Facing Greater demand as a result of COVID-19, company aims to double its team, accelerate its national distribution efforts and expand its product roadmap
Cariloop, the Caregiver Support company that combines care coaching services and cloud-based tools to help families as they plan for and manage the health and well-being of their loved ones, announced today that it has completed a $6 million Series A round of financing. Dallas-based Patterson Thoma Family Office led the investment round with participation from Revolution’s Rise of the Rest Seed Fund, ACAP Health, KCRise Fund, MPK Equity Partners and Patrick McGee, and other existing investors and partners.
The investment brings Cariloop’s total funding to $8.2 million and will help the Company to accelerate its strategic distribution efforts nationally. Patterson Thoma’s Chief Financial Officer, Colin Patrick, will join Cariloop’s Board of Directors.
“Our team at Cariloop has always believed that no one should ever have to go through caregiving alone. With this new round of financing completed, we can rapidly expand the coalition of employers and partners we work with and reach more caregivers and families in need of help”, said Michael Walsh, Cariloop’s Co-Founder and Chief Executive Officer.
As COVID-19 has universally forced companies to shift their teams from office environments to working remotely out of their homes, employees are juggling those changes with the important work they do caring for family members. Managing and coordinating care for a loved one, whether locally or from a distance, has quickly become a complex undertaking, making it increasingly difficult for the country’s labor force to manage stress levels, maintain work productivity, and remain physically and emotionally healthy.
“Cariloop helps ordinary people manage the extraordinarily complicated and stressful reality of caregiving for family members”, said Anna Mason, Partner at Revolution’s Rise of the Rest Seed Fund. “While this issue is suddenly at the forefront for millions of Americans and tens of thousands of businesses, the writing has long been on the wall: a ballooning aging population, an increasingly complicated and costly healthcare system, and a tech-enabled “always-on” workforce mentality have collided in a way that increases human stress and decreases workforce productivity. We are proud to partner with Cariloop who has a years’-long head start at solving this problem.”
After graduating from the Health Wildcatters Accelerator program in 2013, Cariloop’s Caregiver Support Platform was one of the first of its kind to market that paired families with a Healthcare Professional on a HIPAA-compliant, cloud-based application to assist them both short and long term with planning for and managing the care of a loved one.
Before Cariloop, caregivers would most often have no choice but to spend countless hours and days during their work weeks researching care options, coordinating with providers and insurance companies, and navigating the endless chain of decision points totally and completely alone. Now, with Cariloop on their side, caregivers and families can more effectively and confidently balance their careers with their caregiving duties and be more present with their loved ones throughout the journey.
“The Cariloop team is mission-driven to be there for every family faced with difficult decisions for loved ones”
Cariloop works with organizations all over the United States to help craft caregiver support programs for their employees. As part of this effort, Cariloop helps to identify the risks these employers face as a growing number of their employees are called to provide care to a loved one while balancing work responsibilities. Cariloop’s team then works with each organization to educate and engage employees at any point in their caregiving journey and, through Cariloop’s Caregiver Support Platform, professionally guide employees and families in times of need, reduce the stress and anxiety they experience, and ultimately curtail and manage the risk factors at play.
“The Cariloop team is mission-driven to be there for every family faced with difficult decisions for loved ones”, said Darcy Howe, KCRise Fund’s Managing Partner. “KCRise Fund saw many synergies to help the employee families of our corporate investors and to help families both locally in Kansas City and all over the globe. It takes a village to build a world-class company and we are excited to join them on their journey."
With this new round of financing completed, Cariloop intends to double its team from 30 to 60 people over the next 12-18 months, quadruple the number of caregivers and families who have access to its platform, and accelerate the development of new tools and services to help employers and partners integrate Caregiver Support into their cultural and well-being programs.