Maven Clinic Announces $90 Million Series E Round of Funding Amidst Seismic Changes in Women's and Family Health

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Nov 14, 2022, 08:00 ET

Funding will Advance Maven's End-to-End Family Care Platform, Enabling Deeper Personalization to Meet the Diverse Needs of Women and Families Everywhere

Announcement Comes in Banner Year for Maven with a 5x Increase in Covered Lives; Acceleration in Growth Driven by Demand for Maven's Global Fertility & Maternity Bundle

NEW YORK, Nov. 14, 2022 /PRNewswire/ -- Maven Clinic, the largest virtual clinic in women's and family health, today announced that it has raised 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 brings Maven's total funding to $300 million and highlights the growing demand for women's and family health services globally.

"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," said Kate Ryder, founder and CEO of Maven Clinic. "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."

Since 2014, Maven has led the category in innovation, offering the only end-to-end global reproductive health and family care platform that integrates support across the entire family journey, from fertility and family building through maternity, parenting, pediatrics and menopause. Combining integrated benefit coverage and continuous virtual care delivery, Maven partners with employers and health plans to deliver inclusive family benefit design, promote health equity, reduce costs of care, attract and retain talent, and improve clinical outcomes. Maven's technology platform offers 24/7 virtual care, easy financial reimbursement, peer communities, and concierge support to members across 175 countries.

The funding news comes on the heels of several significant milestones for Maven, including:

Reaching 15 million lives under management, a 5x increase since Maven's Series D round of funding
Supporting half of the Fortune 15, including AT&T and Microsoft, and leading national and regional payers with Maven's award-winning family benefits platform
Tripling covered lives outside of the United States, with 60% of all multinational clients using Maven to support their employees around the world
Achieving 5x growth of Maven Wallet over the past year, providing financial support for family building, reproductive health, and new parent benefits
Delivering continuous care for members, with 95% of new clients offering two or more Maven programs to their employees
Improving clinical outcomes, including 25% of fertility members achieving pregnancy without assisted reproductive technology, and up to 28% reduction in NICU admissions
Achieving industry-leading levels of engagement, with 60-80% of addressable members in commercial populations enrolling in the platform, and an average of 17 touch points per member per month with Maven's clinical resources, communities, care advocates, and specialists
Launching a Menopause and Ongoing Care Program with 1.2 million lives covered across 150 employer clients within 6 weeks of product launch
Expanding pregnancy options capabilities and Maven Wallet support for out-of-state travel for reproductive health services, including abortion

Maven's mission, grounded in bringing equitable access to care to women and families around the world, has never been more critical. With almost one-third of US women of reproductive age living in states with restrictions on access to abortion, 15% of reproductive-age couples globally experiencing infertility, and nearly one-in-three women saying they have taken sick days for their menopause symptoms, the need for greater access to quality care has become even more urgent.

Maven will use this new funding to continue to invest in personalization across its platform to drive meaningful outcomes in both commercial and Medicaid populations, enhance localization of resources to meet the cultural and country-specific needs of its global members, and increase depth of support across all family and reproductive health life stages.

Maven has also appointed three executives with expertise building successful and impactful healthcare companies as independent board members: 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 AT&T, we're passionate about providing world-class, family-focused benefits to support the total wellbeing of our employees. Maven is a wonderful complement to the generous reproductive health benefits, paid parental leave and family planning resources we offer, helping AT&T moms and dads access care providers, educational materials and parental support at every stage of their experience," said Dr. Jeff Tzeng, AT&T Senior Vice President of Health and Wellbeing.

"Maven's technology-driven platform is purpose-built to create a personalized care experience for all women and families regardless of geography, income level, or pathway to parenthood, which aligns with our health assurance mission to create a proactive and equitable system of care," said Holly Maloney, Managing Director at General Catalyst. "Maven has already demonstrated incredible outcomes driving commercial traction and a breadth of coverage that we have not seen in a women's and family care platform. The GC health assurance team and community is excited to join Maven in this exciting new phase of growth."

About Maven Clinic

Maven is the largest virtual clinic for women's and family health, offering continuous, holistic care for fertility and family building through maternity, parenting, pediatrics and menopause. Maven's award-winning digital programs are trusted by leading employers and health plans to reduce costs and drive better maternal health outcomes, as well as enhance DE&I in benefits programs. Founded in 2014 by CEO Kate Ryder, Maven has been recognized as Fast Company's #1 Most Innovative Health Company and has 15 million lives under management. Maven has raised $300 million in funding from leading investors including General Catalyst, Sequoia, Oak HC/FT, Dragoneer Investment Group and Lux Capital. To learn more about Maven, visit us at mavenclinic.com.

SOURCE Maven Clinic