Home Breaking News Elder-care tech company Papa raises US$ 60M in Series C

Elder-care tech company Papa raises US$ 60M in Series C

Elder-care tech company Papa

US-based Papa, an elder-care tech company that offers care and companionship to seniors, raised US$ 60 million in Series C round on 13 April 2021.

Investors: The funding round was led by Tiger Global Management. The total amount raised by Papa stands at US$ 91 million to date .

Purpose of the funding: The funds raised will be utilized to drive the company’s growth this year, building on 600% year-over-year growth as of the start of 2021.

About Papa

Papa Elder care

Founded in 2017 by Alfredo Vaamonde, Andrew Parker and Jake Rothstein, Papa is a platform that connects college students to senior citizens for companionship and assistance. Papa was launched as a consumer product in 2017, where elderly people sign up for the service and a college student, called a Papa Pal, is assigned to help them with their needs. It could be taking them to doctor appointments or helping around the house and offering companionship.

While Papa originally focused on students, now anyone under the age group of 18-45 can offer help. The company is also quite stringent in who it accepts and has an acceptance rate below 10%.

Papa expanded its core offering to include Papa Health. It is a suite of benefits that includes care navigation, virtual primary care and chronic care management. Its services are now offered to families through Medicaid Managed Care.

Papa has partnered with 80 insurance providers that offer Papa as a benefit to their members. Papa’s service is largely available through insurance. It claims to have over 1 million eligible members on the platform, with about 15% using Papa every month.

What the CEO has to say: “We’ve been able to prove that we improve the lives and health outcomes of older adults and families. Most of all they’re trying to reduce loneliness and isolation in seniors. The pandemic has only exacerbated loneliness and so Papa started offering virtual services, too. We wanted someone young and energetic who would also benefit from my grandfather’s life experiences.” – Andrew Parker, CEO of Papa.

For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.


We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know

-if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!

Next article

Previous articleWill Fintech startup Zeta become India’s 7th Unicorn this month?
Next articleAmerican cybersecurity startup PlexTrac secures US $ 10 million in Series A
Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

LEAVE A REPLY

Please enter your comment!
Please enter your name here