Homethrive Announces $18 Million Series A Funding Led by 7wireVentures and Pitango HealthTech
Proceeds to Accelerate Growth of Tech-enabled Program That Enables Aging in Place and Supports Family Caregivers
CHICAGO, Oct. 28, 2020 /PRNewswire-PRWeb/ -- Homethrive, a High Touch/High Tech program that empowers older adults with navigation and other services to allow them to remain independent and at home while also providing support and information to their families, announced an $18 million Series A funding round led by 7wireVentures and Pitango HealthTech. Homethrive's innovative caregiver services and digital platform improve outcomes and lowers costs for at-risk aging adults living at home.
Based on unique care plans developed for each family through its proprietary platform and algorithms, Homethrive provides 24 x 7 digital and human concierge services and expert coaching from certified Homethrive social workers. Homethrive's program generates personalized recommendations and services that fill the gap that exists for many seniors today, supporting independence, reducing social isolation, and dramatically lessening the stress and workload for family members charged with supporting aging parents. These services include important daily caregiving responsibilities such as meals, transportation, home care, and medication delivery as well as Medicare plan selection assistance. The Homethrive program is available nationally and offered primarily through insurance companies and self-insured employers.
Homethrive will use the Series A proceeds to accelerate its expansion into health plans and the self-insured employer market as well as further build out its technology stack and digital tools. The COVID-19 pandemic has exacerbated the urgency for health plans and employers to offer solutions that keep aging adults at home, safe, and out of harm's way, especially in light of the new reluctance to move to care facilities. This has generated significant market acceleration for the company with member sign-ups for Homethrive increasing by more than 300 percent since the start of the pandemic.
Before the onset of the COVID-19 pandemic, approximately 41.8 million Americans reported struggling to cope with the emotional, physical, and financial challenges posed by caring for aging adults, according to a study from the National Alliance for Caregiving and AARP. Sixty-one percent of working caregivers said supporting loved ones has impacted their employment situation, and 53 percent reported going in late, leaving early, or taking time off to accommodate care.
"We are thrilled to partner with world-class investors whose investment will allow us to greatly expand the reach of Homethrive's program to many more health plans and employers across the U.S.," says David Greenberg, Co-Founder & Co-CEO of Homethrive. "The eldercare crisis isn't new but has been exacerbated by the pandemic and now employers are truly starting to understand how it's affecting their employees. Health plans also recognize now more than ever the need for a more focused effort to address the social determinants of health, especially social isolation, that have overwhelming negative consequences, especially for their higher-risk members."
"Everyone understands the challenge of how best to support aging parents or knows someone who is actively facing the issue. By empowering aging adults with information and services to stay at home and independent, we are not only addressing a pressing societal need, but improving the lives of Homethrive members and their families while at the same time improving health and reducing costs," commented Glen Tullman, Managing Partner at 7wireVentures. "Homethrive has combined High Touch with High Tech in a new and different way, equipping aging adults and their family caregivers with knowledge and resources to maintain their own health. We're seeing the future of elder care being built before our eyes."
Homethrive was co-founded by Dave Jacobs and David Greenberg, who both personally struggled to navigate the process of caring for aging parents at home. As veteran healthcare professionals, they were surprised that finding the support and guidance they needed to care for their aging parents proved to be far more challenging than they anticipated. The company was launched in partnership with 7wireVentures after identifying the vast unmet need for a comprehensive solution to support caregiver's elder parents looking to age in place.
"After screening many companies in the aging at-home sector, what compelled us to invest in Homethrive is management's demonstrated success creating a best-in-class service and experience and outcomes for their members and their families," says Ittai Harel, Managing Partner at Pitango HealthTech. "We are convinced that both payers and employers will find Homethrive's high touch high tech service offering highly valuable and compelling. I also look forward to working with Homethrive's CEO's David Greenberg and Dave Jacobs, whom have shown phenomenal traction and promise within a short period of time."
About Homethrive:
Homethrive is high touch high tech family elder care coordinator and digital platform that improves outcomes and lowers costs for higher risk seniors aging at home and reduces the work, worry, and stress on family caregivers. Homethrive provides expert coaching and concierge services delivered by a Homethrive trained social worker and assistive technologies assigned to each family or health plan member to recommend and arrange third-party supportive services and activities to reduce social isolation. To learn more, please visit http://www.Homethrive.com.
About 7wireVentures:
7wireVentures is a preeminent venture capital firm that invests in early-stage digital health companies supporting an Informed Connected Health Consumer – the epicenter of a consumer-first, tech-enabled convergence of the health and wellness markets. Fund successes, such as founding Livongo, are due in large part to the investment team's status as seasoned operators and investors with extensive industry experience. The fund works side-by-side with founders to build companies that change the status quo and empower consumers to be better stewards of their health. As company builders, the 7wire team has assumed highly active roles in its portfolio companies, going so far as to found and lead promising new ventures through its Hatch model. Visit http://www.7wireventures.com.
About Pitango HealthTech:
Pitango has been leading investments in healthcare companies for 25 years. Pitango HealthTech is dedicated to investments in healthcare and life science - from early stage ventures to commercial stage companies. The fund partners with top-tier early-stage companies in segments ranging from digital health, to medical devices and diagnostics, to foodtech, agtech, biotech and life sciences.
Pitango HealthTech is led by a dedicated team with extensive operating and entrepreneurial experience, ample industry outreach and with backgrounds in digital health, medical devices, diagnostics and biopharma.
Pitnago HealthTech is part of Pitagno's investment platform and operates alongside Pitango First, and Pitango Growth.
SOURCE Homethrive
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