Papa, a US-based startup addressing the loneliness of the elderly by offering support and companionship, has bagged US$ 150 million in a Series D funding round led by SoftBank Investment Advisers on 4 November 2021.
Investors: The latest round featured SoftBank Investment Advisers as the lead investor with participation from Tiger Global Management, TCG, Seven Seven Six, Initialized Capital and Canaan Partners. The startup has managed to raise, in total, US$ 240 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards establishing more partnerships and optimising its data and analytics to provide individualised service to its members.
About Papa
Brought to existence in 2017 by Andrew Parker, Papa assists in tackling social determinants of health, like isolation and loneliness, for aged American people and others who seek to enjoy the merits of daily support and companionship. The startup links seniors with Papa Pals, who meet them and aid in grocery shopping, commuting to doctors’ appointments, light housework, and technology. Papa’s members are unlikely to require expensive medical intervention and live a healthy and independent life. The firm caters to seniors in all 50 states across Medicaid, Medicare Advantage, and employer health plans. Papa Pals mitigate member loneliness by 68% on average; lonely individuals use the hospital 60% more than those who identify as not lonely.
What the Founder has to say: “Our creation of Papa Pals is a new class of companionship care. The CMS and medical system have understood that healthcare is not merely clinical but both clinical and social. Our Papa Pals can recognise the members’ needs, whether they are fall risk or food insecure. We recognised over 10,000 gaps with our members in the last quarter. The infusion of new capital, compounded with a rising customer base, highlights the success of Papa’s business model and the strength of the human bond.”- Andrew Parker, Founder and CEO of Papa.
What the Investor has to say: “Prevalence of loneliness among the elderly is a big public health drawback and generates a high economic and human cost. During the times when a shortage of healthcare suppliers and increasing awareness of social needs as health needs persist, Papa is employing technology to develop a new care force to offer support and companionship to those in dire need of it.”- Lydia Jett, Partner at SoftBank Investment Advisers.
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