Caregiving’s Impact on the Great Resignation and Healthcare Costs; Homethrive Secures $20 Million in Series B Funding to Reverse the Trend

·5 min read

Human Capital leads round, existing investors 7wireVentures and Pitango HealthTech join to support rapid growth and nationwide advancement of Homethrive’s caregiving and aging in place platform

NORTHBROOK, Ill., May 23, 2022--(BUSINESS WIRE)--Homethrive, the next generation caregiving benefit innovator that’s revolutionizing support for unpaid family caregivers and their loved ones, today announced it has raised an additional $20 million in Series B funding. Led by Human Capital, a venture firm with more than $1.3 billion in total capital committed, the round will support Homethrive’s aggressive expansion with self-insured employers and insurance plans. The funding round will also fuel Homethrive’s investment in its best-in-class technology stack to create an even more personalized experience enhanced by AI and machine learning. Human Capital was joined by Allianz and existing investors 7wireVentures and Pitango HealthTech.

This is a pivotal time as the U.S. grapples with a crisis that was amplified by the COVID-19 pandemic but has been brewing beneath the surface for years — taking better care of families, particularly women sandwiched between children, aging loved ones, and work; seniors who want to safely age in place; and those with special needs.

Family caregiving impacts the majority of employees. Women are most negatively impacted, a staggering number of whom have exited the workforce. For those who remain in the workforce, the stress and worry are taking a huge mental toll, resulting in lost productivity for companies and reduced outcomes for insurers. It’s a problem that shows no signs of easing.

"We are fortunate that over the past 18 months over 100 forward thinking clients and partners have implemented Homethrive because they recognize the impact that our family caregiver support has on their recruitment and retention; diversity, equity, and inclusion (DEI); and general health improvement efforts," said Dave Jacobs, co-founder and Co-CEO of Homethrive.

"Many organizations only focus on the vocal minority, but the reality is that caregivers are a large group suffering mostly in silence. Unless organizations are willing to acknowledge the crisis and take steps to address it, they’ll continue to lose top quality, seasoned employees," Jacobs continued.

"Then we have our larger insurer clients who know how important aging in place is to the health and wellbeing of their members, and their bottom lines," said David Greenberg, co-founder and co-CEO of Homethrive. "This additional funding will allow us to expand our offering to help millions of older adults safely age in place, while we also support those who care for them."

"I’m inspired by Homethrive’s mission to solve what I believe to be one of the greatest needs of our time — making it easy for our loved ones to be cared for at home," said Armaan Ali, co-founder and CEO of Human Capital. "We’re proud to be an investor, and in addition, provide our talent services to help them continue their growth and success."

"As we look at building businesses that inform and connect the health consumer, the key ingredient isn’t just the idea behind the business; the key ingredient is the people to make the idea a reality at scale," said Glen Tullman, co-founder of 7wireVentures, CEO of Transcarent, and chairman of the Homethrive board. "We are excited to partner with Homethrive and their impressive leadership team who are building a great company that reduces the work, worry, and stress for millions of unpaid family caregivers, their loved ones, and the employers and insurers that support them."

Homethrive is offered as a benefit to organizations such as Rockefeller Capital Management. "A service like Homethrive is an intangible that’s inherently valuable," said Frank Due, senior vice president, head of human capital, private wealth management at Rockefeller Capital Management. "It’s a white-glove service navigating an important and meaningful space that we’re not accustomed to."

About Homethrive

Homethrive is the next generation caregiving benefit innovator that’s revolutionizing support for unpaid family caregivers and their loved ones. Through its high-impact family caregiving platform, Dari, Homethrive breaks the caregiving support mold by skillfully blending self-service digital caregiving and health support with expert human interaction to effectively and efficiently right-size care to large populations. Members have 24/7 access to one-of-a-kind resources tackling subjects such as Medicare, Alzheimer’s, long-term care, family care and dynamics, self-care, special needs support, and more. Members needing more one-on-one support are paired with a credentialed caregiving and aging expert, called a Care Guide, who stands side-by-side with them (virtually) to provide concierge-level guidance, advice, and care coordination tailored to their needs.

Homethrive is proven to: support talent strategies with 80% reduction in voluntary turnover and 100% of employees feeling more supported by their employer; increase productivity and presenteeism by saving members an average of 16.4 work hours per month; improve employee well-being with 96% of employees reporting significant reduction in stress; reduce the need for high-cost senior living facility care from 75% to 10%; and lower claims cost by 24% versus control group.

Homethrive is offered nationally to employers, insurers, and affinity groups.

About Human Capital

Human Capital is a venture firm that invests in and helps build engineering teams for engineering-centric startups. With more than $1.4 billion in assets under management, Human Capital has invested in 12 companies before they were unicorns, including Brex, Livongo, and Snowflake, and placed engineers as early hires at 16 unicorns, including Anduril, Robinhood, and Grammarly.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005370/en/

Contacts

Mike Petchenik
mpetchenik@homethrive.com

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