Maven lands $10.8m to improve women’s healthcare
August 3, 2017
New York telemedicine start-up Maven has completed a $10.8m series A financing round to help its mission to improve women's and family health. This brings the company’s total funding to over $15m.
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, 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.
"We look to invest in companies and founders that are creating paradigm shifts in their markets," said Brueggen. "We believe that Maven's digital care network and focus on women as healthcare consumers is creating such a paradigm shift, fundamentally changing the way that women's healthcare is delivered."
Maven offers accessible healthcare to women and families via its digital care platform. Since launching in 2015, Maven has served nearly 100,000 patients through its vetted network of more than 1000 practitioners.
Patients can book video appointments or send messages to a wide range of maternity and women's health practitioners, including obstetrician-gynaecologists, midwives, therapists and nutritionists. These practitioners are available to offer advice and write prescriptions around the clock, including nights and weekends.
Maven operates an on-demand consumer marketplace in addition to its family benefits platform, Maven Maternity, deployed at top companies across the USA, including Snap and Protective Life. It provides a clinical programme that supports new parents from conception through pregnancy, postpartum and the transition back to work.
"Maternity is often the number one or two healthcare cost for self-insured employers, yet is not well-served by current solutions," said Kate Ryder, founder and CEO of Maven. "Further, while 96% of expecting mothers say that they are excited to go back to work after giving birth, fewer than 60% remain in the workforce after the first year. Our 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."
This new round of funding enables Maven to continue to invest in Maven Maternity, with greater personalisation and content for each member's user experience, whether it's fertility assistance, pregnancy, postpartum, adoption, surrogacy or loss, to drive the effective outcomes, all on one platform.
"Kate and her team have built an incredible product that connects women to providers with expertise in women's health," said Alex Zubillaga, managing partner at 14W. "Their enterprise offering, Maven Maternity, holds a treasure-trove of resources and community-driven content catered to specific issues. Maven is quickly on its way to becoming an iconic brand for women."
The money will also allow Maven to build more tools to support its model of coordinated care across its practitioner network.
"The healthcare system requires urgent reform," said Ryder. "Often lost in the discussion, however, is that reform will almost certainly need to come from women. Women, as consumers of healthcare, drive 80% of all healthcare decisions and make up 80% 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."
Maven is a digital clinic for women, giving on-demand access to healthcare specialists, such as doctors, mental health providers, nurse practitioners, lactation consultants, physical therapists and nutritionists. The platform is said to make it affordable and easy to get advice, diagnose and even prescriptions via video appointments, private messaging and community-based forums.