This morning, Maven Clinic, the largest virtual clinic for women’s and family health, announced the close of its $110 million Series D funding round, co-led by Dragoneer Investment Group and Lux Capital, with participation from BOND and existing investors Sequoia, Oak HC/FT, and Icon Ventures. Oprah Winfrey was also welcomed as an investor in Maven’s Series D round. This means that Maven has officially reached ‘Unicorn’ status, making it the first women’s and family health startup to do so in history.
“The digital era for women’s and family health has arrived,” says Kate Ryder, founder and CEO of Maven. “For far too long, this space has been under-researched, under-sized, and under-innovated, and as a result, it’s profoundly underperforming, failing patients during some of the most challenging times in their lives. With the support of our new and existing investors, Maven will be able to deliver on the promise of digital health for women and families everywhere, offering personalized care that meets them where they are.”
“I work at Maven because every day, I know that our work is focused on our North Star: putting our member at the center of everything we do. As a lesbian, I feel incredibly proud to work for an organization that is giving queer parents and parents-to-be access to resources and providers that they likely wouldn’t have access to otherwise,” Arielle Solomon, Maven’s Manager of the Enterprise Market, tells GO. “We help same-sex couples in rural areas find high quality, LGBTQ-friendly adoption clinics. We provide a reimbursement platform for same-sex couples looking to undergo fertility treatments. We provide career coaching for members navigating difficult conversations with their managers about taking parental leave. The list goes on and on.”
The latest funding comes on the heels of a period of rapid growth for Maven. Since raising its Series C round of funding last year, Maven has significantly increased its client base across employers and payers, partnering with four new Fortune 15 clients including Microsoft, with membership in Maven’s employer and payer-sponsored programs increasing 400%. Even amidst this rapid growth, Maven has achieved a near 100% retention rate among existing clients like Boston Scientific, Booz Allen Hamilton, and L’Oreal. Quality and accessibility have also remained high, with 27-minute average wait times for same-day appointments and a 4.9/5 appointment satisfaction rating across all specialties. Maven’s model has been externally validated to drive better clinical outcomes, including lower NICU admissions and unnecessary c-section rates when compared to national averages.
Maven is the only platform in the market that combines an expansive, specialized telehealth network of more than 30 provider types with individual care navigation to support all parents and all paths to parenthood, from fertility through pregnancy, parenting and pediatrics. Maven’s compassionate Care Advocates are on the frontlines when it comes to helping members navigate the complexities of the family-building journey: from managing high-risk fertility and maternity patients to ensuring seamless integration with existing benefits to empowering members to advocate for themselves in a system that has left many parents behind.