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Women’s health clinic and benefits platform Maven has had no shortage of macroeconomic intrigue, from investors questioning market size to the ongoing pandemic to the most recent overturning of Roe v. Wade.
But the CEO and founder Kate Ryder Stay optimistic. “This is a huge industry full of entrenched interests and perverse incentives and then government and regulators. But I think the change is coming,” she said in an interview with TechCrunch.
“There’s a lot of work to be done here, but I think employers are really recognizing it for the first time, we’re going to see it prioritized — because if we’re not growing, we’re not going to grow.” Indeed, the startup’s growth is impressive: Maven’s employer-paid benefits suite currently covers 15 million people, five times more than it will cover as of August 2021.
In an environment where many late-stage companies are struggling, Maven’s user growth has attracted surprisingly hot investor interest. The company announced yesterday that it has raised a $90 million Series E led by General Catalyst, which announced a $670 million healthcare-focused fund over the summer. Other investors in the round include CVS Health Ventures, La Famiglia and Intermountain Ventures, as well as existing investors Sequoia, Oak HC/FT, Icon Ventures, Dragon Investment Group and Lux Capital.
Investors raised Maven’s valuation from $1 billion to $1.35 billion. Lux capital Dina Shakir He said Maven’s financing, despite the current macro environment, reflects “very unique long-term potential.”
“Regardless of the regulatory or economic fallout associated with Roe, one thing is clear: women’s health is public health, and companies like Maven have a more important role than ever to advance human health and health equity through technology,” Shakir said. TechCrunch.
Ryder explained that the $90 million round is definitely not being “put aside for a rainy day.” “On the one hand, like every company we’re stricter in our budgeting and spending process, but the new capital is us. Investing in growth.”
Maven declined to share what new products are in the works, but Ryder hinted that they are building market demand for better maternity and maternity wrap benefits. “Not just on the payment side, but also the clinical outcomes.” Maven is working to support the business side of Medicaid and continues to invest in health equity that “aggressively … determines social issues.”
Maven launched its first Medicaid population this year. For example, Maven was launched this year by Blue Cross Blue Shield of Arkansas and can be offered as a free benefit to families enrolled in the plan.
Scale brought the ability to drive programs with immediate impact. For example, more than 1.2 million lives were covered by 150 employers within six weeks of the Menstruation Program. In addition, Maven’s supplier network offers an average of 5,100+ appointment slots each week. All things to play for as the startup has a 96% customer retention rate.
The challenge facing Maven, much like any digital health clinic looking to make the biggest impact, is its ability to serve the most complex medical issues for a high-risk and diverse patient population.
Ryder said the industry as a whole is moving toward more value-based contracts — a model in which providers are paid based on patient health outcomes — which means startups have to deliver and put their money where their mouth is.
In this case, let’s take a look at how a new round of highly rated Maven can help the industry do exactly what it needs.
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