New York-based Maven, a digital women's health clinic, has raised $10.8 million in a Series A financing round that brings the company’s total funding to more than $15 million, the company announced Tuesday. 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 Breuggen 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 healthcare to women and families through its digital care platform, and since launching in 2015 has served nearly 100,000 patients through its network of more than 1,000 practitioners. Patients can book video appointments or send messages to a slew of maternity and women's health practitioners, including OB-GYNs, midwives, therapists, and nutritionists. They're 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. Maven Maternity, utilized at a number of 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 number one or number 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 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. 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 preterm birth."
This new round of funding enables Maven to continue to invest in Maven Maternity, with greater personalization and content for each member's user experience -- whether it's fertility assistance, pregnancy, postpartum, adoption, surrogacy, or loss. It 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 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."