Maven Clinic, the world’s largest virtual clinic for women’s and family health, announced that it has raised a $125 million Series F funding round led by StepStone Group. The company’s existing investors, General Catalyst, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group, and Lux Capital, participated in the round. And this funding brings Maven’s total to over $425 million.
Maven Clinic offers the only global benefit that covers the entire reproductive life cycle on one platform, from preconception and family building to pregnancy, parenting, menopause, and midlife. Over 2,000 clients in 175 countries, including Amazon, Microsoft, AT&T, Morgan Stanley, and L’Oreal, utilize Maven to support their employees.
Maven will use this funding to further invest in Maven Managed Benefit, Maven’s fertility benefits administration platform, and reinforce and expand its end-to-end platform, which includes virtual care delivery across maternity, parenting and pediatrics, and menopause. Across its platform, Maven will invest in the technology powering its human-led care model, harnessing artificial intelligence to personalize and enhance care for its members. Additionally, Maven will use this capital to bolster its value-based offerings across fully insured and Medicaid populations.
Maven Managed Benefit (MMB) combines the best of a carve-out fertility benefit with virtual care and health coaching to deliver better outcomes for families and cost savings for employers. MMB uniquely provides fertility education and Trying-to-Conceive (TTC) coaching, giving couples a pathway to conceive without IVF while also ensuring those who need IVF receive the support and benefits they need to reach a healthy pregnancy.
Maven’s performance network of 475+ fertility clinics is integrated with the virtual experience. It enables members to get real-time updates on their benefits and costs on the same platform where they receive fertility education and coaching. Over the past year, Maven has become the largest fertility benefits provider globally (lives under management).
Since 2014, Maven’s Maternity & Newborn Care program has set a new prenatal and postpartum care standard. With over 90% of Maven clients offering Maven’s maternity program, members can get support from the first trimester through returning to work. Clinical innovations include care matching based on cultural affinity, on-demand virtual doula care, reimbursement through Maven Wallet, perinatal mental health, and social determinants of health screening. Maven has achieved industry-leading platform engagement that drives better outcomes and cost savings and has published 15 peer-reviewed studies on its clinical and financial outcomes.
Maven’s Maternity & Newborn Care program has experienced more than 400% client growth in the past year. With this funding, Maven will leverage AI to personalize care further to support the diverse needs of its highest-risk members across its commercial, fully insured, and Medicaid lines of business.
With a parenting mental health crisis recently recognized as a public health issue by the U.S. Surgeon General, Maven is expanding its Parenting & Pediatrics product to meet the wide range of clinical and non-clinical needs parents face, from specialty pediatric care to support complex learning and behavioral challenges. First launched in 2020 to help parents during the COVID-19 pandemic, membership in Maven’s Parenting & Pediatrics program has doubled over the last 12 months and has more than 3 million lives under management.
About 1 in 5 people in the U.S. workforce in some phase of menopause transition, Maven’s Menopause & Midlife program offers a comprehensive approach to midlife health, encompassing not only symptom management but support for healthy aging for both women and men. Menopause & Midlife is Maven’s fastest-growing global program, with 300% year-over-year growth and more than 550 clients offering the program. With this funding, Maven will invest in more resounding support for healthy aging, from chronic conditions to shifts in weight, sexual wellness, mental health, and career satisfaction.
Maven will also use its Series F funding to enhance its value-based partnerships in maternity care, realizing its vision to make quality, equitable healthcare more accessible to everyone. Since 2022, Maven has tripled its Medicaid market presence and demonstrated that it can engage Medicaid recipients early and often in their pregnancies: pregnant Medicaid members have 20+ touch points per month in the Maven platform.
Maven has been demonstrating the ability to deliver better pregnancy outcomes at lower costs across diverse populations. Through Maven, employers and health plans see a 2:1 clinical ROI, and the company has proven that it reduces C-section rates by 8-20% and NICU admissions by 20-28%.
KEY QUOTES:
“Over the last 10 years, Maven has created and scaled a comprehensive virtual care model in one of the most underfunded sectors in healthcare. The next decade is about transformation. We now have the platform breadth, depth, and data required to create the scaled change this industry so sorely needs. With each member supported, we continue to prove that to build better healthcare for everyone we must first build it for women and families.”
-Kate Ryder, founder and CEO of Maven Clinic
“Maven is a technology platform and a healthcare company in equal measure. Over the past decade, we’ve built a human-centered care engine powered by years of data on effective ways to drive outcomes. Today, that allows us to harness artificial intelligence to deliver at greater scale. From automating administrative functions in our payments product to empowering providers and care coaches to more efficiently influence behavior change and outcomes, Maven shows up for our members wherever they are in the world or in their health journey.”
-Jason Lee, Chief Product and Operating Officer at Maven Clinic
“For a decade, Maven Clinic has defied preconceptions, repeatedly proving that women’s healthcare can be intuitive, technology-first, and high-quality for every customer, from patients to employers to payers and providers. We look forward to seeing Maven continue reimagining healthcare for families in the coming years.”
-Seyonne Kang, partner at StepStone Group
