Unicorn Maven raises $90M as focus on women’s healthcare sharpens

On Nov 15, 2022

Maven, a startup offering virtual women’s and family health services, has raised a $90 million Series E at a $1.35 billion valuation.

That’s a meaningful increase from the $1 billion valuation the company fetched last summer, despite an unfavorable funding environment.

While VC interest in women’s health has grown over the last few years, the US Supreme Court’s decision to overturn Roe v. Wade has shined an even brighter spotlight on the need for technologies that serve the female population.

“This is the first fundraise where I haven’t felt the need to evangelize the problem we’re solving,” said Kate Ryder, Maven’s founder and CEO, in a blog post.

The latest round was led by General Catalyst, with participation from CVS Health Ventures, Berlin-based La Famiglia and Intermountain Ventures, as well as returning investors including Sequoia, Oak HC/FT and Lux Capital.

The New York-based company offers services for fertility, adoption, parenting, pediatrics and menopause through employers, including Microsoft and AT&T. Maven has also recently begun serving Medicaid patients.

“Around half of US births are paid for by Medicaid, and many of the greatest care access needs are within the Medicaid population, so this is an enormous space,” said Rebecca Springer, a senior healthcare analyst at PitchBook. “[But] margins are lower, and the patient population is very different, which can pose challenges.”

Maven said that it is experiencing significant growth. For instance, the company serves 15 million people, a fivefold increase since it closed its $110 million Series D 14 months ago.

The company benefits from a broader scope of services compared to other, more specialized, women’s health companies, said Aaron DeGagne, a healthcare analyst at PitchBook. “Employers and patients want to avoid an overload of care options.”

Women’s healthcare continues to be underfunded and underserved market. Last year, funding for the sector jumped to $2.4 billion across 279 deals globally. But it has declined to $1.3 billion this year.

While many late-stage companies are now doing everything possible to conserve cash, Maven plans to invest its new funds into growth.

“Despite the current economic storm, we’re not putting this capital aside for a rainy day,” Ryder said. “Women and families sorely need the innovation we’re driving.”