Lowenstein Sandler represented Brave Health, the largest virtual mental health provider and engagement platform focused on serving Medicaid populations, in a $40 million Series C funding round led by Town Hall Ventures, with existing investors Union Square Ventures, City Light Capital and others joining as well. Brave Health has raised a total of $60 million to date, and this most recent funding will support their continued expansion into value-based care arrangements and into new and existing markets.
Since launching with health plans in Florida in 2019, Brave Health has rapidly grown, now serving over 65 million covered lives across more than 200 health plan contracts through their unique approach to patient engagement, treatment, and integration with plans and other providers.
Brave Health is the first investment from Town Hall Venture's newly-announced $350 million fund. It will use these funds to continue to build the technology and data infrastructure that powers their industry-leading patient engagement and outcomes engine, as well as to further expand into new states and accelerate the closing and activation of new value-based contracts in the 18 states in which they operate.
Brave Health plays a critical role in driving engagement among Medicaid beneficiaries through a number of data-driven, tech-enabled approaches and interventions that leverage the company's integrated model and generate a more than 80 percent contact success rate. By working within the system and sharing data and insights, Brave Health is able to drive better short- and long-term outcomes and reduce costs associated with events like potentially-preventable hospitalizations.
The deal team included Ed Zimmerman, Eric Weiner, Laura Cicirelli, Claire Dronzek, Chelmie Ulysse, Frank Eucalitto, and Chynara Tolubaeva.
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