Unicorn Maven Women’s Health Clinic Raises Over $100M

Maven is backed by some colossal names in venture capital, including General Catalyst, Sequoia, and Oak HC/FT. Since its launch in 2014, it has raised $300 million to provide virtual care to women and families. The latest fundraising effort values ​​Maven at $1.7 billion, a step up from its $1.3 billion Series E valuation, one person said. The startup raised that round, a $90 million cash infusion, in November 2022.

The startup has gained traction by striking deals with employers and health plans to provide care across a wide range of conditions — from fertility to pregnancy to postpartum and menopause care.

StepStone is not an obvious investor for a startup like Maven, as the firm typically invests in venture and PE funds as a limited partner. Earlier this year, StepStone announced a $3.3 billion fund to invest in venture capital secondaries, which allows the PE firm to buy another investor’s shares in a startup or VC fund.

The round is not yet over and the figures involved could be subject to change. Maven declined to comment for this story. StepStone did not respond to a request for comment.

Healthcare startups have seen a significant slowdown in funding over the past two years, with the exception of women’s health. Investments in women’s health startups will grow 5% between 2022 and 2023, despite healthcare venture funds falling 27% over the same period, according to a Deloitte report.

However, women’s health remains a small part of the overall industry. The same Deloitte analysis found that women’s health startups bring in just 2% of all venture healthcare funding.

And despite the sector’s slow rise, some women’s health unicorns are in danger of slipping. After offering discounts to investors earlier this year to participate in its latest fundraising efforts, fertility startup Kindbody may now raise additional funding at a pre-money valuation of $600 million, a Bloomberg reported in August. That’s a significant haircut from the $1.8 billion valuation that Kindbody received in March 2023.

Maven’s apparent upround could be a good sign for the sector. While high-value women’s health startups are few and far between, Maven and Kindbody have been widely recognized as the two most likely candidates for a women’s health IPO.

Maven has not been as vocal as Kindbody about its IPO ambitions. But some health care investors see Maven’s success and its hopeful exit as a stepping stone in bolstering women’s health for still-skeptical generalists.

Maven also has the backing of Big Tech. The startup secured a partnership in August 2023 to provide the family strengthening solution to Amazon employees in more than 50 countries.