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Maven Clinic

The world's largest virtual clinic for women's and family health, spanning fertility to menopause for employers, health plans, and now consumers

Specialty CareWomen's & Family HealthFounded 2014 · New York, NY, USAWebsite

Updated 3d ago

Valuation

$1.7B

as of Oct 2024

Total raised

$425M

Series F

Est. revenue

$268M

~2024

Momentum

8/10

Maturity

7/10

Headcount

Valuation trajectory
Disclosed post-money valuation at each round
Business focus

End-to-end virtual care for women and families — fertility and family building (IVF/IUI, egg freezing, adoption, surrogacy, and now oncofertility with Color Health), maternity and newborn care, parenting and pediatrics, and menopause/midlife — delivered through a telehealth provider network of 30+ specialties in 35+ languages across 175+ countries, wrapped with care advocacy, benefits and fertility-spend administration (Maven Wallet / Maven Managed Benefit), and a managed fertility clinic network. Sold to employers (Amazon, AT&T, Harvard), health plans, and Medicaid programs; since May 2026 also a nationwide direct-to-consumer clinic combining GLP-1 weight care, hormone/menopause care, and pay-per-visit specialty care.

Revenue model

Primarily B2B2C: employers and health plans pay an annual platform fee ($20-40K base) plus per-member fees (~$700-950/member/year by program) across fertility, maternity, parenting, and menopause programs; Maven Wallet/Managed Benefit adds benefits and fertility-spend administration (~$800/enrollee/year), with growing value-based and partial-risk contracts across fully-insured and Medicaid populations. A direct-to-consumer vertical (announced March 2026, launched nationwide May 20, 2026) adds GLP-1 weight-care subscriptions from ~$150/month, hormone care for a $150 one-time fee including two virtual visits, and pay-per-visit access to 30+ specialties.

Sacra estimates $268M ARR for 2024 (+26% YoY) and ~$2,300 average revenue per enrolled member, implying a ~6.9x forward multiple at the $1.7B Series F valuation; no public 2025 update. Company is private and does not disclose revenue; treat as a third-party estimate. 2,000+ employer/payer clients, ~98% enterprise retention, and ~28M covered lives claimed as of early 2025. DTC revenue is nascent; employer/health plan resale of the DTC offerings begins in 2027. Headcount set to null pending confirmation: the prior 1,100 estimate could not be verified — credible sources conflict (LeadIQ ~1,000 as of Sept 2025; PitchBook 600; Great Place To Work 521 US-based employees as of April 2025).

Strategy

Stated: be the single front door for women's and family health across the whole reproductive lifecycle, replacing point solutions, with a ten-year Series F roadmap emphasizing value-based fertility care, Medicaid and fully-insured expansion, midlife/menopause, and global reach. Inferred: (1) prep for an IPO — the 2025 executive bench is uniformly public-market-experienced and Ryder says Maven aims to go public, though she declined timing at JPM 2026; (2) diversify beyond the employer channel into DTC subscriptions (GLP-1s from $150/month, hormone care) announced March 2026 and launched nationwide May 20, 2026, then resell those offerings back through employers/health plans starting 2027; (3) differentiate on data and evidence — Oura biometrics, women-specific GLP-1 protocols, and a Clinical Research Institute to defend clinical credibility against cheaper telehealth rivals; (4) deepen into the money flow of care — claims & payments product hiring, Maven Managed Benefit, and partial-risk value-based contracts moving toward outcomes-based fertility pricing; (5) consolidate the category via M&A and partnerships (Wellthy caregiving, Color Health oncofertility) into a unified family-care platform.

Moat

Category-defining brand and scale in women's/family health: the largest specialized virtual network (30+ specialties, 175+ countries, 35 languages), 2,000+ employer/payer clients including marquee global accounts like Amazon, deep multi-year benefits integrations (Maven Wallet, Managed Benefit, managed fertility clinic network) that are costly to rip out, a decade of longitudinal women's health data being formalized into published evidence via the Clinical Research Institute, exclusive-feeling clinical partnerships (Oura FDA-listed ovulation prediction, Color Health oncofertility), and blue-chip investor backing. Winning Amazon's global fertility contract away from Progyny signals pricing and breadth advantages over point solutions; the emerging claims/payments layer would raise switching costs further.

