Solace, a healthcare navigation platform, announced it scored $60 million in Series B funding.
Menlo Ventures led the round with participation from existing investors Inspired Capital, Torch Capital and Craft Ventures, and new investor SignalFire.
WHAT IT DOES
Solace matches patients with advocates who help them navigate their healthcare journey, whether through navigating a new diagnosis, finding a doctor, coordinating care, or taking control of a chronic illness.
The advocates are covered by Medicare, most Medicare Advantage plans, and some health insurance carriers.
The company also allows providers to refer their patients to Solace health advocates and offers its own EHR for advocates to update and access patient medical records to help with the navigation process.
The California-based company will use the funds to increase its number of healthcare advocates nationwide and accelerate company development.
“The healthcare industry is at a tipping point. Payers increasingly recognize that patient advocacy isn’t a support function. It’s structurally necessary,” Jeremy Gurewitz, CEO and cofounder of Solace, said in a statement. “This investment validates our momentum and the critical role advocacy plays in reshaping the healthcare landscape.”
MARKET SNAPSHOT
Solace garnered $14 million in Series A funding last year, bringing its total raise to $21 million.
Another company in the healthcare navigation space is Sharecare, a virtual healthcare navigation platform for individuals, employers, government organizations, communities, health plans and providers.
Last year, publicly traded Sharecare entered into a definitive agreement to be purchased by healthcare investment firm Altaris in a $518 million deal, which would see the company go private.
Other companies in the space include Glen Tullman’s company Transcarent and benefits navigation platform Healthee.
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