Lux Capital's Deena Shakir

From our Women's PE Briefs - week commencing August 16, 2021

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Lux Capital’s Deena Shakir, the Mary Meeker-led BOND and Oprah Winfrey turn Maven Clinic, the women’s and family health company founded and led by former venture capitalist Kate Ryder into a unicorn in a round that also saw Oak HC/FT’s Nancy Brown and Sequoia Capital’s Jess Lee re-invest. The New York company raised $110 million in a Series D round co-led by Lux and Dragoneer Investment Group and which in addition to BOND, Oprah, Oak HC/FT and Sequoia, also included Icon Ventures. The round valued Maven at $1.05 billion. The company has now raised more than $200 million. It has previously raised capital from such other firms as Spring Mountain Capital; Harmony Partners; Portfolia; Female Founders Fund, which was founded by Anu Duggal; and such individual investors as Reese Witherspoon, Natalie Portman, Mindy Kaling and Anne Wojcicki.

Maven has created a telemedicine app that offers video appointments with skilled and vetted health and wellness practitioners. It said it will use the capital to expand into new populations and invest in additional product innovations to further enhance its member experience. Maven’s clients include Microsoft, Boston Scientific, Booz Allen Hamilton and L’Oreal. In a statement, Kate said, “the digital era for women’s and family health has arrived. For far too long, this space has been under-researched, under-sized and under-innovated, and as a result, it’s profoundly underperforming, failing patients during some of the most challenging times in their lives. With the support of our new and existing investors, Maven will be able to deliver on the promise of digital health for women and families everywhere, offering personalized care that meets them where they are."

Prior to founding Maven in 2014, Katherine was on the early-stage investment team at Index Ventures. Previously, she was a journalist with The Economist and in 2009 worked with former U.S. Treasury Secretary Henry Paulson on his memoirs. In a statement, Shakir said that Lux has “been searching for a long time for the right company in women’s and family health, as we believe this is one of the defining categories in healthcare. In the process, we evaluated hundreds of companies and Maven stood out as the clear category winner poised to lead the sector.” She added that Maven “is the only platform that effectively serves parenthood journeys in all their depth and diversity, solving for the patient, employer and payer with one elegant solution.”

In conjunction with the financing, Deena joined Maven’s board, which also includes Nancy, Jess, Anu and Rachel Winokur, who is chief business officer of Bright Health. https://www.mavenclin ic.com/.

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