Icon Ventures led the financing round with participation from existing investors Sequoia, Oak HC/FT, Spring Mountain Capital, Female Founders Fund, Harmony Partners, and individual strategic investors Reese Witherspoon, Natalie Portman, Mindy Kaling, and Anne Wojcicki.
Founded in 2014, Maven has raised a total of $88 million to date, including a $27 million in Series B funding in 2018, and an $11 million in Series A funding in 2017.
Maven will invest new funds in its core digital programs across fertility, maternity, return-to-work, and pediatrics and expand into similar areas.
As part of the investment Tom Mawhinney, a lead investor from Icon Ventures will join the Maven board of directors.
“Maven is addressing critical gaps in care by offering the largest digital health network of women’s and family health providers,” said Tom Mawhinney, a lead investor from Icon Ventures. “With its virtual care and services, Maven is changing how global employers support working families by focusing on improving maternal outcomes, reducing medical costs, retaining more women in the workplace, and ultimately supporting every pathway to parenthood.”
The company says its client base tripled in the past year, driven by partnerships with clients from over 100 companies globally. Over 1,700 providers across more than 20 specialties use Maven’s women’s and family telehealth network. The company recently launched Maven Wallet, a new feature designed to help members better manage receipts and expenses associated with fertility, egg freezing, adoption, and surrogacy reimbursement.
“We believe that women’s and family health is not just a vertical, but the core of a functional healthcare system,” said Kate Ryder, Founder & CEO, Maven. “With this latest round of funding, Maven will continue to double down and invest in the long term to drive meaningful, sustained change.”
According to Mercom Q4 and Annual 2019 Digital Health Funding and M&A Report, the Telehealth companies raised $1.8 billion in 2019 compared to $1.3 million in 2018, a 42% increase year-over-year. Telehealth companies have raised nearly $5.5 billion since 2010.