Maven Clinic, a teletherapy startup focused on women’s health, announced on Monday it raised $90 million in Series E funding. The round was led by General Catalyst, with additional participation from Intermountain Ventures, Sequoia Capital and CVS Health Ventures. Maven has raised more than $300 million in total funding, per the company.
Eight-year-old Maven follows women and families through fertility and pregnancy to birth, pediatrics and menopause. Through its app, patients are connected to specialists who can talk them through a variety of medical procedures and long-term care plans for nutrition and child care. The company operates in 175 countries and offers care for families with different backgrounds and needs.
“We have reimagined the care model to address the complex needs of women and families in a global system that was not designed for them,” said Kate Ryder, Maven CEO and founder.
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New York City-based Maven works with employers to provide supplemental benefits, but doesn’t accept insurance — although its website indicates per-appointment fees cost less than most copays.
Specialized care gains traction
Maven’s raise, so far, marks the largest raise in the femtech category this year. Funding has dropped 52% since last year, garnering only $683 million in 2022.
But that’s not bad. Before 2020 and 2021, when a flood of funding ensconced the private markets, femtech netted $569 million in 2019.
Maven is one of several virtual health startups operating in the niche care space, where companies are building care plans for people who have otherwise been shunned by the mainstream health care system: women, people of color, queer people and immigrants. In October we covered FOLX Health’s $30 million raise to further its care offerings to LGBTQIA+ patients such as gender-affirming health care, access to PrEP (medication that stymies the spread of HIV and AIDS), and fertility services for same-sex couples. Caraway, which raised $10.5 million in January, offers health care services for college-aged women such as sexual health education.
But FOLX, Maven and Caraway, like many startups in this space, don’t take insurance. Rather, they either accept out-of-pocket payments or work with companies or schools to offer benefits to workers. Operating outside the insurance network might make it easier for patients to access specialists that are in demand and otherwise hard to schedule an appointment with. But the system also shuts out another group typically evaded by health care: the poor.
Illustration: Dom Guzman
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