Future bets

An IPO in the 2026-2027 window

high

Four 2025 exec hires (CFO Katie Rooney ex-Alight IPO, CLO Susan Stick ex-Life360 IPO, Chief Comms Sheila Tran ex-Opendoor) all carry public-market experience; Ryder confirmed Maven aims to go public and the company sits on digital health's IPO shortlist, though she declined timing at JPM 2026.

Direct-to-consumer women's health at national scale, anchored on GLP-1 and hormone care, folded back into the B2B channel in 2027

high

Announced with a waitlist in March 2026 and officially launched nationwide May 20, 2026 (GLP-1s from $150/month, $150 one-time hormone care, pay-per-visit specialty care); employers and health plans can add these offerings for members starting 2027, converting the DTC bet into an enterprise upsell and a hedge against employer-channel saturation.

Owning the claims and payments rails for family-health benefits, enabling deeper value-based/risk contracts

medium

A July 2026 Greenhouse posting for an Associate PM, Claims & Payments — alongside Series F commitments to Maven Managed Benefit and value-based offerings across fully-insured and Medicaid populations, and existing partial-risk contracts — signals Maven is building payer-grade claims/payments infrastructure to administer fertility spend and price care on outcomes.

Health plan and Medicaid channel expansion beyond the core employer book

medium

June-July 2026 hiring for a Channel Solutions Associate and Client Delivery Manager points to scaling distribution through plan partners; Maven has tripled its Medicaid presence since 2022 (10 Medicaid markets) and struck plan-channel deals like Manulife Canada.

Wearable/biometric-driven personalized care via the Oura alliance

high

The June 2025 Oura partnership pipes sleep, stress, and cycle biometrics into care teams, and the April 2026 fertility expansion embedded FDA-listed Oura ovulation prediction — Ryder highlighted wearables as a key growth vector at JPM 2026.

Condition-specific clinical pathways (oncofertility, PCOS, endometriosis) and evidence-based, value-priced fertility

medium

The February 2026 Color Health oncofertility partnership, the January 2026 Clinical Research Institute, an expanded fertility program with earlier diagnostics, and sustained June-July 2026 trade-press push on inclusive fertility/oncofertility benefits all signal pricing fertility on outcomes and defending against point-solution cost-cutting.

M&A-driven consolidation into a unified family-care platform, with AI layered on top

medium

Ryder openly discussed M&A appetite and OpenAI conversations with Axios in January 2026, and the Wellthy partnership (caregiving coordination) shows the platform absorbing adjacent categories like eldercare/'sandwich generation' support.

Recent moves

Jul 2026

Job postings (Associate PM Claims & Payments, Channel Solutions Associate, Client Delivery Manager) signal build-out of claims/payments infrastructure and plan-channel distribution

Jun 2026

Named to the TIME100 Most Influential Companies 2026 list; intensified employer outreach on inclusive fertility and oncofertility benefits per trade press

May 2026

Officially launched the DTC platform nationwide on May 20: GLP-1 care from $150/month subscription, hormone care for a $150 one-time fee (two virtual visits included), and pay-per-visit specialty care; employer/health plan availability planned for 2027

Apr 2026

Partnered with Wellthy to deliver a unified family care platform combining Maven clinical care with caregiving coordination for employers; expanded Fertility & Family Building program with earlier diagnostic lab testing, condition-specific pathways, and first integration of Oura's FDA-listed ovulation prediction

Mar 2026

Announced nationwide direct-to-consumer platform (with beta waitlist) integrating women-focused GLP-1 weight care and hormone/menopause care with its 30+ specialty virtual clinic — first move beyond the employer channel

Feb 2026

Announced first-of-its-kind oncofertility partnership with Color Health, integrating fertility preservation (egg/sperm/embryo freezing, multidisciplinary care teams) into cancer care for employer and health plan members

