Solace, a digital health platform connecting patients with expert healthcare advocates, announced today that it has raised $14 million in Series A funding. Solace was launched in 2022 to improve health outcomes for individuals and families through a human-centric and personalized navigation approach.
Inspired Capital led this funding round with participation from existing backers Craft Ventures and Torch Capital and new investors, including Anne Wojcicki, the late Susan Wojcicki, RiverPark Ventures, and Coalition Operators. With $21 million in total funding since launching, Solace plans to accelerate the development of its digital platform for patients and advocates and expand its network of healthcare advocates and its coverage across the US.
Solace co-founder and CEO Jeremy Gurewitz knows firsthand how challenging the healthcare system can be. His mom passed away in 2018 from a tough battle with pancreatic cancer despite having a deep understanding of healthcare as a NYC-based radiologist. Along with co-founder Sara Sargent, Gurewitz launched Solace to fight for the millions of patients in the U.S. who have to navigate healthcare alone.
Clinical evidence has shown that healthcare advocates are highly effective at improving patient health outcomes. However, access to advocacy has been limited due to a lack of awareness and insurance coverage, and it is even more limited in lower-income populations that are disproportionately impacted by social determinants of health. By collaborating with Medicare on healthcare advocacy reimbursement and offering easy virtual visits, Solace makes healthcare advocacy accessible to the 65 million Americans currently enrolled in Medicare plans.
Health advocates on Solace are former doctors, nurses, pharmacists, and other clinical and experience-driven professionals who navigate patients through healthcare challenges. And with thousands of healthcare advocates across all 50 states, Solace offers personalized support for patients in various life stages and conditions, including aggressive and autoimmune diseases, active hospitalizations, chronic conditions, care transitions, and 100+ more identified diagnoses.
Solace Advocates work with individuals throughout their care journey for empowering patients on a personal level. And Solace uses a proprietary matching algorithm that has led to a world-class NPS score of 96. Even outside of virtual sessions, patients are able to interact with their advocate in real-time using Solace’s platform to ask questions, share changes in health, and track progress. Through direct partnerships with Medicare and Medicare Advantage plans, Solace provides services to most patients for as little as $0 out-of-pocket.
To maintain network quality, Solace utilizes data from patient surveys, supporting clinical physicians, and electronic medical records to determine the efficacy of its advocacy services. And advocates are also invited to join a supportive clinical community, where they can ask questions and exchange resources with other advocates across the U.S.
With this funding round, Solace will continue fueling its expansion into Medicaid and private insurance patient coverage and fulfilling its mission of empowering every patient with a healthcare advocate as a part of their care journey.
KEY QUOTES:
“Nearly everyone has had, or knows someone who has had, a nightmare interaction with the U.S. healthcare system. No matter how great your insurance plan is or how well-off you are, when you experience a devastating health event, you’re forced to manage a complex web of paperwork, prior-authorizations, provider availability, scheduling appointments and insurance claims entirely on your own—all during one of the most stressful moments of your life. This is why Solace exists.”
- Jeremy Gurewitz
“We are committed to redefining the healthcare landscape in the U.S. for patients. Solace Advocates are exceptional at knowing the right words to say and the best steps to take to solve problems and help patients get the care they need. Our technology removes the barriers to insurance reimbursement for advocates, expanding patient access and enabling the advocates to focus on people, not paperwork.”
- Sara Sargent, Co-Founder and Chief Product Officer at Solace
“Regardless of what insurance coverage you have, everyone has had moments of confusion and panic around healthcare decisions for themselves or their loved ones. I would love to see a world where Solace is the first call for every patient who is in distress. It’s clear that having an experienced professional on your team as an advocate can make all the difference, and I believe this will be an essential part of the healthcare industry in the decade ahead.”
- Penny Pritzker, Co-Founder of Inspired Capital and former U.S. Secretary of Commerce
“It’s clear to us that Jeremy and Sara personally understand how complex navigating the healthcare system can be. That personal experience is what will drive Solace into a category-defining company.”
• ⁃ Alexa von Tobel, Co-Founder and Managing Partner of Inspired Capital
