Maven Clinic, a global virtual clinic for women’s and family health, clinched $125 million in a series F funding round.
The round was led by StepStone Group, with participation from existing investors General Catalyst, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group and Lux Capital. The round brings Maven’s total funding to more than $425 million. Maven plans to use the capital to invest in its fertility benefits administration and virtual care delivery platforms.
Axios reported that the funding round boosted Maven Clinic's valuation to $1.7 billion, citing a source familiar with the deal.
“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,” Seyonne Kang, partner at StepStone Group, said in a press release. “We look forward to seeing Maven continue reimagining healthcare for families in the coming years.”
Maven founder and CEO Kate Ryder believes investors were excited not only about the company’s business momentum but also the product itself and what it stands for.
“The markets are tough, but I think that at the end of the day, investors were really looking at platform plays in some of the core digital areas [like women’s health],” Ryder told Fierce Healthcare in an interview.
In the past year, Maven’s Maternity & Newborn Care program, offered by more than 90% of Maven clients, has experienced more than 400% client growth, per Maven. The program, which offers care matching, virtual doula care and social determinants screening, will use part of the funding to harness AI and personalize care further. “It’s a complete game changer in an industry that desperately needs it, like healthcare,” Ryder said about AI.
The capital will also be used to bolster Maven’s value-based offerings in maternity care across commercial and Medicaid populations. Since 2022, the company has tripled its Medicaid market presence. Pregnant Medicaid members have more than 20 touch points per month in the Maven platform, according to the company. Right now, Maven is in partial risk contracts now and wants to move deeper into risk the more outcomes it drives.
“At the end of the day, value-based is moving deeper and deeper into full risk on those contracts so that we get paid on the outcomes that we generate,” Ryder said. Virtual care also has a great opportunity to drive enormous patient engagement, she added, which is crucial in order to go at-risk. Being at-risk requires managing a patient, and to do so requires trust and for the patient to actually follow through on their treatment plan.
Menopause & Midlife, offering symptom management and support for healthy aging for men and women, is Maven’s fastest-growing global program, with 300% year-over-year growth and more than 550 clients offering the program, according to the company.
With the funding, Maven will invest in additional support for healthy aging. “This has been an ignored part of women’s health for a long time,” Ryder said. There is demand for menopause across fully insured and even Medicaid markets, she added. That is a big step, because there are no claims for managing menopause today. It is considered a routine women’s health visit, Ryder said. “As a result, there’s not a clear ROI model yet for health plans,” she said. “It's been really amazing to see even though there’s no claims attached to it, that still health plans are leaning in to support menopause populations.”
Maven says it covers the entire reproductive life cycle on one platform, from preconception and family building to pregnancy, parenting, menopause and midlife. It has more than 2,000 clients across 175 countries, including Amazon, Microsoft, AT&T, Morgan Stanley and L’Oreal.