This morning, female-focused digital clinic Maven announced a $45 million raise in a Series C round of funding. The round was led by Icon Ventures with participation from Sequoia, Oak HC/FT, Spring Mountain Capital, Female Founders Fund and Harmony Partners. It also included individual investors made up of Hollywood A-listers and tech entrepreneurs including Reese Witherspoon, Natalie Portman, Mindy Kaling and Anne Wojcicki.
WHAT THEY DO
Maven currently offers digital health programs for women and children. It specializes in fertility, maternity, return-to-work and pediatric care. Users can tap into on-demand access at healthcare providers across the country that cover more than 20 specialties.
The program is also designed to monitor the patient over time for any indication of early risk factors. Maven uses artificial intelligence (AI) to keep track of patient needs and deliver personalized content.
The company also launched a new product dubbed Maven Wallet that helps families keep track of fertility-related expenses including egg freezing, adoption and surrogacy reimbursement.
WHAT IT’S FOR
Maven said the new money will be used to invest in its core digital offerings.
"With this latest round of funding, Maven will continue to double down and invest in the long term to drive meaningful, sustained change," Kate Ryder, founder and CEO of Maven, said in a statement.
Women’s health tech products are on the rise. In fact, according to a new market report by Research2Guidance, there are now more than 3,000 app-based women’s health products on the market. The femtech industry has raised $220 million since 2011, according to the report.
ON THE RECORD
"Maven is addressing critical gaps in care by offering the largest digital health network of women's and family health providers," Tom Mawhinney, lead investor from Icon Ventures, who will join the Maven board of directors, said in a statement. "With its virtual care and services, Maven is changing how global employers support working families by focusing on improving maternal outcomes, reducing medical costs, retaining more women in the workplace, and ultimately supporting every pathway to parenthood."