Grayce, a comprehensive social care platform for families, announced that it had raised $10.4 million in Series A funding. The funding round was led by Maveron with participation from BBG Ventures, Correlation Ventures, GingerBread Capital, Alumni Ventures, Visible Ventures, Gaingels, and What If Ventures. And with this new funding, Grayce will scale its innovative platform to enhance its employer solution and member experience as well as enter the payer market.
With crisis-level staffing shortages in childcare, eldercare, and healthcare, more employees are being thrust into new roles as caregivers while juggling work, and the healthcare system is increasingly relying on caregivers to provide and manage care. About 73% of employees currently report caregiving responsibilities (Harvard Business School research) – which is one of the greatest reasons talent is leaving the workforce. And Harvard’s research also revealed that 52% of employers do not track data on employees’ caregiving roles, emphasizing a lack of awareness about the significant impact of caregiving on their workforce, operations, and bottom line.
Grayce’s social care platform addresses unmet medical care needs, supporting family caregivers in reducing stress and navigating caregiving complexities. Each member receives dedicated support from a social worker who manages their comprehensive care needs, from planning and prioritizing to identifying resources, coordinating care, and advocating on their behalf. For example, for an aging parent, Grayce could help a family navigate eldercare needs, including evolving housing and in-home support, paying for care, treatment considerations, and social support.
This platform is personalized for each member, offering relevant educational content, connections to a peer community, access to a marketplace of resources, and productivity tools. And Grayce provides a fully personalized experience through its team of social workers and a high-touch digital platform. Available globally in 250+ languages, Grayce’s culturally-tailored platform helps to resolve employees’ most time-consuming and emotionally challenging care challenges.
With this new funding round, Grayce will partner with payers who will extend its comprehensive support to additional populations. And Grayce’s model addresses members’ social factors, enabling better health care outcomes and supporting the health care industry’s evolving care and payment models.
Plus, Grayce will continue investing in data-driven personalization, expanding on the breadth of its offerings for members across all geographies and spectrum of care needs. And Grayce plans to strengthen its community and content offerings to allow members more opportunities to connect, share experiences and support one another, and gain access to educational content relevant to their care challenges to navigate their specific situation better.
Grayce’s employer customers have seen turnover rates drop by 38%, with 50% of their employees avoiding taking leave, quitting, or reducing their work hours. And nearly 80% of Grayce members report feeling more valued and supported by their employer, and more than half demonstrated increased usage of other relevant employee benefits. Grayce customers have also reported a sixfold return on investment based on improved retention and productivity.
Grayce’s founders Julia Cohen Sebastien and Kassidee Kipp first met over two decades ago through a mentoring program during a time when they were both caring for others. In 2019, the two founded Grayce, bringing together their decades of combined experience in the health, tech, and consumer sectors, as well as lived experiences as caregivers. Now the company is focused on building the most trusted platform in multi-generational care. And Gracye’s cap table and investor base feature significant representation from the communities it serves, including women, people of color, LGBTQIA individuals, veterans, and those affected by mental health and addiction.
KEY QUOTES:
“At Grayce, we’re driven by a mission to address the critical workforce shortages in healthcare, childcare, and eldercare, while also meeting the growing demand for that care due to shifting demographics and rising rates of illness and disabilities. We recognize that millions of individuals are facing new care needs and responsibilities, and it’s our goal to enable their success, providing assistance with navigating caregiving challenges, along with personalized practical and emotional support.”
- Julia Cohen Sebastien, Co-Founder and CEO at Grayce
“Grayce’s blend of human touch with user-friendly technology is transforming how families handle their care responsibilities. Grayce’s care solution creates a lasting impact as people navigate various care challenges, and we’re inspired to support this next phase of their growth journey.”
- Jason Stoffer, general partner at Maveron
