Maven scores $45M series C with 23andMe's Wojcicki, A-list actors as investors

An image of Maven's team
Maven initially started as an app but grew into a company that helped employers offer benefits to support their workers with maternity and fertility costs. (Maven)

Women and family health startup Maven landed $45 million in series C funding with some high-profile backers.

The funding round was led by Icon Ventures with participation from existing investors Sequoia, Oak HC/FT, Spring Mountain Capital, Female Founders Fund and Harmony Partners.

Individual strategic investors include Reese Witherspoon, Natalie Portman, Mindy Kaling and 23andMe CEO Anne Wojcicki.

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Over the last 12 months, Maven has expanded rapidly, driven by the adoption of its family benefits platform among individuals, employers and health plans seeking better solutions for women's health, family planning and diversity in the workforce, the company said.

The latest round of funding will be used to support Maven's growth, deepen investment in its core digital programs across fertility, maternity, return-to-work and pediatrics and expand into adjacent areas.

Ten women's health digital startups brought in $177 million in funding through the third quarter of 2019, and funding for women's health companies has risen 812% from 2014 to 2018, according to Rock Health. But only a few women's health startups have made it to a series C round.

Founded in 2014 by Katherine Ryder, Maven has raised $88 million to date.

The company was initially started as an app but grew into a business that helped employers offer benefits to support their workers with maternity and fertility costs. The product was designed to offer women "end-to-end" support in areas including preconception, egg freezing, IVF/IUI, adoption, surrogacy, pregnancy, postpartum, early pediatrics, return-to-work and breast milk shipping.

Maven was among FierceHealthcare's 2020 class of Fierce 15 winners.

RELATED: Digital behavioral health, women's health seeing strong growth in venture capital funding: report

Ryder told FierceHealthcare in December that she started the company because she saw major gaps when it came to offerings for women, who make up the dominant customer base in healthcare. And that was particularly the case when it came to the biggest healthcare decision of their lives: starting a family.

The company recently launched Maven Wallet, a new feature designed to help members better manage receipts and expenses associated with fertility, egg freezing, adoption and surrogacy reimbursement.

"We believe that women's and family health is not just a vertical, but the core of a functional healthcare system. With this latest round of funding, Maven will continue to double down and invest in the long term to drive meaningful, sustained change," Ryder said.

"Maven is addressing critical gaps in care by offering the largest digital health network of women's and family health providers," Tom Mawhinney, lead investor from Icon Ventures, said. "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."

Mawhinney will join the Maven board of directors.

Last year, the company tripled in size to offer care to 5 million women and families. Maven's women's and family telehealth network has expanded to include 1,700 providers across more than 20 specialties.

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