Cariloop, a leading comprehensive caregiver support platform, announced the closing of its Series C funding round at $20 million. ABS Capital led this round, which included existing investors Noro-Moseley Partners, KCRise Fund, Revolution’s Rise of the Rest Seed Fund, and Patterson Thoma Family Office.
The company currently serves organizations SUCH AS Procter and Gamble, KPMG, CAE, American Cancer Society, Arthur J. Gallagher, ASPCA, and Insperity, achieving net revenue retention of nearly 120% and an NPS score above 80.
Cariloop’s Series C investment will primarily drive the company’s expanding market reach with employers and caregivers and a number of key investments in its digital and concierge-level offerings. And this funding round will drive deeper levels of engagement with existing members and support the pressing needs of caregivers and their families.
In connection with the Series C funding round, Krusius will join Cariloop’s Board of Directors, and Cal Wheaton, Partner at ABS Capital, will join as a Board Observer. And Steven Theesfeld, Cariloop’s Co-Founder, and Colin Patrick, Patterson Thoma Family Office’s Chief Investment Officer, will step down from the Board.
KEY QUOTES:
“With nearly 75% of employees balancing work with a caregiving role, there is a significant opportunity to give critical support to one of the largest employee population groups in an organization’s workforce. The service we provide gives companies a way to support their working caregivers and drive employee wellbeing, productivity and retention. This investment will accelerate our efforts to deliver our innovative solution to more employers and ultimately position our platform as a fundamental benefit to the millions of working caregivers who need it most.”
– Michael Walsh, Co-Founder and CEO of Cariloop
“Cariloop has seen significant nationwide customer traction and growth, which speaks to the effectiveness of the solution – bringing top-notch support to workers who are trying to navigate productivity in their work and caregiving at home. It’s a winning combination, and we’re thrilled to partner with a company that is setting new standards for how caregiving support is provided and enabling more employees to succeed in the workforce.”
– Jennifer Krusius, Partner at ABS Capital
