Caregiving resource platform Carewell raises $24.7 million

Steven Loeb · February 22, 2024 · Short URL:

The company also hired numerous executives from Chewy as it prepares to move to Miami

Thanks, in part, to the mental health crisis, more workers are becoming caregivers: a survey from 2023 found that of 1,000 workers, 48% had to help a loved one live with a mental health challenge in the prior year. Combined with an aging population who also need care, all of this is having a major impact on those caregivers: 80% said that helping loved ones had impacted their own mental health and 65% reported needing more assistance addressing their own mental health.

Carewell is a company trying to ease some of this burden, providing home caregivers with resources such educational guides and emotional and financial support, as well as products for them to buy in categories that include medical supplies, cleaning supplies, kitchen and dining, and meal replacements. 

On Thursday, the company announced a $24.7 million Series B  round of funding, led by the principals of MBF Healthcare, with participation from existing investors Sageview Capital and Headline, along with Primetime Partners, Nextview, Florida Opportunity Fund, and Anchor. This is Carewell's first funding round since it raised $25 million in 2021.

Founded in 2017, Carewell was started when founder and CEO Bianca Padilla watched her own mother take care of her ailing grandmother.

The company offers access to products such as adult diapers, incontinence pads, catheters, vitamins, supplements, soaps, washes, wheelchairs, bandages, medications, and hearing aids, among many others. It also provides educational resources; after a customer places their order, the company maintains regular contact with them, including sending emails about topics such as finding ways to socialize as a caregiver, helping them find caregiver-specific tax breaks or how to ease back into meditation or exercise.

The Carewell platform also connects caregivers to customer care agents, allowing customers to call in with questions, such as what product is best to use for a particular use case or what else they can try if something didn't work. 

Now that it has this new funding, Carewell plans to use it to fuel its growth strategy, bolster its e-commerce technology, and enhance overall customer experience, focusing on improved service and an expanded suite of products.

Carewell is also planning to relocate it headquarters in Miami, and it also announced several senior level hires from in anticipation, including Mike Pacifico as Chief Financial Officer, Jason Klinghoffer as Chief Marketing Officer, Sam Rassner as Chief Technology Officer, and Kelli Durkin as Vice President of Customer Service.

Klinghoffer participated in Carewell's $5 million seed funding round in 2020.

“Family caregiving is becoming an increasingly more common experience in the U.S. with spouses, children, parents, and even grandchildren having to take on a caregiving role overnight without warning,” Padilla said in a statement.

“Understandably, these individuals can experience significant mental, physical, and emotional stress as they balance their role as caregivers with other responsibilities to work and family, and our mission at Carewell is to help educate, support and advocate for these selfless heroes.”

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