Funding profile · Pediatric care delivery
Brave Care
Six Form D filings, one venture loan and a public company lead investor, tracking a pediatric clinic chain from a $5.2 million seed to a $150,000 bridge, and on to a lender writing the debt down to three cents.
$37.5MSold across six Form D filings, Apr 2019 to Oct 2024
$25.0MSeries B, 2021, led by Mednax (NYSE: MD), fully sold to 9 investors
$150KSold of $750K offered in the final Form D, Oct 23, 2024
$24,574Fair value of a $738,617 senior secured loan at Mar 31, 2026
Data as of September 23, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Mar 2019 | First offering, convertible | $850,000 sold of $2.0M | 2 investors | Form D |
| Aug 2019 | Seed, convertible | $5,198,495 sold of $5,198,495 | 27 investors. Announced as Sesame Street via Collaborative Fund, Greycroft, Refactor, Fifty Years, Indicator, Founders’ Co-op | Form D + release |
| Apr 2020 | Bridge, convertible | $1,943,000 sold of $3.0M | 15 investors | Form D |
| Feb 2021 | Series A | $4,342,552 sold of $10.0M at filing; announced as $10M | 10 investors. Led by City Light Capital, with AV8, Interplay, Learn Capital and prior backers | Filing under the announcement |
| By Jun 2021 | Senior secured venture loan | $2,210,250 principal, plus $1.25M unfunded commitment | Venture Lending & Leasing IX, at 12.0 percent | BDC filing |
| Sep 2021 | Series B | $24,999,995 sold of $24,999,995 | 9 investors. Led by Mednax, Inc. (NYSE: MD) | Form D + release |
| Oct 2024 | Final offering, convertible | $150,000 sold of $750,000 | 2 investors | Form D |
What the filings show
Brave Care Technologies, Inc. · Form D · filed Oct 23, 2024
- First sale
- Oct 11, 2024
- Type
- Option to acquire
- Offered
- $750,000
- Sold
- $150,000 · $600,000 remaining
- Investors
- 2 · average $75,000
- Exemption
- Rule 506(b)
- Related persons
- Gary Gerlacher (executive officer, director); Ruchita Sinha, Jeff Rinehart and James Swift (directors)
- Filing
- SEC EDGAR, CIK 0001773236
Brave Care, Inc. · Form D · filed Mar 5, 2021
- First sale
- Feb 18, 2021
- Type
- Equity
- Offered
- $10,000,000
- Sold
- $4,342,552 · $5,657,448 remaining
- Investors
- 10 · average about $434,255
- Exemption
- Rule 506(b)
- Related persons
- Darius Monsef; Corey Fish, M.D.; Jeff Rinehart
- Filing
- SEC EDGAR, CIK 0001773236
Reading the filings
- The announced Series A was never filed in full.The Form D of March 5, 2021 reports $4,342,552 sold of a $10,000,000 offering, first sale February 18. The announcement on April 22 called it $10 million led by City Light Capital. The filing came first and was never amended, so $5,657,448 of the announced round has no filing behind it.
- The Series B is the one round the paperwork matches exactly.$24,999,995 offered, $24,999,995 sold, nine investors, about $2.78 million each. Institutional checks, filed the day after the press release. Mednax, a NYSE-listed physician services group, led it and took a board seat for its chief development officer, Dr. Jim Swift.
- The company claim sits above the Form D total.Releases from October 2021 say “backing of $43M” and MedCity News reported $42 million. The six Form D filings account for $37,484,042. The gap is largely the venture loan, which is debt and outside Regulation D.
- The board outlasted the founders.Darius Monsef and Corey Fish appear on every filing through October 2021. By October 2024 both are gone and the executive officer is Gary Gerlacher. Jeff Rinehart of City Light and James Swift of Mednax are still directors, joined by Ruchita Sinha, a general partner at AV8 Ventures, a Series A investor. The funds that wrote the last two rounds held the board when the lights went out.
- The lender restructured before the equity bridge was tried.Venture Lending & Leasing IX carried the loan at par through September 30, 2024. Principal had stopped amortizing at $738,617 a year earlier, and the scheduled maturity moved from September 1, 2024 to June 1, 2026 and then to December 1, 2026. A secured lender that extends maturity by two years while principal stands still is carrying a borrower that cannot pay on schedule.
- The final Form D was a bridge that did not hold.$750,000 offered on October 11, 2024, $150,000 in from two investors by the October 23 filing, and the clinics closed about ten weeks later. The loan was marked to $212,314 at year end, $99,204 at June 2025, $49,104 at September 2025 and $24,574 at December 2025 and again at March 2026, where it carries the fund’s non-accrual marker. Such loans, the fund states, “have been accelerated from their original maturity and are due in their entirety.”
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Operating status | All locations permanently closed, announced on the company website in late December 2024. Records directed to Cariend, a custodian in Georgia. | Company-stated |
| Footprint at peak | Five clinics opened between 2019 and March 2022: two in Portland, one in Beaverton, one in Fayetteville NC, one in Austin TX. Fayetteville, a 26 year old practice taken over in September 2021, closed eight months later. | Independent |
| Provider registry | A single organizational NPI, 1164947701, held by Pacific Crest Children’s Urgent Care LLC doing business as Brave Care, listed all four surviving clinic addresses in May 2023. | Public record |
| Headcount | About 40 staff cut in September 2022, a third of the workforce, none clinical. 23 providers reported in October 2021. | Independent |
| Service retrenchment | Primary care and the 24/7 parent app both discontinued in 2023, leaving urgent care only. | Independent |
| Revenue | Every Form D answers the revenue range question “Decline to Disclose.” No figure was ever published. | Not disclosed |
What to watch
- Whether the accelerated loan recovers anything above the $24,574 carried at March 31, 2026.
- Whether the fund removes the position, which would signal a write-off or a settlement.
- Whether Pediatrix, formerly Mednax, quantifies the Series B loss. It has not named Brave Care in an SEC document since October 2021.
- Any assignment for the benefit of creditors, receivership or dissolution filing. None has surfaced in the public record.
The Brave Care story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordSix Form D filings, Brave Care, Inc. and Brave Care Technologies, Inc., CIK 0001773236
- Public recordVenture Lending & Leasing IX, Inc., 10-K and 10-Q schedules of investments, CIK 0001717310
- Public recordMEDNAX, INC. Form 8-K exhibit 99.1, third quarter 2021 earnings release
- Public recordNPPES record, NPI 1164947701, Pacific Crest Children’s Urgent Care LLC, dba Brave Care
- IndependentPortland pediatrics startup Brave Care shutters permanently
- IndependentPortland pediatrics chain with national expansion goal shuts down
- IndependentBrave Care nabs $25M to roll out pediatric clinics supported by tech platform
- CompanyBrave Care Raises $25M in Series B Investment led by Mednax, Inc.
Compiled from SEC, CMS and other public records as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Fair value marks are those reported by Venture Lending & Leasing IX, Inc. under that fund’s own valuation policy. Healthcare Venture Capital Fund holds no position in Brave Care. This page is not an offer to sell or a recommendation to buy any security.