Digital Health Company Maven Raises $10.8M Series A

NEW YORK, July 25, 2017 /PRNewswire/ -- New York-based Maven announced today that it has raised a $10.8M Series A financing round to revolutionize women's and family health, bringing Maven's total funding to over $15M. The round was led by Spring Mountain Capital, with participation from 14W, DGNL, and Colle Capital. All existing investors, including 8VC, Great Oaks Venture Capital, The Box Group, and Female Founders Fund, participated in the round. Spring Mountain Capital's Lauren Brueggen is joining Maven's Board of Directors, alongside Maven-appointed Rachel Winokur, Chief Business Officer of Bright Health and veteran of Aetna.

"We look to invest in companies and founders that are creating paradigm shifts in their markets," said Lauren Brueggen. "We believe that Maven's digital care network and focus on women as healthcare consumers is creating such a paradigm shift, fundamentally changing the way that women's healthcare is delivered."

Maven offers accessible healthcare to women and families via its digital care platform. Since launching in 2015, Maven has served nearly 100,000 patients through its highly-vetted network of 1,000+ practitioners. Patients can book video appointments or send messages to a wide range of maternity and women's health practitioners, including OB-GYNs, midwives, therapists, nutritionists, and more. These practitioners are available to offer advice and write prescriptions around the clock, including nights and weekends.

Maven operates an on-demand consumer marketplace in addition to its family benefits platform, Maven Maternity. Maven Maternity, deployed at top companies across the US, including Snap Inc. and Protective Life Corporation, offers a unique clinical program that supports new parents from conception through pregnancy, postpartum, and the transition back to work.

"Maternity is often the #1 or #2 healthcare cost for self-insured employers, yet is not well-served by current solutions," said Kate Ryder, founder and CEO of Maven. "Further, while 96% of expecting mothers say that they are excited to go back to work after giving birth, fewer than 60% remain in the workforce after the first year. Our platform helps companies improve employee retention, satisfaction, and productivity, while reducing maternity-related costs by zeroing in on C-Section rates and rates of pre-term birth."

"Kate and her team have built an incredible product that connects women to providers with expertise in women's health," said Alex Zubillaga, Managing Partner at 14W. "Their enterprise offering, Maven Maternity, holds a treasure-trove of resources and community-driven content catered to specific issues. Maven is quickly on its way to becoming an iconic brand for women."

This new round of funding enables Maven to continue to invest in Maven Maternity, with greater personalization and content for each member's user experience – whether it's fertility assistance, pregnancy, postpartum, adoption, surrogacy, or loss – in order to drive the most effective outcomes, all on one single platform. It will also allow Maven to build more tools to support its model of coordinated care across its practitioner network.

"The healthcare system requires urgent reform," said Ryder. "Often lost in the discussion, however, is that reform will almost certainly need to come from women. Women, as consumers of healthcare, drive 80% of all healthcare decisions and make up 80% of all healthcare providers. And yet, amazingly, it is the female voice that is too commonly lost in this debate. At the highest level, this is what Maven intends to change."

About Maven: 
Maven is the digital clinic for women, giving on-demand access to best-in-class healthcare specialists, such as doctors, mental health providers, nurse practitioners, lactation consultants, physical therapists and nutritionists. The platform makes it affordable and easy to get advice, diagnoses, and even prescriptions via video appointments, private messaging, and community-based forums. Maven operates both an on-demand consumer marketplace in addition to its family benefits platform, Maven Maternity, which offers clinical services around fertility, prenatal, postpartum, and return-to-work. Maven was founded in 2014 by Katherine Ryder and is backed by Spring Mountain Capital, 14W, DGNL, and Colle Capital, 8VC, Great Oaks Venture Capital, The Box Group, and Female Founders Fund, among others.

About Spring Mountain Capital: 
Founded in 2001 by John L. ("Launny") Steffens and located in New York City, Spring Mountain Capital, LP ("SMC") is a private investment management firm that focuses on alternative asset investing. SMC's Private Equity Group provides expansion stage capital to lower middle market companies that are capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. The Private Equity Group at SMC focuses on two sectors of the U.S. economy undergoing the most change and with the highest growth potential: technology-enabled and healthcare businesses. Within these high growth areas, it seeks to make value investments by capitalizing on market dislocations, information asymmetry, illiquidity and complexity. For more information, visit: http://www.springmountaincapital.com/.

SOURCE Maven