Maven raises $90 million for the post-Roe v. Wade world

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Founder and CEO of Maven Clinic Kate Ryder, the first female unicorn in health technology, valued at $1 billion.

Daniel Zuchnik | Getty Images Entertainment | Getty Images

Maven, the women and family startup, has raised $90 million in a new fundraising round and in a challenging venture capital environment.

The round, led by General Catalyst and involving CVS Health Ventures, the VC arm of Intermountain Healthcare and European venture firm La Famiglia, will bring Maven’s total capital raised to $300 million. Maven reached unicorn status in a $110 million round last August, just before the bottom got out of the tech sector. While the downturn in technology is forcing some startups to make rounds, Maven founder and CEO Kate Ryder said in a blog post that the latest deal boosted valuation, albeit slightly, to $1.35 billion.

Maven has benefited from a greater focus on women’s health, especially since the Supreme Court overthrown Roe V. Wade. Ryder recently told TBEN that following the SCOTUS decision, the company saw a 67% month-over-month increase in the opportunities for companies seeking travel benefits and other healthcare support for pregnant women.

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“Because we’re in the market, because we had a platform that we had access to, we were able to take a leap and take our products a step further,” Ryder said at the recent TBEN Work Summit.

Maven Clinic has experienced broader demand for its products over the past two years amid a pandemic and a tight labor market, which she attributed to the accessibility of the virtual platform and strong support for health equity.

“The overthrow of Roe v. Wade created additional inequalities in a system already riddled with them, in a country where 50% of counties do not have OB-GYN and where maternal mortality exceeds that of all other developed countries,” she said. . wrote in the blog post.

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Maven now reaches 15 million members, 5x more than last year, with more than 450 corporate customers and payers (insurance companies) in more than 175 countries, and the platform supports more than 30 provider specialties in 30 provider languages. Maven Clinic was ranked number 19 on the TBEN Disruptor 50 list for 2022.

Maven’s customers include Microsoft and L’Oreal. Previous fundraising rounds have attracted successful American women, including Oprah Winfrey, Mindy Kaling, Natalie Portman and Reese Witherspoon.

Ryder has said in the past that her determination to create Maven was partly a result of her own medical frustration and trauma. A miscarriage left her feeling “lost, disheartened and confused as to why something so painful and physically taxing was considered beyond the confines of traditional health care,” she wrote in a blog post.

With the new funding, Ryder said the company needs to be careful about how it scales, but won’t be conservative with cash despite the current economic environment given the need to invest in growth opportunities. “We are not putting this capital aside for a rainy day,” she wrote Monday.

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Global family benefits growth and Medicaid are two areas Maven is prioritizing with the new funding. The family benefits build on the virtual platform that grew during Covid and include new features for Maven Wallet, the company’s financial compensation platform. Additional Medicaid expansion requires “a more localized approach, which needs to be more purposeful,” Ryder said, “but especially in the wake of Roe, the need has never been greater.”

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