Tech-enabled maternity clinic company Millie announced that it raised $12 million in Series A funding co-led by TMV and Foreground Capital, with significant participation from Pivotal Ventures and the March of Dimes Innovation Fund. The current investors, including Ingeborg Investments, participated in the round alongside BBG Ventures, Joyance, LearnStart, Amboy Street Ventures, Mother Ventures, Coyote Ventures, and Chai Ventures.
This new funding round validates the rapidly growing demand for patient-centered maternal healthcare that delivers better experiences and outcomes. And the capital will be used to expand Millie’s technology platform, offerings, and market footprint, with new clinics slated to open in 2025, starting with an upcoming launch in California in collaboration with Good Samaritan Hospital (part of HCA Healthcare).
Maternity care in the United States is broken due to high costs, subpar outcomes, and poor patient experiences. And access to maternity care is steadily declining due to OBGYN shortages.
Studies have shown that midwives are the optimal provider for more than 80% of pregnancies classified as low-to-moderate risk, with lower C-section rates and higher patient satisfaction scores. Patients are increasingly looking for alternatives to the traditional care model, and demand for midwifery care is rapidly growing, supported by a favorable regulatory landscape.
Millie accepts all major insurance plans: both Commercial and Medicaid. And its care model has shown better outcomes with 30% better NTSV C-section rates and 67% better preterm birth rates, compared to national averages. And the patient population reflects the diverse community, with over 50% of patients identifying as Black, Indigenous, and People of Color (BIPOC).
Along with the end-to-end clinical care throughout pregnancy and labor and delivery, the Millie model goes well beyond the current standard with a home postpartum visit and 1:1 coaching with doulas. And for patients who may benefit from additional resources, Millie also offers lactation support, mental health counseling, relationship therapy, and more.
In 2023, Millie added preconception counseling and other gynecology offerings to meet the demand of patients who wanted to begin care sooner and stay with Millie for their ongoing care.
Millie’s technology integrates a care platform, remote patient monitoring tools, and a proprietary patient app, that provides continuous care through the maternity journey. With end-to-end clinical insights and interaction data from thousands of visits, Millie is expanding AI enablement of its care operations to drive patient outcomes at scale, with strong margins.
Millie plans to open new clinics in 2025, starting with San Jose, California, adding to its flagship Berkeley location. It will also expand its gynecology and wraparound care offerings.
KEY QUOTES:
“We believe Millie has built the ideal model to drive better outcomes: midwifery-led, powered by both clinician and patient-facing technology, in partnership with health systems and payers. Not only is this transformative for maternal health but there is a huge upside potential as Millie builds a longitudinal relationship beyond the maternity episode.”
- Emma Silverman, Partner at TMV, an early investor in Cityblock and Kindbody
“Having been on the patient and provider sides of maternity care, I know the gaps all too well. We are proud to back this visionary founding team to fill these gaps and set a new standard of care for the 6 million pregnancies each year.”
- Alice Zheng, Partner at Foreground Capital
“Millie’s inclusive approach, focus on overlooked markets, broad-based health system partnership strategy, and in-network care is purpose-built to address critical access gaps in maternity care. Its experienced team and capital efficient model offer significant potential for change at scale.”
- Erin Harkless Moore, Managing Director, Investments at Pivotal Ventures
“Inspired by a near-miss following the birth of my own daughter, I set out to build a better maternity model that provides more complete, right-sized, and proactive care. I’m proud that Millie is not only a women-powered team, but is also backed by an all-star women-powered cap table — evidence that women are creating and funding their own solutions to create a better system for themselves.”
- Anu Sharma, Founder & CEO of Millie
“Our community deserves exceptional, compassionate care, and Millie is bringing just that to Good Samaritan Hospital. We are thrilled to welcome Millie to our hospital family and to the San Jose area. Their innovative approach to maternity care is inspiring, and we’re proud to partner with them to ensure that every family’s birthing experience is as safe, supported, and empowering as it can be.”
- Patrick Rohan, CEO at Good Samaritan Hospital, part of HCA Healthcare
