Digital health startup Maven raises $10.8 million to grow women's health platform
With a $10.8M Series A financing, the New York-based startup Maven launched by CEO Kate Ryder, is poised to boost women's health and help companies across the country bring better maternity and family benefits to working parents.
Maven is an online clinic that offers women and families healthcare via its digital care platform.
The startup’s total funding now totals more than $15 million. The company will use the funds to further grow the company’s reach.
Since launching in 2015, Maven has served nearly 100,000 patients through its network of more than a thousand practitioners.
Patients book video appointments or send messages to a wide range of maternity and women's health practitioners. The network includes OB-GYNs, midwives, therapists, nutritionists, and others. A medical team is available around the clock.
Maven operates an on-demand consumer marketplace in addition to its family benefits platform, Maven Maternity. Maven Maternity, deployed at top companies across the US, including Snap Inc. and Protective Life Corporation, offers a clinical program that supports new parents from conception through pregnancy, postpartum, and the transition back to work.
"Maternity is often the No.1 or No. 2 healthcare cost for self-insured employers, yet is not well-served by current solutions," Ryder said in a statement. “While 96 percent of expecting mothers say that they are excited to go back to work after giving birth, fewer than 60 percent remain in the workforce after the first year,” she added.
Ryder asserts Maven’s platform helps companies improve employee retention, satisfaction, and productivity, while reducing maternity-related costs by zeroing in on C-Section rates and rates of pre-term birth.
"The healthcare system requires urgent reform," Ryder added. "Often lost in the discussion, however, is that reform will almost certainly need to come from women. Women, as consumers of healthcare, drive 80 percent of all healthcare decisions and make up 80 percent of all healthcare providers. And yet, amazingly, it is the female voice that is too commonly lost in this debate. At the highest level, this is what Maven intends to change."
The round was led by Spring Mountain Capital, with participation from 14W, DGNL, and Colle Capital. All existing investors, including 8VC, Great Oaks Venture Capital, The Box Group, and Female Founders Fund, participated in the round. Spring Mountain Capital's Lauren Brueggen is joining Maven's Board of Directors, alongside Maven-appointed Rachel Winokur, Chief Business Officer of Bright Health and veteran of Aetna.