November 3, 2021
Maven Clinic raises $90M to expand care access for women and families
The company now has 15 million lives under management, including 60% of all multinational clients
The last time Maven Clinic, a provider of virtual care for women and families, raised funding was in August 2021, and obviously a lot has changed since then when it comes to reproductive freedom and the ability to access care; now, almost one-third of US women who are of reproductive age live in states with restrictions on access to abortion.
The current environment seems to have galvanized the company, which now reaches 15 million lives under management, a saw a 5x increase since its Series D round of funding, and now it has a big new funding round to continue to expand its services.
On Monday, Maven announced a $90 million Series E funding round led by General Catalyst, with participation from CVS Health Ventures, La Famiglia, and Intermountain Ventures, as well as existing investors Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group, and Lux Capital. This latest funding round brings Maven's total raised to $300 million.
Launched in 2014, Maven acts as a digital clinic, providing programs around various aspects of women's healthcare such as preconception, egg freezing, IVF, adoption, surrogacy, pregnancy, returning to work and pediatrics, as well as programs for partners of people going through pregnancy or IVF.
The company allows patients to make virtual visits with their doctor; they then get access to over 1,400 vetted women’s and family health practitioners across over 20 specialties. Patients can book video chats or message practitioners and then pick up their prescriptions, including birth control, at their local pharmacy.
The company sells its digital programs to both employers and health plans to roll out to their members who then get access to a care team comprised of a range of providers who can help meet their needs; its enterprise customers now include half of the Fortune 15, including AT&T and Microsoft. Patients can also sign up individually for Maven, though they won't get access to the care team.
Maven has been growing quickly: as part of its aforementioned 5x growth, the company has tripled the number of lives it covers outside of the United States, with 60% of all multinational clients using Maven to support their employees. In August, the company launched its Menopause and Ongoing Care Program, which now has 1.2 million lives covered across 150 employer clients within just six weeks of launch.
It also achieved 5x growth of Maven Wallet over the past year, which provides financial support for family building, reproductive health, and new parent benefits.
Maven says it will use this new funding to continue to invest in personalization across its platform, as well as to enhance localization of resources "to meet the cultural and country-specific needs of its global members," and to increase its depth of support for its patients.
Along with the funding, it was announced that the company added three new members to its board: Jennifer Schneider, M.D., M.S., co-founder and CEO of Homeward and former President of Livongo Health; Yvette Bright, former Chief Operating Officer of Independence Blue Cross; and Chris Klomp, technology entrepreneur and former CEO and Chairman of Collective Medical.
"At Maven, we have reimagined the care model to address the complex needs of women and families in a global system that was not designed for them," Kate Ryder, founder and CEO of Maven Clinic, said in a statement.
"Whether it's a pregnant woman faced with access issues in rural America, working parents in India needing financial support and navigation for infertility treatment, a same-sex couple facing bias in the opaque surrogacy industry, or a senior executive unable to get support for menopause, our platform shows up reliably, affordably, and relentlessly focused on patient outcomes."
