Mednax leads pediatric care startup’s $25M Series B funding round
Medical group Mednax has invested into pediatric urgent-care and telehealth provider Brave Care, leading the startup’s $25 million Series B funding round.
Brave Care, a privately held Portland, Oregon-based company founded in 2018, builds technology and data tools for its pediatric primary care and urgent care clinics, and offers a telehealth app. The firm is a graduate of Y Combinator, a prominent startup accelerator known for launching startups like Airbnb, DoorDash and Dropbox.
Brave Care operates clinics in Oregon and North Carolina and plans to open a location in Texas.
Mednax’s investment is part of the medical group’s effort to solidify its focus on women’s and children’s specialty services, according to CEO Mark Ordan.
“We believe that Brave’s team, proprietary technology and comprehensive suite of services and operating systems will help enable us to provide an amazing continuum of patient-first care and a one-of-a-kind patient and family experience,” Ordan said in a news release.
Mednax’s chief development officer, Dr. Jim Swift, also joined Brave Care’s board of directors as part of the deal.
Mednax, a national medical group based in Sunrise, Florida, posted $919.7 million in revenue in the first half of 2021, up 7.4% year-over-year, and $35.9 million in income from continuing operations, up from a $11.4 million loss in the year-ago period. Mednax attributed some of its revenue growth to increasing patient volumes in women’s and children’s services.
Brave Care plans to put the $25 million Series B investment toward expanding its geographic footprint. The startup anticipates opening more than 100 new clinics in partnership with Pediatrix Medical Group, Mednax’s maternal-fetal, newborn and pediatric subspecialty services arm, in the next few years, Brave Care CEO Darius Monsef said in a news release.
Before the Series B round, Brave Care had raised $17.9 million, according to Crunchbase, including $10 million from a Series A funding round it disclosed in April. Brave Care is part of the booming telehealth subsector, which has dominated digital health venture-capital funding this year—accounting for 28% of all funds raised in the first half of 2021, according to Mercom Capital Group.