CareCar Raises $3 Million in Seed Funding To Scale and Expand Into New Markets, With a Focus on Senior Homecare
DENVER, April 29, 2021 /PRNewswire/ — CareCar, a tech-enabled benefit manager and value-based healthcare services platform, today announced that the company closed a seed funding round led by Kapor Capital and Impact America Fund, with Concrete Rose participating as a co-investor. The round raised $3 million. CareCar plans to use the funds to accelerate its growth into new markets, with a focus on expanding its services in the fast-growing senior homecare sector.
CareCar has significantly expanded its benefit management services in response to growing demand, providing exceptional care to health plan members while leveraging data from each encounter to help payers achieve better quality metrics and attract and retain members. As CareCar scales up and broadens its service portfolios, the company is expanding its Care Partner network of qualified healthcare professionals to sustain quality of care and help the communities they serve thrive.
“We’re excited to grow the reach of our platform to deliver smarter benefit management for payers and high quality, value-based healthcare services for their members,” said Joshua Itano, cofounder and CEO of CareCar. “Our payer-aligned model drives value by treating every encounter as an opportunity to provide quality care, manage risk, and capture insights to improve health outcomes. We’re grateful to our investors, collaborators, and most of all our community-based Care Partners, who are vital participants in our mission.”
CareCar currently manages supplemental benefits for approximately 150,000 patients in California and North Carolina. The company is implementing a growth plan to more than double its current members and reach 500,000 covered lives. At the same time, CareCar plans to onboard 500 more community-based Care Partners, certified vetted caregivers with experience as certified nursing assistants, medical assistants, home health aides, nursing students, and other qualified caregivers. Care Partners are capable of delivering exceptional care and capturing critical data.
The United States is graying rapidly, primarily due to lower birth rates and longer life expectancies. The U.S. Census Bureau projects that people age 65 and up will outnumber children in the U.S. for the first time in 2034. As older adults make up a larger share of the population, demand for services like in-home care and non-emergency medical transportation are rising. In this environment, CareCar can help organizations meet the needs of their members with a variety of services and provide a sophisticated platform to manage those benefits and costs.
“Kapor Capital invests in companies that are solving challenges people face today and anticipate in the future,” said Ulili Onovakpuri, Partner at Kapor Capital. “Supplemental benefit management services and platforms that harness technology to deliver value-based care are in high demand now, and we expect explosive growth in the sector over the long term, which is why CareCar is the largest investment in our portfolio. It’s the right product set, market and team at the right time.”
Find out more about CareCar at www.carecar.co.
About CareCar
CareCar is a tech-enabled benefit manager and value-based care services platform. The company’s mission is to create an ecosystem where healthcare organizations, caregivers, and patients thrive through inclusive access to care and support. CareCar specializes in managing non-emergency medical transportation benefits and in-home care benefits. We’ve created a unique care network platform that reliably and appropriately connects patients and caregivers, while leveraging real-time data to deliver actionable insights that further improve health outcomes. Learn more at www.carecar.co
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