Maven Clinic, a virtual clinic for women’s and family health, has secured $125 million in Series F funding, the company announced Tuesday.
New York City-based Maven Clinic offers support for fertility, maternity, parenting, menopause and other areas. It works with more than 2,000 health plans and employers across 175 countries, including Amazon, Microsoft and AT&T.
The $125 million Series F funding round was led by StepStone Group and included participation from existing investors General Catalyst, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group and Lux Capital. In total, Maven Clinic has raised more than $425 million. The funding brings its valuation to $1.7 billion, according to Reuters.
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“For a decade, Maven Clinic has defied preconceptions, repeatedly proving that women’s healthcare can be intuitive, technology-first, and high-quality for every customer, from patients to employers to payers and providers,” said Seyonne Kang, partner at StepStone Group, in a statement. “We look forward to seeing Maven continue reimagining healthcare for families in the coming years.”
While the company believes it’s “capable of going public,” it’s currently “laser focused on ensuring Maven can help realize the $1 trillion opportunity to boost the global economy with improved women’s healthcare,” Dr. Neel Shah, chief medical officer of Maven Clinic, told MedCity News.
The funding will go towards several areas. The company will invest in its fertility benefits administration program called Maven Managed Benefit. This program offers fertility education, trying-to-conceive coaching and access to a network of more than 475 clinics. Maven Clinic will also invest in AI to make its maternity care more personalized. In addition, it will enhance its parenting and pediatrics offering and boost its midlife support, focusing on areas like chronic conditions, sexual wellness and mental health. The company will also advance its value-based partnerships with Medicaid plans and fully-insured plans.
“We will double down on our commitment to ensure women and families receive the care they deserve. We will continue to introduce financial and clinical innovation into fertility benefits to ensure families have a seamless experience between physical and digital care,” Shah said. “We will continue to harness the power of large datasets to personalize care journeys and ensure our members have the same opportunities to thrive, whether they are a Medicaid recipient or an employee of a Fortune 50 company.”
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The women’s health space has historically been underfunded. Although women represent half of the population, just 3% of digital health funding focused on women’s health between 2011 and 2020, according to Rock Health. Maven Clinic’s funding announcement is “validating” for both the women’s health sector and all of digital health, Shah declared.
He added that the company’s goal looking ahead is to make sure digital health reaches its full potential.
“Brick and mortar health care is essential,” Shah said. “But we all know that health is not produced within the four walls of a hospital. It’s produced in the spaces where we live our lives – in our homes, in our communities, in our workplaces. And to reach people there, outside a 15 minute clinic visit, we need the technological affordances of digital health. Our opportunity is to ensure that the potential of digital health is fully realized.”
Other companies in the women’s health space include fertility clinic Kindbody, maternity care company Pomelo Care and menopause support company Evernow.
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