Solace Secures Series B Funding to Transform Healthcare Advocacy

News Summary

Healthcare startup Solace has achieved an over $300 million valuation after a successful Series B funding round led by Menlo Ventures. Founded in 2022 by Jeremy Gurewitz and Sara Sargent, Solace aims to assist patients with navigating healthcare challenges by connecting them directly with healthcare advocates. With plans to raise an additional $40 million, Solace is positioned to expand its services and further support Medicare patients in accessing necessary healthcare resources and advocacy.

Solace Soars as Healthcare Startup Raises Series B Funding

In an exciting development for the world of healthcare innovation, Solace, a fresh-faced startup founded just last year, has locked in a whopping over $300 million valuation following a successful funding round led by Menlo Ventures. As part of its Sweet Series B journey, Solace is aiming to snag another $40 million to further its mission of helping patients navigate the often tangled web of healthcare woes.

A Quick Glimpse into Solace

Launched in 2022 by dynamic duo Jeremy Gurewitz, who holds the title of CEO, and Sara Sargent, the company’s CPO, Solace has swiftly established itself as a true game-changer in healthcare. The startup’s innovative model connects patients directly with healthcare advocates, helping them tackle everything from scheduling those daunting appointments to appealing pesky insurance denials.

Who Needs Solace? Almost Everyone!

Solace is particularly beneficial for Medicare patients, connecting them with a team of former healthcare professionals including doctors, nurses, and pharmacists from coast to coast. With access to support covering over 100 conditions, including autoimmune diseases and chronic conditions, thousands of individuals can find the guidance they desperately need.

Interestingly, just last year, Medicare expanded its coverage to include patient advocacy services, a timely development that leaves Solace in prime position as it rides the wave of growing demand.

Revenue on the Rise

By early 2025, Solace boasted an impressive $10 million revenue run rate. Prior to the current Series B funding, the young startup had already raised $21 million through earlier investments, including a notable $14 million in Series A funding that kicked off in August 2023, led by Inspired Capital.

More Than Just Numbers

While Solace is busy raking in substantial financial backing, it’s not just about the cash. The startup’s services are not only federally covered under Medicare, but many Medicare Advantage plans also foot the bill for Solace’s offerings, often at little to no expense for patients. This means that those who find themselves lost in the healthcare maze can access expert help without financial strain.

A Deep Dive into the Support Provided

So, what exactly do these savvy healthcare advocates do? They can manage doctor’s appointments, ensure smooth continuity of care, maximize insurance benefits, and handle all that frustrating paperwork that often overwhelms patients. Solace even offers its own Electronic Health Record (EHR) system so advocates can easily manage and access medical records.

The Technology Behind the Advocacy

Solace uses a unique proprietary matching algorithm to connect patients with the most suitable advocates, which explains their impressive 96 Net Promoter Score—a clear indication of customer satisfaction. Their interactive platform allows patients to engage in real-time with their advocates, creating a seamless experience that’s both personal and effective.

The Bigger Picture

In a healthcare landscape that has faced growing scrutiny, especially in the wake of events such as the tragic murder of a prominent healthcare CEO, healthcare startups like Solace are emerging as beacons of hope. While many companies are scrambling to simplify the complexities of the health system, few are placing patients at the forefront like Solace does.

Looking Ahead

The funds from this much-anticipated Series B round will be used to further develop the platform, expand the network of advocates, and broaden coverage with Medicaid and private insurers. The ambitious founders of Solace are on a mission to not just assist patients but entirely redefine the healthcare landscape in the U.S., making healthcare advocacy more accessible and effective for everyone.

So, here’s to hoping Solace continues on its shiny, upward trajectory—because when it comes to healthcare, everyone could use a little more Solace.

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Additional Resources

• Business Insider: Buzzy Healthcare Startup Solace Valued at Over $300 Million Following Series B Funding
• MobiHealthNews: Solace Scores $14M to Expand Healthcare Navigation Platform
• Business Wire: Solace Raises $14M to Empower Patients through Healthcare Advocates
• Google Search: healthcare advocacy
• Wikipedia: Healthcare in the United States