Women control approximately 80% of the buying and usage decisions in the healthcare consumers market, yet they are still underserved. This critical gap becomes even more complex and prominent for women in the workforce, while starting and growing a family. By partnering with healthcare companies and employers, Maven provides end-to-end care solutions for the family planning journey. The company’s digital health network includes 1,700 providers spanning more than 20 specialties such as fertility, surrogacy, and pediatrics. The proprietary Maven Wallet helps employers implement and manage their benefits programs, while simultaneously allowing employees to track and be reimbursed for expenses associated with fertility and adoption. The platform is already trusted by over 5 million other users at companies like Snap and BuzzFeed that understand that offering family planning benefits is just good business to attract and retain top talent.
AlleyWatch caught up with Founder and CEO Kate Ryder to learn more about how she scaled Maven from 10 employees to a team of over 100, the company’s future expansion plans, and latest round of funding, which brings Maven’s total funding to $87.3M across six rounds.
Nominations closing THIS WEEK for AlleyWatch’s 2020 NYC Tech Influencers feature. Know someone amazing who belongs on this list? Nominate them today here. FINAL DEADLINE 2/28. Looking to drive targeted response from the NYC Tech community at scale, learn more about partnering with AlleyWatch on this initiative here.
Who were your investors and how much did you raise?
Maven closed $45M in Series C funding, led by Icon Ventures, 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.
Tell us about the product or service that Maven offers.
Maven’s women’s and family health platform offers virtual care and services to individuals, employers, and health plans.
Its virtual clinic offers three core elements of quality healthcare:
- Care Advocates who advocate for members throughout their healthcare journey
- On-demand access to the largest custom network of women’s and family health providers in over 20 specialties via video chat or messaging
- A community offering information, expert support, and resources.
Maven’s personalized programs support every path to parenthood including egg freezing, fertility, pregnancy, postpartum, pediatrics, adoption, surrogacy, return-to-work, breast milk shipping, and reimbursement management.
How is Maven different?
Maven is the leading women’s and family health company – and is the only end-to-end care solution for the entire family journey. Maven has expanded rapidly, driven by adoption of its family benefits platform among employers and health plans seeking better solutions for women’s health, family planning, and diversity in the workforce. Maven offers the largest digital health network of women’s and family health providers, including 1,700 providers across more than 20 specialties.
What market does Maven target and how big is it?
Maven targets the women’s and family health market – with women controlling 80% of healthcare decisions in a $3.5 trillion healthcare industry, the opportunity is big.
What is the business model?
Maven sells both to individuals as well as employers and health plans, in a B2B2C model.
What inspired the start of Maven?
About six years ago, most of my friends were starting to have children, or, like myself, thinking about having children, and I was witnessing their experiences with a broken healthcare system. Even though healthcare is a primarily female market it wasn’t built to completely support women, especially women in the workforce. I wanted to fill in the gaps in the healthcare system and help women and parents thrive in their careers as they go through one of the biggest medical and life-changing experiences: starting and growing a family.
How has your role and the business changed since we spoke in 2015 after Maven’s seed round?
We’ve grown from 10 people to over 100 people and are expecting to grow to 200 people by the end of the year. My role is increasingly about hiring the best people possible, and then blocking and tackling so they can do their jobs well.
We’ve grown from 10 people to over 100 people and are expecting to grow to 200 people by the end of the year. My role is increasingly about hiring the best people possible, and then blocking and tackling so they can do their jobs well.
What are the milestones that you plan to achieve within six months?
We have a number of exciting product launches coming up.
What is the one piece of startup advice that you never got?
As you expand, don’t move to two floors and split your team! We’re changing that soon…
If you could be put in touch with anyone in the New York community who would it be and why?
Bloomberg!
Why did you launch in New York?
New York is my favorite city in the world, and it’s close to my family in Connecticut. With two young kids, Maven, and my husband’s job that requires some travel, we’re pretty dependent on my parents and sister and brother-in-law to help. It truly takes a village!
What’s your favorite restaurant in the city?
Little Owl in Manhattan and Rucola in Brooklyn.
Nominations closing THIS WEEK for AlleyWatch’s 2020 NYC Tech Influencers feature. Know someone amazing who belongs on this list? Nominate them today here. FINAL DEADLINE 2/28. Looking to drive targeted response from the NYC Tech community at scale, learn more about partnering with AlleyWatch on this initiative here.
