US virtual mental health platform Brave Health has announced a $40m (£36.1m) Series C funding round led by Town Hall Ventures.
It said this most recent funding will support continued expansion into value-based care arrangements and into new and existing markets.
Existing investors Union Square Ventures, City Light Capital and others also joined the round, which takes total funding secured to $60m to date.
Since launch in Florida in 2019, Brave Health has grown to serve more than 65 million covered lives across more than 200 health plan contracts.
Earlier this year, it announced its first value-based contract with Molina Healthcare of Texas and more recently signed a value-based contract with Sunshine Health, bringing the total number of potential Medicaid members covered in a value-based arrangement to more than one million.
Brave Health said it will use these latest funds to continue to build its technology and data infrastructure and further expand into new states and accelerate the closing and activation of new value-based contracts in the 18 states in which it operates.
Andy Slavitt, general partner at Town Hall Ventures, said: “We are thrilled to support Brave Health’s expansion as they work to revamp the way mental health services are delivered and paid for on behalf of Medicaid populations across the country.”
Anna Lindow, co-founder and CEO of Brave Health, added: “Innovation in Medicaid care delivery and reimbursement models are critical for our healthcare system.
“Today, we’re energised by the enthusiasm from our forward-looking investors and health plan partners around this aim.”