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TechCrunch: Maven’s comprehensive approach towards women’s health merits unicorn status

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Maven's comprehensive approach to women's health deserves unicorn status - TechCrunch

Kate Ryder is the founder of Maven, a women’s clinic and performance platform. The business is personal. Ryder experienced a miscarriage during her first year of building the business. Maven started offering high-risk pregnancy support and assistance when Ryder, the founder, was overwhelmed by emotions and confused.

Ryder was Maven then “customer”The platform was used by Ryder for advice during business hours, virtual access with specialists, and, most recently, for instructions on preparing for a breech delivery. Ryder, a founder who was a repeat customer and gained a unique perspective on parenting.

They used the insights to create a platform that provides services for everything, from fertility to family support. Today, Maven has made history in its own unique way.

Maven announced that the company has raised $ 110 million in a Series D financing jointly managed by Dragoneer Investment Group and Lux ​​Capital. BOND and Sequoia were also part of the round, as well as existing investors Oak HC / FT/ Icon Ventures. Oprah Winfrey invested in the round. This brings Maven’s total funding to $ 200,000,000.

Maven was valued at $ 1. Billion during the funding event. This is a rare achievement for women-led startups and the health of women.

Maven

Maven’s largest Series C round for startups in women’s health in 2020 was completed by Maven. This funding followed strong growth.

The startup claimed it had partnered with five new Fortune 15 clients, including Microsoft. It also reported a near 100% retention rate. The company didn’t disclose any customer growth but did report that its membership grew 400% for its employer.

COVID-19 had women’s healthcare as a top priority. Maven began when that wasn’t the case. The company was started in 2014 to support working women with their family planning and start-up. It was initially sold to employers as a performance platform. Today, it continues to do so. The idea was that women could reach their employers to access a network of family health professionals and women in the community.

This focus is now well-established as companies reconsider their health benefits following the coronavirus which has led to a significant drop in women’s participation in the labor market. Ryder notes how many rejections were received during her early years building.

Maven, which has been in business for five years now offers support services that range from pregnancies preparation to post-partum care to family members. Employees can have access to over 30 different providers such as gynecologists (paediatricians), therapists, career coaches, or gynecologists. Maven introduced Nurses to assist patients in navigating the many options.

Ryder said, “Anyone who thinks telemedicine isn’t important on the user journey doesn’t really dig into the patient’s needs.” “A postpartum mom with a baby can’t really get up and needs all the help she needs. Telemedicine is a great option.

Maven’s network has more than 2,000 specialists, nurses, doctors and other professionals. This includes over 250 specialties such as egg donor consultants, fertility awareness educators, and even nurse practitioners. This startup has already helped more than 10 million families and women.

Maven’s growing focus is to connect its members with culturally-aware vendors. Expectful, another startup, realized that black women have higher mortality rates than their white counterparts and decided to change its focus.

Ryder stated that 40% of Maven’s providers can speak more than 30 languages and are BIPOC-certified.

Ryder said that even with white-labeling, which makes it easier for others to set up telemedicine service services in an instant, Maven still wants to make a gradual adjustment. She said that the startup accepts approximately 35% of all provider applications.

“If we started today, we would look at each other [outsourcing]We need platforms to survive on the market. We have the advantage to be able to begin in 2014, so we can take our time to think about what types of vendors will work with Maven.

Maven’s status is more relevant as a unicorn because of the increased competition.

The next flood

Maven’s raise was significant not only in terms of fundraising but also from the perspective of a board member. The majority of investors in Maven are mothers and women, she said. It is encouraging to see the data that shows almost half of private businesses have no female board members.

Deena Shakir (partner at Lux Capital) said that this was her largest check for a startup.

“The idea of ​​women as the most important decision-maker in health care is only part of my overall thesis on women’s health,” said Shakir. “A woman is more than just her reproductive identity – that’s for sure.”Shakir felt that the health of mothers was the last major cost center that employers needed to address.

Maven convinces Shakir as it’s so thorough, which Shakir thinks is important because new vendors and point solution providers are hitting the market. Employers also tire of making decisions.

She said, “It’s more than motherhood. It’s also about fertility. And it’s not about pedophilia. Or mental health.” Maven’s terminology is being used more widely in branding. It is now moving beyond women’s health and moving towards family and child health. “There are also male fertility issues, couples therapy, and other gender roles. It is very sensitive to provide inclusive care.

Ro’s acquisition Modern Fertility proved that women’s and hormonal health are attractive areas for digital health startups.

Shakir said that Ro started as men’s healthcare. “I’m excited for the time when the women’s health company will make other, you know several hundred million-dollar acquisitions here.”

Christina Farr, a journalist for CNBC, covered the rise in digital health before she left to invest in OMERS Ventures. OMERS Ventures has no stakes in Maven.

Farr, a journalist, said that she heard often that women’s health was too valuable as an asset.

Farr said, “This is clearly annoying and it just doesn’t hold true.” “How can 50% of the population be considered a niche? This is on top of the fact women are the main users of health services in their household. That’s just an ignorant prospect to my mind.”

Farr claimed that she doesn’t know any other digital company (women’s health) that has raised such a large amount of money with a female founder. “I think the CEO became a man at that point,”She spoke of another startup. Farr believes Maven could be a long-term solution to many aspects of women’s and families’ health, including postpartum recovery and physical health.

“In my opinion, these companies can exist on their own, but it’s also incredibly valuable to have all of us in one place on some kind of platform,”She agreed. “I believe Maven can be a navigator for all the women’s healthcare solutions.”

Ryder says that her personal experience has given Ryder many opinions. These opinions have helped Ryder’s company stay focused, even with new competition.

She stated that she knows what she stands for and what she does for patients. “That’s why we don’t want to bend,” she added. We won’t accept any new shiny object that people rush to see, and it doesn’t benefit the patient.

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