Carallel, a provider of human-centered guidance and digital tools for family caregivers, has raised USD 8.2 million in Series A funding. The round was led by FCA Venture Partners, with participation from over 450 Ventures, Gratitude Railroad, Loud Capital, Create Health Ventures and Wanxiang Healthcare Investments.
Carallel already serves over 400,000 Medicare Advantage and commercially insured members and caregivers across the country. The new funds will expand the company’s reach in both the Medicare Advantage and commercial markets. The funds will also be used to support the creation of more dynamic digital experiences, expanding peer-to-peer support, and targeted care interventions.
“Carallel has demonstrated the clear value of compassionate, human-led caregiver support to health plans, members, and, most importantly, caregivers,” said FCA Venture Partners’ Todd Johnson. “We are pleased to support Carallel’s continued growth and to stand behind this important work.”
The Series A funding round expands on Carallel’s success. In 2023, the company will launch new programs such as NextBlue of North Dakota, Priority Health, and Vermont Blue Advantage, among others. These programs offer plans new ways to improve Medicare Stars’ performance, extend care management for quality improvement, and differentiate themselves in competitive markets.
The need for this assistance has long been felt: the average caregiver spends 24 hours per week caring for family members or loved ones, and many provide more than 40 hours per week without compensation or support. This equates to a USD 264 billion annual costs in lost income and poorer health outcomes.
“The healthcare industry depends on an unpaid, often invisible workforce of family caregivers,” said Shara Cohen, CEO of Carallel. “Carallel addresses this challenge by combining frictionless access to compassionate support and expert guidance with purpose-driven technology to improve the well-being of caregivers and those under their care.”
According to a 2020 research of Carallel users, Carallel has been shown to reduce stress in 90% of caregivers and improve confidence in decision-making in 87% of caregivers. Carallel is also building trust with members, as evidenced by an NPS of 88, which directly impacts quality metrics such as Medicare Star Ratings and the Consumer Assessment of Healthcare Providers and Systems (CAHPS) survey.
Carallel identifies and empowers caregivers through expert guidance and digital tools, allowing them to confidently manage caregiving’s ups and downs. Carallel collaborates with health plans and providers seeking better outcomes, as well as employers seeking to retain employees and increase productivity.
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