Jan 2026

Launched the Maven Clinical Research Institute to set the evidence standard for digital women's and family health; Ryder discussed M&A appetite and OpenAI talks at JPM

Jun 2025

Announced partnership with Oura to sync smart-ring biometric data (sleep, stress, activity, cycles) into Maven care teams

Jun 2025

Added four IPO-seasoned executives: CFO Katie Rooney (ex-Alight), CCO Stephanie Glenn, CLO Susan Stick (ex-Life360), and Chief Communications Officer Sheila Tran (ex-Opendoor)

Jun 2025

Won marquee benefit clients including Harvard University and a Manulife Canada group-benefits partnership embedding Maven for plan members

Jan 2025

Amazon's US fertility benefit switched from Progyny to Maven, extending the 2023 global family-building partnership covering 1M+ employees in 50 countries

Oct 2024

Raised $125M Series F led by StepStone Group at a $1.7B valuation, becoming the highest-valued digital women's health company; total raised passes $425M

Key people

Kate RyderFounder & CEO

Former journalist at The Economist and early-stage VC at Index Ventures; founded Maven in 2014 and built it into the first US women's-health unicorn.

Katie RooneyChief Financial Officer (joined 2025)

Former CFO & COO of Alight, where she led its $4.8B divestiture from Aon and subsequent IPO — a clear public-markets hire.

Dr. Neel ShahChief Medical Officer

OB-GYN and former Harvard Medical School faculty; leads Maven's clinical model, the Medicaid/value-based push, and the Clinical Research Institute agenda.

Susan StickChief Legal & Administrative Officer (joined 2025)

Former General Counsel at Life360 through its IPO; earlier senior roles at Skype, Intuit, and Evernote.

Stephanie GlennChief Commercial Officer (joined 2025)

Unifies and scales Maven's go-to-market across sales, marketing, and client success for the employer/payer channel.

Sheila TranChief Communications Officer (joined 2025)

Former CCO at Opendoor with senior comms roles at Yahoo and Polyvore; guided companies through IPOs and brand pivots.

Strengths
  • Clear category leadership: highest-valued digital women's health company ($1.7B) with first-mover unicorn status and TIME100 2026 recognition
  • Marquee, global enterprise customers (Amazon in 50+ countries, AT&T, Harvard, Manulife) and 2,000+ employer/payer clients with ~98% enterprise retention
  • Full-lifecycle product breadth — fertility through menopause, plus oncofertility (Color Health) and benefits administration — versus single-point rivals
  • Strong revenue scale and efficiency: ~$268M ARR (2024 est.), 26% growth, high revenue per enrolled member (~$2,300)
  • Seasoned public-market-ready executive bench added in 2025 (CFO, CLO, CCO, Chief Comms all with IPO experience)
  • Differentiated data and evidence assets: Oura wearable integration, a Clinical Research Institute, and women-specific GLP-1 protocols that factor reproductive history rather than BMI alone
Weaknesses
  • Still private with growth-stage economics; no disclosed profitability, and revenue figures are third-party estimates with no public 2025 update
  • Heavy dependence on the employer benefits channel, which is under budget pressure as HR leaders consolidate point solutions
  • New DTC business (GLP-1, hormone care, launched May 2026) enters brutally competitive, low-margin cash-pay telehealth territory against Ro, Hims/Hers, and Midi Health before its 2027 employer-channel integration can subsidize it
  • Growth (26% YoY in 2024 est.) has decelerated relative to earlier hypergrowth years, complicating the 6.9x revenue multiple
  • Care delivered largely through a contracted provider network — quality consistency and clinician supply are harder to control at nationwide DTC scale
  • Claims/payments and value-based infrastructure is still being built (evidenced by 2026 product hiring), while rivals like Progyny already run mature fertility claims operations
Risks
  • IPO-window risk: the company is staffed for a public debut at a $1.7B mark set in 2024; a weak digital-health IPO market could force a down-round or delay
  • GLP-1 regulatory and reimbursement volatility (compounding rules, counterfeit-drug scares, coverage shifts) could undercut the new consumer vertical's economics
  • Reproductive-health policy turbulence in the US — including HHS leadership changes touching the fertility industry — creates legal and operational uncertainty for fertility and maternity services across states
  • Intensifying competition from both benefits consolidators (Progyny, Carrot, Included Health, Transcarent) and cash-pay women's health players (Midi, Ro) squeezing pricing
  • Sensitive reproductive and biometric (Oura) data raises elevated privacy/security exposure; any breach would be disproportionately damaging
  • Execution risk of running three motions at once — enterprise benefits, cash-pay DTC, and value-based/Medicaid risk contracts — with different margin structures and operational demands
Ecosystem

