NEW YORK — Maven, a digital health company focused on bringing women and families better access to healthcare, has raised $27 million in Series B funding led by Sequoia Capital and Oak HC/FT with participation from existing investors Spring Mountain Capital, 14W, and Female Founders Fund. The new round of financing brings the company’s total funding to $42 million and will help Maven enhance its flagship product, Maven’s Family Benefits platform, which supports working mothers and new parents with everything from fertility through return-to-work care, and is currently offered by employers like Snap, Cleary, Protective Life, and Bumble.
The company also announced that it has expanded its return-to-work care products with the introduction of a breastmilk shipping service. The new service, combined with the existing Maven healthcare platform, will provide more working mothers and parents with the support they need to return to work comfortably and successfully.
“In a system that desperately needs reform, focusing on the core patient—women—and starting with the core experience of millennials starting families, is critical,” said Kate Ryder, CEO and founder of Maven. “This is the beginning of long-overdue change in our healthcare system, and in society at large. At Maven, we’re just getting started.”
Founded in 2014, Maven operates the largest digital women’s and family health provider network, with highly-vetted providers that range from OB-GYNs to women’s health physical therapists to career coaches, to give quick, on-demand access to healthcare wherever someone is, whenever they need it. Maven’s B2B offering for employers and health plans, Maven’s Family Benefits platform, modernizes family planning for millions of working women and families with high-touch, inclusive programs for everything from adoption to IVF to maternity care to tracks for Dads.
More than 40 percent of American women who give birth leave the workforce – some by choice, but some by necessity due to the lack of adequate support from employers, health plans and healthcare providers. Even though women represent nearly half of the labor force in the U.S. and gender diverse companies outperform competition by 15 percent, less than a quarter of senior leadership is female and on average women make 80.5% of what their male counterparts are paid. The modern and evolving family is similarly left to fend for itself or else opt-out, leading to a less diverse workforce.
“There are so few companies out there tackling hard-to-solve women’s health challenges that are founded by women. Maven has done an amazing job creating a healthcare solution that helps give women the support they need at work,” said Jess Lee, partner at Sequoia. “I’m excited to collaborate with Kate and the Maven team to usher in an era of modern health services for today’s working families.”