Healthcare firm Maven Clinic raises $125 mln in latest funding round
Maven raises $125 mln in Series F round
Funding round led by investment firm StepStone
Maven's total funding climbs over $425 mln
Oct 8 (Reuters) -Health firm Maven Clinic said on Tuesday it had raised $125 million in its latest funding round led by private markets investment firm StepStone Group STEP.O.
The funding round also included participation from Maven's existing investors General Catalyst, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group and Lux Capital.
Hopes of a soft landing for the economy and the U.S. Federal Reserve going ahead with a long-awaited rate cut has encouraged investors to pour more funds into startups.
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.
Founded in 2014 by CEO Kate Ryder, 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 including telecom operator AT&T T.N, Wall Street giant Morgan Stanley MS.N, and French cosmetics giant L'Oreal OREP.PA.
Maven will use the proceeds to further invest in Maven Managed Benefit, its fertility benefits administration platform.
Additionally, the company will also use the funds to bolster its offerings across both fully insured and Medicaid populations.
Reporting by Arasu Kannagi Basil in Bengaluru and Krystal Hu in New York; Editing by Krishna Chandra Eluri
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