Solace, a healthcare navigation platform, has announced a substantial $60 million Series B funding round led by Menlo Ventures. The investment included participation from existing backers Inspired Capital, Torch Capital and Craft Ventures, along with new investor SignalFire.

The California-based company specializes in matching patients with dedicated advocates who help navigate complex healthcare journeys. These advocates assist patients in managing new diagnoses, finding appropriate doctors, coordinating care services, and managing chronic illnesses. The company's advocacy services are covered by Medicare, most Medicare Advantage plans, and select health insurance carriers.

Solace's platform also enables providers to refer patients directly to health advocates within the network. Additionally, the company has developed its own electronic health record (EHR) system that allows advocates to access and update patient medical information, streamlining the navigation process.

The substantial funding will be directed toward expanding Solace's network of healthcare advocates across the United States while accelerating the company's overall development efforts.

"The healthcare industry is at a tipping point. Payers increasingly recognize that patient advocacy isn't a support function. It's structurally necessary," Jeremy Gurewitz, CEO and cofounder of Solace, said in a statement. "This investment validates our momentum and the critical role advocacy plays in reshaping the healthcare landscape."

This latest investment builds upon Solace's previous funding achievements. The company raised $14 million in Series A funding last year, bringing its cumulative funding to $21 million prior to this latest round.

Solace operates in the growing healthcare navigation market alongside several notable competitors. Sharecare, another virtual healthcare navigation platform serving individuals, employers, government organizations, communities, health plans and providers, made headlines last year when it entered a definitive agreement to be purchased by healthcare investment firm Altaris in a $518 million deal that would transition the company from public to private ownership.

Other significant players in the healthcare navigation space include Transcarent, founded by Glen Tullman, and benefits navigation platform Healthee, both working to address the critical need for improved patient guidance through complex healthcare systems.

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