Good morning, Broadsheet readers! Democrats win control of the Senate, more details emerge about Brittney Griner's conditions in Russia, and Maven Clinic raises $90 million. Have a meaningful Monday.
Early innings. In 2021, Maven Clinic became the first unicorn in women's and family health after a $110 million Series D cash infusion brought its valuation above $1 billion.
Now, a $90 million Series E funding round, announced this morning, has spiked Maven's valuation to $1.35 billion. The capital raise comes amid a market downturn and as many startups struggle to receive funding.
"It's indicative that this category is still in its early innings," Maven CEO and founder Kate Ryder told me last week. "There's a lot of growth. We're still in the very early stages of this market."
Investors in this round include General Catalyst, CVS Health Ventures, Sequoia, and Lux Capital.
Founded in 2014, Maven offers virtual care and financial reimbursement for women's and family health, ranging from fertility to pediatrics and menopause. The startup says it supports half of the Fortune 15, including AT&T and Microsoft.
With the funding, Ryder will focus on Maven's international growth and expanding its Medicaid business, the latter of which it believes will be critical in the wake of Roe v. Wade. "How do we bring better care to these populations on very limited dollars?" Ryder asks.
The CEO attributes Maven's growth to its work addressing the many gaps in the maternity care system. Its inefficiencies provided an opening for the startup to gain footing. "Fertility or menopause or postpartum care or return to work care, there was just nothing there [before]," Ryder says. "We're operating in places where there was nothing, and that's also part and parcel of why there's so much growth ahead."
Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe
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