Funding profile · Medicaid enrollment software

Fortuna Health

Two announced rounds totaling a reported $22 million, one Form D on file, and six investors behind the whole Series A. The filing is tidy, late, and narrower than the release implies.

$22.0MTotal raised to date, as reported by Forbes, Jul 2025
$18.28MOffered and sold in full, the only Form D on record
$3.05MAverage per investor across six investors
1EDGAR document naming the company, all forms, since 2023

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Summer 2023 Y Combinator, batch S23 Not disclosed Y Combinator, primary partner Garry Tan YC data
Nov 15, 2023 Seed $4.0M announced Led by a16z Bio + Health; BoxGroup; Y Combinator; angels including Cyrus Massoumi, Elliot Cohen, Jeff Gerard, Sylvia Romm, Ellen DaSilva, John Legend Press reports
Jul 18, 2025 Series A, first sale $18,275,489 sold of $18,275,489 offered Six investors. Led by Andreessen Horowitz, with Y Combinator and founders and executives from Abridge, DoorDash, Hex, One Medical, Oscar Health, Scale and Vanta Form D
Jul 21, 2025 Series A, announced $18M announced Same names, no amounts attributed Company release
Aug 28, 2025 Series A, Form D filed Nothing remaining Notice filed 41 days after the first sale Form D
Through Sep 2026 Later rounds None on file No Form D since Aug 2025 Not found

What the filings show

Fortuna Health, Inc. · Form D · filed Aug 28, 2025

First sale
Jul 18, 2025
Offered
$18,275,489 equity
Sold
$18,275,489 · $0 remaining
Investors
6 · average about $3,045,915
Exemption
Rule 506(b)
Non accredited
None
Sales compensation
None · finders fees $0
Issuer
Delaware corporation, incorporated 2023, New York, NY. Industry listed as Health Insurance. Revenue range: Decline to Disclose
Related persons
Nikita Mary Singareddy (executive officer, director); Minji Cydney Kim (director); Benjamin Wesner (director); Julie Yoo (director)
Filing
SEC EDGAR, CIK 0002080965, accession 0002080965-25-000002

Reading the filings

  1. The round closed before it was announced, and was reported late.First sale July 18, 2025. Press release July 21, three days later. Form D filed August 28, 41 days after the first sale. Regulation D asks for the notice within 15 days.
  2. The filed number is larger than the headline.Every outlet reported $18 million. The filing says $18,275,489 offered and the same sold, nothing remaining. Offered equal to sold is the signature of a round written up after it was full, not a target marketed and partly filled.
  3. Six investors, about $3.05 million each.$18,275,489 divided by 6 is $3,045,915. The release names Andreessen Horowitz, Y Combinator, and founders and executives from seven companies. That is more than six named parties, so the individuals were either counted inside a pooled vehicle that files as one investor or did not appear in this offering at all. The filing does not say which.
  4. The seed left no federal paper trail.A $4 million seed was announced in November 2023 with no Form D for it. An EDGAR full text search for the company name returns one document, the August 2025 filing. Offerings under Section 4(a)(2) require no Form D, so the absence proves nothing about the round; it does mean the Series A is the only capital event with a filed record.
  5. No investment vehicle was formed around the company.Many Y Combinator companies of this vintage attract single company SPVs that file their own Form D. None exists here. As far as Regulation D shows it, the cap table is institutional and short.
  6. The board is the founders plus the lead investor.Four directors are listed: all three co-founders and Julie Yoo, the a16z general partner who led both rounds. No independent director appears. For a company selling into regulated government programs, that is thin governance to carry into a state contracting cycle.