Competitors

RoIncluded HealthTranscarentSpring HealthProgynyCarrot FertilityKindbodyMidi Health

Technologies

virtual-first care platformtelehealth provider network marketplacecare navigation & advocacywearable biometric integrationGLP-1 telehealth prescribingbenefits administration walletclaims & payments infrastructure (in build-out)AI-driven personalization / LLM triageclinical outcomes research & analytics

Partnerships

AmazonOuraColor HealthWellthyManulifeHarvard UniversityAT&TCVS Health (investor/strategic)Elevance Health / health plan channel partnersInternational Group Program (IGP)GIVF Fertility (Maven Performance Fertility Network)
Change history
Jul 8, 2026 · news

Hiring: Benefit Funding Manager — New York, NY; Remote, US (Hub cities) (Greenhouse)

Jul 8, 2026 · news

Maven Clinic Targets HR Benefits Leaders With Engagement-Focused Virtual Camp - TipRanks (TipRanks)

Jul 8, 2026 · news

Top Women's Healthcare Market Companies Driving The Future Of Digital And Preventive Care - SNS Insider (SNS Insider)

Jul 5, 2026 · news

Survey reveals critical gaps in women healthcare (wbrz.com)

Jul 5, 2026 · seed

Intelligence profile re-researched for Maven Clinic.

Jul 5, 2026 · news

Hiring: Associate PM, Claims & Payments — San Francisco, CA; Remote, US (Greenhouse)

Jul 5, 2026 · news

Survey reveals critical gaps in women's healthcare - WBRZ (WBRZ)

Jul 5, 2026 · seed

Initial intelligence profile created for Maven Clinic.

Sources
  1. prnewswire.com/news-releases/maven-clinic-announces-125-million-series-f
  2. cnbc.com/2024/10/08/womens-health-startup-maven-clinic-raises-at-1point7
  3. fiercehealthcare.com/finance/maven-clinic-clinches-125m-invest-tech-valu
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  5. sacra.com/research/maven-clinic-at-268m-arr/
  6. prnewswire.com/news-releases/maven-clinic-expands-leadership-team-to-dri
  7. futurefemhealth.com/p/maven-clinic-looks-set-for-ipo-with
  8. axios.com/pro/health-tech-deals/2026/01/13/maven-clinic-ceo-mergers-oura
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  13. time.com/article/2026/03/10/maven-clinic-digital-womens-health-services/
  14. time.com/collection/time100-most-influential-companies/2026/maven-clinic
  15. prnewswire.com/news-releases/maven-clinic-and-color-health-announce-firs
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  17. cnbc.com/2025/06/18/oura-maven-clinic-team-up-to-bring-biometric-data-in
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  20. prnewswire.com/news-releases/maven-clinic-launches-clinical-research-ins
  21. femtechinsider.com/amazon-switches-to-maven-clinic-for-fertility-benefit
  22. manulife.com/en/news/manulife-partners-with-maven-clinic-to-bring-womens
  23. healthcaredive.com/news/maven-90m-raise-cmo-neel-shah-medicaid-womens-he
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  27. mavenclinic.com/about
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  29. forbes.com/sites/innovationrx/2024/10/09/innovationrx-maven-clinic-value
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