Founder and CEO of Maven Clinic Kate Ryder, the $1 billion first female health tech unicorn.
Daniel Zuchnik | Getty Images Entertainment | Getty Images
Maven, the women’s and family health startup, has raised $90 million in a new fundraising round and in a challenging environment for venture capital funding.
The round, led by General Catalyst and with CVS Health Ventures, the VC arm of Intermountain Healthcare and European venture capital firm La Famiglia, brings Maven’s total capital raised to $300 million. Maven hit unicorn status last August in a $110 million round just before the fund exited the tech sector. As the tech slowdown forces some startups to do laps, Maven founder and CEO Kate Ryder said in a blog post that the latest deal has boosted its valuation, albeit slightly, to $1.35 billion. of dollars.
Maven has benefited from greater attention to women’s health, especially since the Supreme Court overturned Roe V. Wade. Ryder recently told CNBC that the company has seen a 67% increase month-over-month in opportunities from companies seeking travel benefits, as well as other healthcare for pregnant women, after the SCOTUS decision.
“Because we’re in the market, because we had a platform we could access, we were able to jump in and scale our products,” Ryder said at the recent CNBC Work Summit.
Maven Clinic has seen a broader increase in demand for its products over the past two years amid the pandemic and tight labor market, which it attributes to the accessibility of its virtual platform as well as its outspoken support for health equity.
“The reversal of Roe v. Wade has created further inequities in a system already riddled with them, in a country where 50% of counties have no OB-GYNs and maternal mortality rates exceed those of all other developed countries,” she added. written in the blog post.
Maven now reaches 15 million members, a 5x increase over last year, among its more than 450 enterprise customers and payers (insurance companies) in more than 175 countries, and the platform supports more of 30 supplier specialties in 30 supplier languages. Maven Clinic was ranked #19 on the 2022 CNBC Disruptor 50 list.
Maven customers include Microsoft and L’Oréal. Previous fundraisers have attracted successful American women including Oprah Winfrey, Mindy Kaling, Natalie Portman and Reese Witherspoon.
Ryder has said in the past that his determination to create Maven was partly due to his own medical frustration and trauma. A miscarriage left her “lost, discouraged and confused why something so painful and physically taxing was considered outside the bounds of traditional healthcare,” she wrote in a blog post.
With the new funding, Ryder said the company needs to be careful about scaling, but will not be conservative with cash despite the current economic environment given the need to invest in growth opportunities. “We are not setting this capital aside for a rainy day,” she wrote on Monday.
Global growth in family benefits and Medicaid are two areas Maven is prioritizing with the new funding. Family Benefits will build on the virtual platform that grew during Covid and include new features for Maven Wallet, the company’s financial reimbursement platform. Further expansion of Medicaid requires “a more localized approach, which needs to be more deliberate,” Ryder said, “but particularly in the wake of Roe, the need has never been greater.”
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