Commercial signals

Signal Detail Source type
Named payers MVP Health Care, which sells in Vermont and New York, and Highmark Wholecare in Pennsylvania. Executives at both were quoted in the July 2025 release. Partner-stated
Named provider Alomere Health, Alexandria, Minnesota. Performance based pricing: the hospital pays only for patients actively managed and progressing toward coverage. Company-stated
Channel Cedar, with Fortuna enrollment embedded in Cedar Cover. Unite Us, announced Nov 19, 2025, for state community engagement verification. Partner-stated
Footprint Eight states in Jul 2025 per Forbes; 11 on the home page in Sep 2026, against a stated target of all 56. Claim versus pace
Reach Payers collectively serving more than 25 million Medicaid lives. That is customer size, not enrolled users, which the company has not published. Company-stated
Results Churn down 15%, 95% approval rate, 27% uncompensated care reduction at Alomere, 98% retention at MVP, 11x user growth to Jul 2025. All company supplied, none audited. Company-stated
Policy driver CMS interim final rule CMS-2454-IFC, issued Jun 1, 2026. Work requirement from Jan 1, 2027 in 43 states and DC, six month renewals, CMS modeling a 15% disenrollment rate for the adult group. Public record
Incumbent Deloitte holds roughly $6 billion in Medicaid eligibility contracts across 25 states, about $113 per beneficiary by one analyst estimate. Analyst

What to watch

  • A Series B Form D. It is due within 15 days of a first sale; the last one ran 41, so read both dates together.
  • Whether the next filing widens past six investors or adds an independent director.
  • State count against the January 1, 2027 deadline: three states in fourteen months.
  • A direct state agency contract, which would move Fortuna from selling to plans and hospitals into competing for eligibility work.
  • Any performance number confirmed by a customer, a state evaluation or an audited disclosure.

The Fortuna Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Ribbon Health: Shared investor: Andreessen Horowitz. An API built to answer a question the American health system keeps getting wrong: is this doctor real, in network, and reachable at the number listed
  • Eligible: Shared investor: Andreessen Horowitz. A REST API that turns the HIPAA transaction formats behind insurance eligibility, claims and remittance into JSON
  • Camber: Shared investor: Andreessen Horowitz. An AI-driven platform that automates insurance billing for pediatric behavioral health and specialty care clinics, built on a claims database the company says now
  • Apero Health: Shared investor: Andreessen Horowitz. An API driven practice management platform that folds scheduling, visit notes, insurance billing, patient payments and e-prescriptions into one system for medical

Sources

  1. Public recordForm D, Fortuna Health, Inc., accession 0002080965-25-000002SEC EDGAR · Aug 28, 2025
  2. Public recordEDGAR full text search and company submissions index, CIK 0002080965SEC · accessed Sep 22, 2026
  3. Public recordMedicaid Community Engagement Requirement for Certain Individuals, CMS-2454-IFC fact sheetCMS · Jun 1, 2026
  4. Public recordMedicaid Program; Community Engagement Requirement for Certain IndividualsFederal Register · Jun 3, 2026
  5. IndependentHow Trump’s Medicaid Crackdown Is Fueling This $22-Million Backed Healthcare Startup’s ExpansionForbes, Alexandra Meier · Jul 31, 2025
  6. IndependentMedicaid navigation startup Fortuna Health picks up $4M backed by a16z, Cityblock founder and John LegendFierce Healthcare, Heather Landi · Nov 28, 2023
  7. IndependentFortuna Health: Initiation of Coverage ReportHealth Tech Nerds, Martin Cech · Oct 8, 2025
  8. IndependentFortuna Gets Funding to Expand Medicaid Enrollment SolutionHealthcare Innovation, David Raths · Jul 21, 2025
  9. CompanyFortuna Health Raises $18M Led by Andreessen Horowitz to Modernize Medicaid Access and Infrastructure Amid Federal ReformsBusiness Wire · Jul 21, 2025
  10. PartnerUnite Us and Fortuna Health Partner to Support Medicaid Members Through Connected Engagement and VerificationUnite Us · Nov 19, 2025
  11. CompanyAlomere Health System Cuts Uncompensated Care by 27% Using FortunaFortuna Health case study · accessed Sep 22, 2026
  12. CompanyFortuna Health home page and state counterfortunahealth.com · accessed Sep 22, 2026

Compiled from SEC, CMS and other public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in Fortuna Health. This page is not an offer to sell or a recommendation to buy any security.