Originally published by MobiHealthNews on December 20, 22
Carallel, which offers digital health and support tools for family caregivers, scooped up $8.2 million in Series A funding.
The round was led by FCA Venture Partners, with participation from investors including 450 Ventures, Create Health Ventures, Gratitude Railroad, Loud Capital and Wanxiang Healthcare Investments.
WHAT THEY DO
Carallel provides support for people caring for aging family members or loved ones with medical conditions. Its offerings include a team of advocates who can be contacted by phone, email or chat to listen to concerns and help figure out care plans.
The startup also provides a digital health platform called MyCareDesk, where users can research and find services like in-home care and financial planning or keep notes. It offers tools through health plans, providers and employers.
Carallel said it currently works with more than 400,000 Medicare Advantage and commercially insured members and caregivers nationally. It plans to use the capital from the Series A funding to partner with more Medicare Advantage and commercial insurers, develop digital tools, and expand peer-to-peer support and targeted care interventions.
"The healthcare industry relies on an uncompensated, often invisible workforce of family caregivers," Shara Cohen, CEO of Carallel, said in a statement. "Carallel addresses this challenge through a unique, proven care model that combines frictionless access to compassionate support and expert guidance with purpose-driven technology to improve both the well-being of caregivers and those in their care."
MARKET SNAPSHOT
A large chunk of the U.S. population has taken on caregiving responsibilities. According to a survey conducted this year by the University of Michigan National Poll on Healthy Aging, more than half of adults ages 50 to 80 said they have helped a senior with health, personal or other care tasks in the past two years.
Nearly all respondents reported some positive aspects of caregiving, like becoming more aware of future care needs, feeling appreciated or having a sense of purpose. But two in three experienced at least one challenge, like emotional or physical fatigue, balancing work or other responsibilities, and little time for self-care.
Another company in the caregiver support space is Homethrive, which earlier this year raised $20 million in Series B funding. Homethrive offers a digital assistant that can provide information on care topics as well as human care guides who can help users find services or provide emotional support.
There are also startups that offer assistance to seniors, like personal care tasks or setting up transportation. DUOS raised $15 million earlier this year, while Papa announced a $150 Series D round of funding in November 2021.