It plans to use the investment to expand into states with large patient populations covered by TRICARE, health plans for military service members and their families. Medicaid covered only 18% of the general non-elderly population.Īnother teletherapy and psychiatry company, Sensible Care, recently raised $13 million in Series A funding.

In 2020, the program included 23% of non-elderly adults with mental illness, 26% of those with severe mental illness, and 22% with substance use disorders. Mental health remains a leading clinical area for digital health investment as the country manages the impact of the COVID-19 pandemic and a shortage of mental health practitioners.Īccording to an issue letter from the Kaiser Family Foundation, Medicaid plays an important role in providing access to behavioral health care. “Today we are energized by the enthusiasm of our forward-looking investors and health plan partners around this goal.” “Innovation in Medicaid healthcare delivery and reimbursement models is critical to our healthcare system,” Anna Lindow, co-founder and CEO of Brave Health, said in a statement. The virtual mental health provider said it will use the capital from the Series C round to add more value-based healthcare contracts, expand into new and existing markets and continue to build out its technology and data infrastructure. It also recently partnered with the Doula Network, a service that pairs pregnant Medicaid patients with doulas to provide maternal mental health care.

Now offering services in 18 states, Brave announced earlier this summer that it had entered into its first value-based healthcare agreement with Texas-based Molina Healthcare.

The company, which launched Florida health plans in 2019, is targeting the Medicaid market. Brave last announced a $10 million Series B about a year ago.īrave provides virtual therapy, psychiatry, and medication management for mental health and substance use disorders. Virtual mental health company Brave Health raised $40 million in a Series C funding round led by Town Hall Ventures.Įxisting investors, including Union Square Ventures and City Light Capital, also participated, bringing the startup’s total funding pool to $60 million.

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