Maven Clinic, the world’s largest virtual clinic for women’s and family health, has successfully raised a sum of $125 million in Series F financing. Led by StepStone Group, the round saw further participation coming from the likes of General Catalyst, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group, and Lux Capital, all of them chipping in to take Maven’s total funding till date to more than $425 million.
According to certain reports, Maven plans on deploying these newly-raised funds to support Maven Managed Benefit, the company’s fertility benefits administration platform. Furthermore, it will reinforce and expand its end-to-end platform, which includes virtual care delivery across maternity, parenting and pediatrics, and menopause. On top of that, Maven will also invest in the technology powering its human-led care model, harnessing artificial intelligence to personalize and enhance care for its members, while simultaneously using the stated capital to bolster its value-based offerings across both fully-insured and Medicaid populations.
Firstly, taking a deeper view of Maven Managed Benefit, it basically 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. You see, the initiative uniquely provides fertility education and Trying-to-Conceive (TTC) coaching so to give couples a pathway for conceiving without IVF. It also ensures that those who need IVF are able receive the support and benefits they need to reach a healthy pregnancy. At present, Maven’s performance network of 475+ fertility clinics is markedly integrated with the virtual experience, allowing members to get real time updates regarding their benefits and costs on the same platform they receive fertility education and coaching.
“Over the last 10 years, Maven has created and scaled a comprehensive virtual care model in one of the most underfunded sectors in healthcare,” said Kate Ryder, founder and CEO of Maven Clinic. “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.”
Turning our attention towards what this funding might mean for Maven’s end-to-end platform, we begin from the space of maternity & newborn care, where the company will now leverage AI to further personalize care to support the diverse needs of its highest risk members across its commercial, fully-insured and Medicaid lines of business. Since 2014, Maven’s Maternity & Newborn Care program has managed to grow leaps and bounds, as today, more than 90% of Maven clients offer its maternity program to support members from the first trimester through returning to work. Sitting on growth of around 400%, the company offers various different clinical innovations, including care matching based on cultural affinity, on-demand virtual doula care, doula reimbursement through Maven Wallet, robust perinatal mental health, and social determinants of health screening.
Next up, Maven will bank upon the latest cash inflow to expand Parenting & Pediatrics care across its platform, doing so to meet the wide range of clinical and non-clinical needs that parents face, ranging from specialty pediatric care to support with complex learning and behavioral challenges. Initially launched in 2020, this particular program has doubled over the last 12 months, now holding more than 3 million lives under management.
Another Maven program set to benefit from its latest funding is the company’s Menopause & Midlife program that provides a comprehensive approach for midlife health, encompassing not only symptom management but also healthy aging for both women and men. Understood to be the company’s fastest-growing global program, the initiative will see the new funds going towards conceiving deeper support for healthy aging.
“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,” said Seyonne Kang, partner at StepStone Group. “We look forward to seeing Maven continue reimagining healthcare for families in the coming years.”