Fast-growing digital health company partners with Sequoia and Oak HC/FT to expand access to its popular health services, including fertility, maternity and return-to-work care
NEW YORK -- September 26, 2018 -- Maven, a digital health company focused on bringing women and families better access to healthcare, today announced $27 million in Series B funding led by Sequoia Capital and Oak HC/FT with participation from existing investors Spring Mountain Capital, 14W, and Female Founders Fund. The new round of financing brings the company’s total funding to $42 million and will help Maven enhance its flagship product, Maven’s Family Benefits platform, which supports working mothers and new parents with everything from fertility through return-to-work care, and is currently offered by employers like Snap, Cleary, Protective Life, and Bumble. Sequoia partner Jess Lee and Oak HC/FT partner Nancy Brown will join the Maven board.
The company also announced today that it has expanded its return-to-work care products with the introduction of a breastmilk shipping service. The new service, combined with the existing Maven healthcare platform, will provide more working mothers and parents with the support they need to return to work comfortably and successfully.
“In a system that desperately needs reform, focusing on the core patient—women—and starting with the core experience of millennials starting families, is critical.” said Kate Ryder, CEO and founder of Maven. “This is the beginning of long-overdue change in our healthcare system, and in society at large. At Maven, we’re just getting started.”
More than 40 percent of American women who give birth leave the workforce - some by choice, but some by necessity due to the lack of adequate support from employers, health plans and healthcare providers. Even though women represent nearly half of the labor force in the U.S. and gender diverse companies outperform competition by 15 percent, less than a quarter of senior leadership is female and women make 80.5 percent of what their male counterparts are paid. The modern and evolving family is similarly left to fend for itself or else opt-out, leading to a less diverse workforce.
“There are so few companies out there tackling hard-to-solve women’s health challenges that are founded by women. Maven has done an amazing job creating a healthcare solution that helps give women the support they need at work,” said Jess Lee, partner at Sequoia. “I’m excited to collaborate with Kate and the Maven team to usher in an era of modern health services for today’s working families.”
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