Podcast Summary
Mommy Secures $9.2 Million Series A Funding for Maternal Healthcare Platform: Mommy, a B2B2C maternal healthcare platform, secured $9.2 million in Series A funding led by Goldman Sachs Asset Management. The investment will support digital infrastructure and expand access to maternal healthcare, aiming to close gaps and create health equity.
Melissa Hannah, CEO and co-founder of Mommy, recently secured a $9.2 million Series A funding round, led by Goldman Sachs Asset Management team. This investment will enable Mommy, an integrated benefits platform for maternal and infant health, to continue building the digital infrastructure needed to connect patients and providers in the highly fragmented maternity care market. Mommy focuses on delivering outcomes-based programs through prenatal and postpartum care, from pregnancy to a baby's first birthday. This B2B2C business aims to make maternal healthcare accessible and available to all families, including those covered by publicly funded health plans. Despite operating since 2014, Mommy remained lean due to underappreciation and undervaluation of the maternal health care market by investors. Their goal is to close gaps in care and create health equity, addressing disparities in maternal care.
The pandemic boosted investment in digital health companies, especially those focusing on maternal and child health.: The pandemic created a surge in demand for virtual care solutions, leading to increased investment and expansion for digital health companies, particularly those addressing maternal and child health needs.
The pandemic accelerated the shift in investment towards digital health companies, particularly those focusing on maternal and child health. The speaker's company, which had been profitable since its inception, saw an opportunity to raise more capital and expand their business due to the increased demand for virtual care solutions during the pandemic. The macro trend of digital health as an investment area and the growing importance of innovation in healthcare economics also contributed to this shift. The pandemic created downward pressure on organizations in the healthcare industry, leading them to seek out innovative solutions like the speaker's company to address the new challenges posed by the pandemic. The speaker's company had already built solutions for remote care and virtual appointments, but the pandemic accelerated the adoption of these technologies by larger players in the industry.
Virtual healthcare solutions for Medicaid populations during the pandemic: Health tech companies Mommy and Thorne collaborated to offer virtual appointments, support groups, personalized health tests, supplements, and nurse triage services to manage Medicaid populations and prioritize wellness during the pandemic.
During the pandemic, large public health departments recognized the need for virtual healthcare solutions to manage their Medicaid populations and stay connected with their maternity patients. Mommy, a tech company, was ready to provide virtual appointments and support groups, but soon realized there was more to offer. Thorne, another health and tech company, entered the picture, offering personalized health tests and supplements to help individuals prioritize their wellness, especially for high-stress roles like entrepreneurship. As healthcare organizations faced nursing shortages and industry shrinkage, they turned to Mommy for staffing solutions, leading to the commercialization of their offerings and the addition of nurse triage services to their suite.
Mommy's ongoing support program for new mothers gains recognition as essential healthcare benefit during pandemic: The pandemic accelerated the shift towards virtual healthcare services, making Mommy's ongoing support program for new mothers an essential benefit for health plans and employers.
The pandemic accelerated the shift towards virtual healthcare services, allowing Mommy's ongoing support and advocacy program for new mothers to gain clarity and recognition as a valuable benefit for health plans and employers. The pandemic highlighted the need for this type of support, which was previously seen as a luxury, and brought it into the mainstream as an essential part of healthcare. Mommy's program, which includes seven-day a week care coordination and remote monitoring by nurses, felt like a gift to patients during a time of uncertainty and isolation. This experience helped Mommy clarify their value proposition and align it with the market's understanding, ultimately leading to greater success for the business.
Making maternal health benefits integral to healthcare experiences: Startups can prioritize maternal health benefits, secure D&O insurance affordably through Embroker, and address century-long healthcare inequities with passion.
The pandemic has brought about a shift in the way people perceive healthcare benefits, with more emphasis on inclusive coverage for various stages of life. This is particularly significant for maternal health, where the need for comprehensive support has long been overlooked. The founder of a maternal health startup shares her vision of making such benefits an integral part of health experiences, and the importance of insurance coverage for startups, including Directors and Officers (D&O) insurance. The ease and affordability of obtaining D&O insurance through Embroker can save startups time and money, allowing them to focus on their mission. Despite the progress, the founder expresses frustration over the century-long inequities in healthcare and the passion required to address these challenges.
Building a business in healthcare during the pandemic: Staying committed to improving maternal health care amidst challenges and adapting to the changing landscape is crucial for entrepreneurs in the healthcare sector.
The entrepreneur discussed the challenges and frustrations of building a business in the healthcare sector, particularly during the pandemic. Despite the hardships, they remain committed to their mission to improve maternal health care, drawing inspiration from the profound impact of the issue. The entrepreneur also emphasized the importance of staying resilient and adapting to the changing landscape, as demonstrated by their experience navigating regulatory changes and societal issues. The entrepreneur's business, which aims to increase access to care for women, is not alone in this mission, and the industry as a whole will need to address the implications of recent and upcoming changes. The entrepreneur's personal experience and the involvement of notable investors like Serena Williams underscore the significance of the issue and the importance of staying committed to the fight.
