Maven Clinic, an online clinic for women and family health, has closed its series F funding round at $125 million.
StepStone Group led the round, and General Catalyst, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group, and Lux Capital also invested. The round makes Maven’s total funding greater than $425 million. Maven intends to use the capital to fund its women’s fertility benefits administration and telehealth platforms. The funding round increased Maven Clinic’s valuation to $1.7 billion
“For a decade, Maven Clinic has challenged conventional wisdom, time after time demonstrating that women’s healthcare can and should be seamless, technology-driven, and excellent for patients, employers, payers, and providers alike,” Seyonne Kang, partner at StepStone Group, said in a news release. “We eagerly anticipate Maven to keep creating a better healthcare experience for families in the years to come.”
CEO Kate Ryder of Maven said that investors were not only interested in its business growth but more so in the product and its mission. Specifically, Maven’s Maternity & Newborn Care program has shown 400% growth in clients in the past year. The care matching, virtual doula care, and social determinants screening program will use part of the funding employment of AI to augment the personalization of care.
The capital will also be used to support Maven’s value-based adult primary care and obstetrical services across commercial and Medicaid. In the last two years, the company has more than doubled its market presence in Medicaid. Maven stated that pregnant Medicaid users have more than 20 monthly touch points on the Maven platform.
Maven is currently involved in partial risk contracts now and would want to get more into risk as more outcomes are produced.
From women experiencing symptoms of menopause and midlife, managing these symptoms and encouraging both men and women to embrace healthy aging, Menopause & Midlife is Maven’s ‘go-to’ program with 300 percent year-on-year growth and over 550 clients providing this program as Maven claims.
Maven states that it offers content dating from pre-conception, and family formation, through pregnancy, parenting, menopause, and midlife. It has more than 2,000 customers spanning 175 countries including AT&T, Morgan Stanley, Amazon, Microsoft and L’Oreal.
