Founder: Kate Ryder (CEO)
Financing: $202 million
Valuation: 1 billion dollars
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, as of last August, also the first women-focused health startup to be worth over $1 billion, or unicorn status.
Maven provides technology-enabled fertility, pregnancy and parenting care and has quickly evolved from a service that was initially popular with college students seeking fast telemedicine advice to a scalable digital health program now used by large employers and health plans will .
As with many emerging healthcare technologies focused on bridging the gap between digital and the patient as a consumer, Covid-19 accelerated the uptake and adoption of Maven’s business model, even if the premise for the business was there from the ground up before the pandemic.
“We saw it in the fact that 50% of US counties didn’t have a single gynecologist. We’ve seen it in the nagging racial disparities in fertility, motherhood and pediatric care. We’ve seen it in the lack of financial support for building LGBTQ+ families. And in the US, the richest country in the world, we’ve seen it in the highest maternal mortality rate in the industrialized world,” wrote Kate Ryder, Maven’s founder and CEO, in a blog post at the time of the big fundraiser.
Over the past year, Maven has added 100 new customers, including five of the Fortune 15 companies, including Microsoft. Among existing customers, including L’Oreal, 50% have increased their use of Maven services over the past year as they have invested in new programs including improved care management for high-risk patients, a service to match patients with providers of the same background ( race, ethnicity, sexual identity, religion, etc.) and MavenRx, which focuses on managing the cost and complexity of fertility drugs.
The historic $110 million Series D funding in August 2021 was co-led by Dragoneer and Lux, but Maven has also attracted the interest of powerful, successful American women. Oprah Winfrey joined the round, adding to Maven’s roster of celebrity supporters, which includes Mindy Kaling, Natalie Portman and Reese Witherspoon.
The round was more than just a milestone for Maven — female founders received just 2% of all U.S. venture capital funding in 2021.
Female health technology – also known as femtech – is gaining ground. A three-time CNBC Disruptor 50 company, fertility company Progyny has grown to a valuation of around $4 billion as a public company, doubling in value since it first traded in 2019. And despite the fact that companies founded by women still receive an unfair share of venture capital, 2021 was a breakthrough year specifically for femtech, according to a PitchBook report, with global venture capital investments surpassing $1 billion for the first time.
With its recent funding, Maven is focused on reaching new populations, including Medicaid, which is responsible for nearly half of all births in the United States.
As with many startup founders, Ryder’s determination to found Maven stemmed in part from personal experience, in her case medical frustration and trauma. A miscarriage left her “feeling lost, discouraged and confused as to why something so painful and physically demanding was considered outside the confines of traditional healthcare,” she wrote in a post.
The now-mother-of-three had a newborn in the labor intensive care unit, a painful recovery from a cesarean, and describes herself as the “biggest critic” of Maven products.
The company works on behalf of over 10 million families in over 30 medical specialties and is adding more employers as many caregivers return to work. Whether it’s a new parent returning to the office, the same-sex couple seeking adoption; women suffering from fertility problems; or institutional biases in the current healthcare system, Ryder sees a similar underrepresented community problem that needs to be addressed.
“For all of these patients and countless others, digital health offers an opportunity to be seen, heard and supported,” Ryder said.
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https://www.cnbc.com/2022/05/17/maven-clinic-disruptor-50.html Maven Clinic: 2022 CNBC Disruptor 50