Startups, Health Tech

Maven Clinic raises $45M for women’s health

Maven Clinic, a digital health startup focused on women’s health services, raised $45 million in series C funding led by Icon Ventures. The company offers telehealth services for women, as well as benefit plans for employers.

Maven Clinic, a digital health startup focused women’s health services, closed a $45 million series C round on Wednesday.  Icon Ventures led the funding round, bringing the New York-based startup’s fundraising total to $88 million to date.

CEO Katherine Ryder founded the company in 2014, with the idea of making women’s health services easier to access. While working for VC firm Index Ventures, she noticed many women made health decisions for their families, but few products were directed at them.

“It was just amazing to me that there was nothing there,” she said.

Maven Clinic initially started with a focus on helping new mothers return to work. From there, the company grew to cover pregnancy services, in-vitro fertilization and other fertility services.

The company lets users conduct telehealth visits with OB/GYNs, mental health practitioners, pediatricians and other specialists. Maven also has a family benefits platform for health plans, including programs around fertility, maternity, adoption and returning to work.

In the last year, the startup has tripled its client base, striking partnerships with more than 100 companies. Ryder said Maven has gained momentum as employers look to retain working parents, and offer family benefits that include LGBTQ families and single parents.

“Employers are looking to help new moms return to work. They see a huge drop off,” Ryder said.

Maven says 90% of its members return to work, compared to the national average of 57%. The company also claims its services can reduce ER visits and lead to savings on maternity spending.

Maven Clinic has expanded its network to 1,700 providers across more than 20 specialties, the company said on Wednesday. It also recently launched a new service called Maven Wallet to help users keep track of expenses related to fertility services, egg freezing, adoption and surrogacy.

Maven plans to use the new funds to build out its existing platforms and expand into adjacent areas of care, including pediatrics, another area where new parents are seeking help.

The company will also gain a new board member in Icon Ventures General Partner Tom Mawhinney.

“Maven is addressing critical gaps in care by offering the largest digital health network of women’s and family health providers,” Mawhinney said in a news release. “With its virtual care and services, Maven is changing how global employers support working families by focusing on improving maternal outcomes, reducing medical costs, retaining more women in the workplace, and ultimately supporting every pathway to parenthood.”

Past investors Sequoia, Oak HC/FT, Spring Mountain Capital, Female Founders Fund and Harmony Partners also participated in the funding round. Maven has also drummed up a few familiar names as its investors, including actresses Reese Witherspoon, Natalie Portman, Mindy Kaling, and 23andMe CEO Anne Wojcicki.

 

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