Women-focused health startup Maven valued at $1.7 bln in funding round
Maven raises $125 mln in funding round
Funding round led by investment firm StepStone
Maven's total funding climbs over $425 mln
Adds valuation in headline and paragraph 1, CEO comments in paragraphs 5-6
By Arasu Kannagi Basil and Niket Nishant
Oct 8 (Reuters) -Women-focused healthcare firm Maven Clinic was valued at $1.7 billion after it raised $125 million in its latest funding round led by private markets investment firm StepStone Group STEP.O, it said on Tuesday.
Maven's existing investors General Catalyst, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group and Lux Capital also participated in the round, the company said.
Startups focused on women's health challenges are steadily gaining traction with venture capital investors, driven by a growing recognition of the need for targeted healthcare solutions.
A report from the World Economic Forum and the McKinsey Health Institute in January found women spend 25% more of their lives in debilitating health compared with men.
"Early on, people didn't understand the size of the sector and how powerful it is. It was clearly one of the great missed opportunities over the last few decades in health care innovation," said Kate Ryder, founder and CEO of Maven.
"Women and family health is not just a huge area of health care that's been undersupported and under-funded, it actually is the central part of health care."
Founded in 2014, Maven partners with employers and health plans to provide clinical support through its platform on preconception, family building, pregnancy, parenting and menopause.
The New York-based firm caters to more than 2,000 customers in 175 countries. Telecom operator AT&T T.N, Wall Street giant Morgan Stanley MS.N and French cosmetics giant L'Oreal OREP.PA use its services to support their employees' health needs.
The latest financing round brings Maven's total funding to more than $425 million, the company said. Maven had last raised $90 million in a Series E funding round in 2022 led by General Catalyst.
The company will use the proceeds to further invest in Maven Managed Benefit, its fertility benefits administration platform. It will also bolster its offerings across both fully insured and Medicaid populations.
Reporting by Arasu Kannagi Basil and Niket Nishant in Bengaluru and Krystal Hu in New York; Editing by Krishna Chandra Eluri
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