Maven Clinic, the largest virtual clinic for women’s and family health, has announced the close of a $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. Maven also welcomed Oprah Winfrey as an investor in its Series D round. This brings Maven’s total funding to more than $200 million.
Building on its momentum with global employers and payers, Maven will use its Series D financing to expand into new populations and to invest in additional product innovation to further enhance its award-winning member experience designed to improve clinical outcomes.
Since its founding in 2014 by CEO Kate Ryder, Maven’s commitment to serving every member’s unique needs has set a new standard for family care, centered on the patient-first principles of access, equity, and personalization. Today, 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.
“The digital era for women’s and family health has arrived,” said 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.”
With the largest network of providers, demonstrated success with marquee employers and focus on improving clinical outcomes, we believe Maven is the clear choice for both employers and payers,” said Eric Jones, partner at Dragoneer Investment Group, who is joining Maven’s Board of Directors. “Maven’s model, coupling technology with clinical providers, is powerful in providing the right care at the right time, and changing the way we think about care delivery. The high utilization and engagement on Maven’s platform speak to the pressing need Maven solves. We’ve never seen such outstanding ‘customer love,’ especially in healthcare. We are excited to partner with Kate and her team as they continue to change the face of women’s health and family care.”
“We have been searching for a long time for the right company in women’s and family health, as we believe this is one of the defining categories in healthcare. In the process, we evaluated hundreds of companies and Maven stood out as the clear category winner poised to lead the sector,” said Deena Shakir, partner at Lux Capital, who is joining Maven’s Board of Directors. “Individual point solutions fail to address the bigger unmet need: while the path to parenthood is unique to each family, it is a source of emotional, physical, and financial stress to nearly every family. Maven is the only platform that effectively serves parenthood journeys in all their depth and diversity, solving for the patient, employer and payer with one elegant solution.”
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.