists, clinicians, drug developers and executives throughout a company’s life. With more than $2.2 billion raised since inception, 5AM has invested globally in over 140 public and private companies.

5AM has helped guide portfolio companies to meaningful value-accretive outcomes. Across the 5AM funds, over 30 portfolio companies have entered the public markets (e.g., through IPOs) and over 20 portfolio companies have been acquired through M&A. A full list of portfolio companies, including those companies which have entered the public markets or been exited through M&A, are available on our website.

For more information, please visit www.5amventures.com.

About The Forest Road Company

The Forest Road Company is an investment firm that capitalizes on market inefficiencies through niche and esoteric strategies designed to capture attractive alpha. The firm operates across three core verticals: Forest Road Asset Management (FRAM), an SEC-registered investment adviser that manages funds across transformative sectors; Forest Road Securities, which includes an FCA-registered investment bank and a FINRA-registered broker-dealer; and a portfolio of operating companies and for-control investments. With over 800 transactions and $2 billion in deployed capital, Forest Road leverages deep institutional and family office networks to create value across its integrated platform. For more information, visit www.forestroadco.com.