Stork Club, a digital employee benefits platform, raised $30 million in Series A funding.
The funding round was led by General Catalyst, with Hemant Taneja joining the board. Existing investors Bowery Capital, Slow Ventures, and angels Jack Altman, founder of Lattice; Zach Sims, founder of Codecademy; Oleg Rogynskyy, founder of People.ai; and Kevin Mahaffey, founder of Lookout also joined the round.
The Stork Club also extends its employee benefits to include critical components of maternal health: diagnostics, egg and sperm freezing, IVF, surrogacy, adoption, pregnancy guidance, and postpartum recovery support.
Employees can use Stork Club to immediately view medical providers in their network and what their options are. They can also see what their out-of-pocket costs will be before making any decisions, removing all guesswork about what is and what is not covered. Additionally, the service eliminates the long wait for insurance authorization, and members instantly know what is and is not covered.
Stork Club also provides members with a Care Navigator who can guide them through complicated processes and answer fertility, maternity care, and insurance-related questions.
The company partners with medical providers across the U.S. directly and incentivizes them for better outcomes through direct contracting. Its users have access to telehealth experts on-demand, as well as transparent payments integrated with their existing health plan.
The company’s clients include Ropes & Gray, Crescent Capital, Corgan, Fors Marsh Group, and Inception.
“Stork Club has proven themselves as a true partner and the only provider we came across that offered seamless integration with our existing medical plan, making it extremely easy for our Benefits team and plan members to use,” said Julie Blume, Director of Total Rewards at Ropes & Gray. “Our plan members like that it gives them quick transparency into the treatment and pharmacy costs while taking away the burden of managing insurance authorizations.”
Stork Club will use the latest funding to meet market demand and expand the line of family-related services to fill the gaps in modern maternity care to drive improvement in overall maternity-related clinical outcomes and member experience.
Digital health companies raised $7.2 billion in Q1 2021, according to Mercom’s Q1 2021 Digital Health Funding and M&A Report. Monogram Health, a digital benefits management & care delivery platform, closed a $160 million Series B funding round led by TPG Capital, the private equity platform of alternative asset firm TPG.