Elder care startup Homethrive raises $18 million

Northbrook-based Homethrive announced an $18 million Series A funding round led by 7wireVentures and Pitango HealthTech.

Founded in 2018, in partnership with 7wireVentures, the company provides a program for older adults to allow them to remain independent and at home by offering services such as to allow them to remain independent and at home, coaching from certified Homethrive social workers, meals, transportation, home care, and medication delivery as well as Medicare plan selection assistance.

The Homethrive program is available nationally and offered primarily through insurance companies and self-insured employers.

“We are thrilled to partner with world-class investors whose investment will allow us to greatly expand the reach of Homethrive’s program to many more health plans and employers across the US. The eldercare crisis isn’t new but has been exacerbated by the pandemic and now employers are truly starting to understand how it’s affecting their employees. Health plans also recognize now more than ever the need for a more focused effort to address the social determinants of health, especially social isolation, that have overwhelming negative consequences, especially for their higher-risk members.” – Co-Founder & Co-CEO of Homethrive, David Greenberg.

“Everyone understands the challenge of how best to support aging parents or knows someone who is actively facing the issue. By empowering aging adults with information and services to stay at home and independent, we are not only addressing a pressing societal need, but improving the lives of Homethrive members and their families while at the same time improving health and reducing costs. Homethrive has combined High Touch with High Tech in a new and different way, equipping aging adults and their family caregivers with knowledge and resources to maintain their own health. We’re seeing the future of elder care being built before our eyes.” – Managing Partner at 7wireVentures, Glen Tullman.

“After screening many companies in the aging at-home sector, what compelled us to invest in Homethrive is management’s demonstrated success creating a best-in-class service and experience and outcomes for their members and their families. We are convinced that both payers and employers will find Homethrive’s high touch high tech service offering highly valuable and compelling. I also look forward to working with Homethrive’s CEO’s David Greenberg and Dave Jacobs, whom have shown phenomenal traction and promise within a short period of time.” – Managing Partner at Pitango HealthTech, Ittai Harel.

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