- ianacare recently announced it raised a $12.1 million Series A funding round. These are the details.
ianacare — a company that provides comprehensive tech-enabled caregiver support through employers and health plans — recently announced a $12.1 million Series A investment led by Greycroft with participation from 8VC, SemperVirensVC, Able Partners, and Brown Alumni Group, along with follow-on investments from existing investors Slow, Founder Collective, Indicator Ventures, Entree Capital, Cue Ball, Service Provider Capital, and AARP. And as part of the raise, Greycroft partner Ellie Wheeler will join the ianacare board to support this next phase of growth.
ianacare is partnering with employers and health plans to offer its cost-effective and scalable enterprise solution as a benefit to working caregivers. Launched in March 2021, the enterprise solution covers over 400,000 lives through existing partnerships with employers like Anthem (the second-largest healthcare provider in the US).
This year, ianacare is set to launch with some of the nation’s largest employers putting them on track to cover over 1 million lives. And this round of funding will enable the company to scale sales, the internal team, and operations needed to meet the rising demand of companies looking to support family caregivers in their workforce.
The company’s solution gives family caregivers the ability to communicate and coordinate care across a personal team of friends and family, as well as access expert content, navigate local resources, and connect with employee benefits already available to them. Plus the solution includes unlimited access to a caregiver coach and supportive community.
The scalability of the ianacare platform remained a focus and will become increasingly important in order to meet the fundamental increase in care happening in the home, accelerated by the COVID-19 pandemic. And currently, there are 54 million family caregivers in the United States providing $470 billion worth of care annually. Plus working family caregivers spend an average of 25 hours a week caring for their loved ones on top of their full-time jobs. And ultimately, the current lack of support and resources drives 32% of them to leave their job to care full time.
The ranks of family caregivers is on pace to surpass 75 million Americans over the next 10 years. And without proper support structures, we will see this have a tremendous impact on the healthcare system, society and culture, and the workplace.
The funding will enable ianacare to onboard several new employers and healthcare partners in 2022 and 2023. And the team plans to triple in size with open positions across Sales, Client Success, Marketing, and Product.
“There are so many activities built into the care plan that fall to family caregivers – like medication management, transportation to and from appointments, managing dietary needs, etc. Creating a true infrastructure of care in the home environment requires access, knowledge, and guidance. What we realized was that thousands of resources and services already exist, but they are highly fragmented and difficult to find. The power of technology allows us to bring large systems together, enable simpler connection and coordination, and deliver highly personalized experiences at scale.”
— Steven Lee, ianacare’s COO and co-founder
“For far too long, caregiving has been treated as an individual issue, and we’ve asked people to make the choice to either work or care for their families. We cannot authentically discuss keeping women in leadership or the workforce at large without addressing their care needs,” says Kim.
— Jessica Kim, CEO and co-founder of ianacare