Mommy Gold's Nurse Hotline: A 7-day Support System for Maternal and Infant Health: Mommy Gold's nurse hotline offers ongoing support, advocacy, and a unified health record for maternal and infant care, preventing medical errors and ensuring personalized care through educational resources, support groups, and community engagement.
The Mommy Gold business offers a specialized nurse hotline for maternal and infant health, providing ongoing support and advocacy for nurses and care coordinators. This service, which functions like a seven-day-a-week on-demand support system, is crucial for addressing a wide range of concerns and preventing medical errors. By creating a unified health record for mothers, the business ensures that healthcare providers have a complete picture of each patient's unique story, leading to more effective and personalized care. Additionally, Mommy Gold offers educational resources, support groups, and community engagement to help normalize the experience of pregnancy and childbirth. The business's focus on active listening, trust, and compliance sets it apart in the challenging healthcare industry, making it an invaluable resource for healthcare organizations and families alike.
Integrated Benefits for User Groups: Mommy and ReefForge: Mommy and ReefForge offer comprehensive platforms that integrate essential services and resources for their respective user groups, connecting them with professionals, communities, and opportunities for growth.
Mommy and ReefForge are building comprehensive platforms that offer integrated benefits to their respective user groups. Mommy, a maternal health solution, provides free childbirth education classes, a network of community-based professionals, and annual contract access for enterprises. ReefForge, a career development platform, offers year-round access to program content, a vetted community, and weekly releases/events for top-tier professionals. Both platforms aim to add value by integrating essential services and resources in one place. For Mommy, this means connecting patients with nurses, care coordinators, and a network of professionals. For ReefForge, it's about providing members with skills training and a community that helps them advance in their careers. These platforms attract professionals and enterprises by offering valuable resources and opportunities for growth.
Building a valuable platform for community-based health professionals: Mommy, an assessment company, provides software for professionals to chart, document care, collaborate, and communicate, securing funding from Goldman Sachs through their initiatives for diverse founders and impact investing, despite industry funding challenges.
Building a robust network of high-quality community-based health professionals requires a valuable and effective platform. Mommy, an assessment company, provides such a platform with software for providers to chart, document care, collaborate, and communicate, as well as handle booking and scheduling. This allows Mommy to vet professionals and confidently sell the network to enterprises. Despite the large impact and potential growth, the industry's funding landscape is skewed, making it challenging for smaller companies to secure larger investments. Mommy persevered and eventually secured funding from Goldman Sachs through their initiatives for diverse founders and impact investing. The process was long and involved multiple pitches, but the result was a valuable partnership.
Challenges in securing funding for underrepresented entrepreneurs: Entrepreneurs, especially those who don't fit typical investor archetypes, may face funding challenges. Addressing bias and advocating for oneself can lead to success.
Access to funding can be a significant challenge for entrepreneurs, particularly those who don't fit the typical investor archetype. The speaker in this conversation, Melissa, shared her experience of working closely with a large investment firm, Goldman Sachs, to grow her business in the FemTech industry. Despite the support and guidance she received, she found herself unable to secure funding due to the firm's focus on later-stage deals. Melissa also acknowledged the role of bias in the investment process, as she didn't fit the typical founder image. She ultimately confronted the firm about their lack of investment and pushed for them to either step back or put their money where their words were. This conversation led to a shift in the firm's approach, and Melissa was eventually able to secure the funding she needed to grow her business. Overall, this experience underscores the importance of addressing bias and advocating for oneself in the funding process, particularly for underrepresented entrepreneurs.
Black woman entrepreneur making a difference in healthcare: Raised millions to improve healthcare for thousands, using tech to enhance provider collaboration and efficiency
Despite facing significant underrepresentation as a black woman entrepreneur in the funding industry, the individual discussed here has raised millions of dollars and used it to make a meaningful impact on healthcare. Through her company, Mommy, she has served over 15,000 pregnant and birthing individuals, performing thousands of lifesaving interventions. The funding will be used to build out more technology to help providers deliver care more efficiently and collaborate effectively. Ultimately, the outcomes – saving lives and improving healthcare – are the most important achievements.
Proactive healthcare in maternity care leads to better outcomes: Engaging patients, advocating for care, and building trust can reduce premature deliveries, lower C-section and induction rates, and provide safer childbirth experiences.
Proactive healthcare, rather than reactive, can lead to better health outcomes for patients, particularly in the context of maternity care. By staying engaged with patients and advocating for their care, healthcare providers can help reduce premature deliveries, lower C-section and induction rates, and provide safer childbirth experiences. Trust and compliance are key, and even practical measures like connecting patients to advocacy organizations can make a difference. The outcomes are not magical, but the result of dedicated effort. Melissa Hannah, CEO of Mommy Doing the Damn Work, has seen this firsthand, and the success stories are a testament to the power of proactive care.
