Homethrive, a Chicago, Illinois-based healthtech company, raised US$ 18M in Series A funding. The round was led by 7wireVentures and investment firm Pitango HealthTech. The company has raised US$ 18M in funding till now.
The proceeds will be used to accelerate its expansion into health plans and the self-insured employer market as well as further build out its technology stack and digital tools.
Co-founded in January 2018 by Dave Jacobs and David Greenberg, Homethrive helps older adults live at home while reducing the stress, strain, work, and worry for their family members. It provides a High Touch/High Tech program that empowers older adults with navigation and other services to allow them to remain independent and at home while also providing support and information to their families.
Homethrive offers 24*7 digital and human concierge services and expert coaching from certified Homethrive social workers. Its program generates personalized recommendations and services that include important daily caregiving responsibilities such as meals, transportation, home care, and medication delivery as well as Medicare plan selection assistance.
Co-founder Dave Jacobs believes that ageing goes hand-in-hand with addressing the social determinants of health. “We think that they are very interrelated. By addressing the social determinants of health, whether that’s food insecurity, isolation, loneliness, transportation or home safety, we can make it much easier for people to age at home,” said Jacobs. He also believes that people prefer to be cared for in their own homes which has also become a necessity due to the COVID-19 pandemic.
The Homethrive program is available nationally and offered primarily through insurance companies and self-insured employers. It is a tech-enabled provider of non-medical care management and personal assistance services. The company has around 50 employees.
“People had different choices. They could be at home or they could oftentimes go to a senior living community. Now because of COVID, people are much more reluctant to move out of their homes. We have a number of members who were in senior living communities and their families have brought them back home,” said Jacobs.
Most of the clients of Homethrive are also people who are unable to provide in-person support to their aging family members. “The challenge is families not being able to spend time with and do things to help their aging loved ones. They’re not able to travel. They’re not able to go see them, so they need help in navigating those things. Also, the incidence of depression, isolation and loneliness have gone up because those older adults are more cut off from other services and organizations that they would otherwise engage with,” said Dave Jacobs.
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