Cariloop, the Caregiver Support company that pairs caregivers and their families with dedicated Care Coaches as they plan for and manage the health and well-being of their loved ones, announced today that it has completed a $15 million Series B round of financing.
Atlanta-based Noro-Moseley Partners, a firm committed to backing high-growth businesses and leading entrepreneurs who are building strong teams and company cultures, led the oversubscribed funding round with participation from the KCRise Fund, Revolution’s Rise of the Rest Seed Fund, Patterson Thoma Family Office, MPK Equity Partners and 1843 Capital, as well as other existing investors and partners.
The investment brings Cariloop’s total funding to $24.1 million and will help the Company to accelerate its global distribution efforts; quintuple its membership base of caregivers, parents and families they serve; and create several new product and service innovations within its platform to address the many medical, financial, legal and emotional needs that surface as caregivers build relationships with the Company’s team of experienced Care Coaches.
“The last 18 months have revealed to employers and policymakers around the world the realities that caregivers have been facing all along: It’s extremely challenging to remain present at work when the care and well-being of a loved one is on the line,” said Michael Walsh, Cariloop’s Co-Founder and Chief Executive Officer. “We believe it’s time to recognize the true journey that caregiving is for everyone and transform the care landscape into a supportive experience for the caregivers who do so much to support their loved ones. We are very excited about the many ways this funding will help us reach more of those families who desperately need help.”
Cariloop, which recently converted to a Public Benefit Corporation, currently employs 75 people and plans to use the Series B funding to triple the size of its team over the next 18 to 24 months.
Noro-Moseley Partners has been tracking Cariloop’s progress since the Company’s seed stage and watching the caregiver support landscape evolve over the last few years. Allen Moseley, Noro-Moseley’s Managing Partner, will join the Cariloop Board of Directors and work closely with the team during this growth phase.
“We couldn’t be more excited about the opportunity to work with the Cariloop team in the months and years ahead to address such a massive and rapidly evolving challenge for our global workforce,” Moseley said. “The urgent needs of hundreds of millions of caregivers and parents throughout the pandemic have brought Cariloop’s leadership in the caregiver support space and global care economy front and center today. As employers, and the broader marketplace, recognize the urgent needs of these families, we believe that the team at Cariloop and the human-powered platform they have created are best-equipped to support them.”
In the height of the pandemic, employees combed through limited care options with constantly changing regulations, policies and procedures, all while balancing changing work schedules and family rhythms. The lack of customized support contributed to women leaving the workplace in unprecedented numbers as burnout and mental health challenges among employees rose to all-time highs.
Cariloop’s Care Coaches dedicate the time it takes to explore and research care options based on each caregiver’s unique needs—time that caregivers and parents do not have. Over the last year alone, Cariloop’s Care Coaches have saved members and their families more than 217,000 hours as they took on the care coordination, research, navigation, advocacy and support efforts for each family served.
Cariloop’s Care Coaches often work with members and their families over the course of months and years with needs that are constantly evolving based on the caregiver’s unique care situation.
“The support our Care Coaches have provided during these unprecedented times has been life changing for so many caregivers and their families,” said Gayle Messmann, Cariloop’s Chief Service Officer. “Successful caregiver support is not just about delegating short-term administrative tasks to an assistant. It’s about working side-by-side with experienced Care Coaches for the entire journey who understand you, your family and what’s important to you. Our Care Coaches join your team and support you wherever the journey may take you.”