- Aloe Care Health — the most advanced voice-activated medical alert system and caregiver support platform — announced it has raised a $5 million round. These are the details.
Aloe Care Health — the most advanced voice-activated medical alert system and caregiver support platform — announced it has raised a $5 million round that includes such mission-driven investors as City Light, Laerdal’s new Million Lives Fund, the Springbank Collective, and Drumbeat Ventures.
Aloe Care’s 2020-21 brisk revenue growth was achieved across multiple revenue streams, including white-label offerings, private duty homecare providers, select insurance partners, and direct-to-consumer online sales. And this round ensures the company can continue to meet the exceptional pace of adoption by elders and caregivers in the wake of COVID-19. With over 50 million people in unpaid caregiving roles, and nearly 60 million people now aged 65+, Aloe Care is poised to support nearly half of the U.S. adult population.
Last year, the total number of adults potentially giving and/or receiving care exceeded 100 million people; more than half of the adult U.S. population:
— 56 million people now aged 65+ (U.S. Census)
— Pre-Covid, more than 50 million people reportedly served as unpaid caregivers (AARP) – a number that is now likely far higher
— The same AARP report revealed that 61% of unpaid caregivers also held jobs. And in addition to many of them finding it difficult to coordinate care, more than 20% experienced negative consequences to their own health.
Aloe Care’s advanced solutions include an in-home Smart Hub for secure, two-way, hands-free voice communication, and additional Smart Sensors for detecting falls, motion, air quality, and temperature. And Aloe Care is bolstered by 24/7/365 access to a professional emergency response team. Plus It also features a private, secure family app for real-time status-checks, voice calls directly into the Smart Hub, and care collaboration with family and professional caregivers.
KEY QUOTES:
“We exist to support companies like Aloe Care – those that are making a measurable impact on large-scale societal issues. Aloe Care is delivering a solution critically needed by millions of people, elders and caregivers alike.”
— Josh Cohen, Partner at City Light
“The Laerdal Million Lives Fund is centered around one ambitious aim. We’ve set out to help save over one million lives annually by 2030. This has given us a laser focus on supporting companies whose solutions have high life-saving potential, ideally, while also lowering healthcare costs and enhancing quality of life years for all populations. Aloe Care shares our aims in every regard. We’re thrilled to add them to our portfolio.”
— Jeff Trost, Managing Partner, Laerdal Million Lives Fund
“Aloe Care checked a lot of boxes for us, particularly given the ways that it serves caregivers and older adults. Unpaid family caregivers are overwhelmingly women, the majority of whom also hold jobs – creating a workload burden that needs to be lightened. And, as the past year has made abundantly clear, older adults critically need a way to live safely in their homes whenever possible. Aloe Care addresses both, enabling technology to uplift what is essential about the very human experiences of caring and aging.”
— Elana Berkowitz, Partner at Springbank Collective
“We look for breakout brands that truly live their missions in everything they do. Aloe Care brings a much-needed solution to eldercare, a market long overdue for technological innovation. Now more than ever, families need a solution like Aloe Care to ensure their loved ones are safe and secure and feel that way.”
— Adam Burgoon, Drumbeat Founder
“Older adults, and the people who care for them, have been underserved for too long. With this team of mission-driven investors by our side, we will continue to transform the way millions of people connect, care, and keep each other safe.”
— Ray Spoljaric, Aloe Care co-founder and CEO
