Maven raises $45M to help employees use fertility benefits
In the News. Feb 21, 2020
Family-planning benefits are often difficult to navigate. A tech company is trying to change that.
Maven Clinic Co., a telehealth company, has raised $45 million from Icon Ventures, Sequoia Capital and others as it expands to help employers make their family-planning benefits — like egg freezing, fertility treatments, surrogacy and adoption — easier for workers to use.
Maven launched in 2015 for women seeking services like lactation consultants, doulas and midwives and has since expanded to cover fertility, pediatrics and breast-milk shipping. Employers can buy such coverage for their workers, and workers can access Maven’s telehealth services through an app. The company is now capitalizing on a new wave of family-planning benefits that help support parents in the workplace. Maven will use the new funds to invest in its core digital offerings while expanding into other, related services.
This year, the company introduced Maven Wallet to manage an employer’s fertility or adoption benefits by allowing workers to use the platform to pay for services that can be costly. It works like this: If a company offers $10,000 for a worker to use fertility services, an employee can use Maven Wallet to find and pay for those services in a way that is designed to minimize claim rejections. Maven plans to use the funding to expand that offering to more employers.