Founder: Kate Ryder (CEO)
Spear : 2014
Headquarter: New York City
Funding: $202 million
Evaluation: $1 billion
Key Technologies: N / A
Industry: Health care
Previous appearances on the Disruptor 50 list: 0
Maven is the largest virtual clinic for women’s and family health, and last August it also became the first women’s-focused health startup valued at over $1 billion, or so- saying unicorn status.
Offering technology-enabled care for fertility, pregnancy and parenting, Maven quickly grew from a service that was popular with college students looking for quick telehealth advice, to a health program scalable digital now used by large employers and health plans.
As with many emerging technologies in healthcare aimed at bridging the gap between digital and the patient as consumer, Covid-19 has accelerated the adoption and acceptance of Maven’s business model, even though The company’s premises had been in place long before the pandemic.
“We saw it in the fact that 50% of US counties did not have a single obstetrician-gynecologist. We saw it in the maddening racial disparities in fertility, motherhood, and pediatric care. we have seen in the lack of financial support for building an LGBTQ+ family. And, in the United States, the richest country in the world, we have seen it in the highest maternal mortality rate in the industrialized world” , Maven founder and CEO Kate Ryder wrote in a blog post at the time of her big fundraiser.
Over the past year, Maven has added 100 new customers, including five from Fortune 15 companies, including Microsoft. Of existing customers, including L’Oréal, 50% expanded their use of Maven services last year by investing in new programs, including improved care management for high-risk patients, a service to match patients with providers of the same background (race, ethnicity, gender identity, religion, etc.) and MavenRx, which focuses on managing the cost and complexity of fertility drugs.
The historic $110 million Series D August 2021 funding was co-led by Dragoneer and Lux, but Maven has also attracted interest from powerful and successful American women. Oprah Winfrey has joined the tour, adding to Maven’s list of celebrity backers, which includes Mindy Kaling, Natalie Portman and Reese Witherspoon.
The round was more than just a milestone for Maven – the founders only received 2% of all US venture capital funding in 2021.
Women’s health technology – also called femtech – is gaining momentum. Fertility company Progyny, a three-time CNBC Disruptor 50, has reached a valuation of around $4 billion as a public company and has doubled in value since its first transaction in 2019. And despite the fact that companies founded by of women still receive an inequitable share of venture capital investment, 2021 has been a breakthrough year for femtech in particular, according to a PitchBook report, with global venture capital investment exceeding $1 billion for the first time .
With its recent funding, Maven is focused on reaching new populations, including Medicaid, which is responsible for paying for nearly half of all births in the United States.
Like many startup founders, Ryder’s determination to create Maven was partly the result of personal experience, in his case medical frustration and trauma. A miscarriage left her “lost, discouraged and confused why something so painful and physically taxing was considered outside the bounds of traditional health care,” she wrote in one post.
Now a mother of three, she had a newborn in the natal intensive care unit, a painful recovery from a C-section, and describes herself as the “biggest reviewer” of Maven products.
The company boasts of working on behalf of more than 10 million families in more than 30 medical specialties and is adding more employers at a time of return to work for many caregivers. Whether it’s a new parent navigating a return to the office, a same-sex couple seeking adoption; women with fertility problems; or institutional biases in the current healthcare system, Ryder sees a similar underrepresented community problem to be addressed.
“For all of these patients, and countless others, digital health provides a way to be seen, heard and supported,” Ryder said.
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