Maven Clinic raises $110M, achieves unicorn status
Maven Clinic, a virtual clinic focused on reproductive and maternal health, has raised $110 million in a Series D funding round. The company is now a healthcare unicorn, as the latest funding sent its valuation soaring past $1 billion.
Co-led by Dragoneer Investment Group and Lux Capital, the funding round saw participation from BOND and existing investors Sequoia, Oak HC/FT and Icon Ventures. Oprah Winfrey also joined the round as an investor. Maven Clinic’s total funding is now more than $200 million.
Founded in 2014, Maven Clinic offers telehealth services to people in all stages of the journey to parenthood and beyond. The company’s network includes 30 different types of providers. Users are connected to an individual care associate to help them navigate the network.
“Fundamentally, people who are building their family deserve more support and they deserve more dignity,” said Sonia Millsom, Maven’s chief commercial officer, in an email. “It’s normal for a Maven postpartum member to see a mental health provider, a physical therapist, a pediatrician, a lactation consultant and an OB-GYN.”
The company also offers a wide array of digital programs via its mobile application, ranging from programs focused on fertility to pediatrics services through age 10.
Maven Clinic will use the funds raised in the most recent round to expand its services to new populations, including Medicaid members in the U.S. and international patients, Millsom said.
“Maven has built the infrastructure to bring a kind of care that’s built around trust — around seeing and hearing the patient — to places where that’s not been the norm,” she said. “That is an enormous opportunity to make healthcare more equitable and more effective.”
In addition, the company will use the Series D funds to invest in product innovation.
The latest financing round comes about 18 months after the company raised $45 million in Series C funding. Since then, Maven Clinic has grown its client base. It recently partnered with Microsoft, where more than 1,300 employees began booking appointments on Maven’s platform within a week of launching, according to an article by Sonja Kellen, senior director, global health and wellness at Microsoft.
Funding for startups focused on women’s health is still a relatively small piece of the fast-growing digital health pie, but those companies are seeing millions in investor interest. About $688 million was invested in digital health companies targeting fertility and pregnancy/motherhood in the first half of 2020, according to a report released last year by Rock Health. Other companies in the space include Ovia Health and Progyny, which went public in 2019.
Amid competition in an emerging market, Maven aims to remain focused on providing personalized care to those who want to have children.
“… now is the time to build something better, to think about the beginning of life as the critical point for investment — not as a disability to be managed with a 100-year-old care model,” Millsom said.
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