Carewell Inks $5M Seed Funding
CHARLOTTE, NC, Carewell closed over $5 million in seed funding.
Carewell, a leading advocate for caregivers and online supplier of home health products, closed over $5 million in seed funding from global venture firm e.ventures; seed stage specialist NextView Ventures; and early-stage investor Primetime Partners, which was founded by Alan Patricof and Abby Levy to invest in companies that can transform the quality of living for older adults. e.ventures Founding Partner Mathias Schilling will join Carewell's Board of Directors, while NextView Partner David Beisel will act as board observer. A group of successful entrepreneurs and advisors also joined the round, including Chewy.com's former VP of Growth Marketing, Jason Klinghoffer, and Dia&Co founders, Nadia Boujarwah and Lydia Gilbert.
In 2015, Carewell co-founders Bianca Padilla and Jonathan Magolnick launched the company after Padilla's experience as one of the 53 million unpaid family caregivers in the U.S.-comprising over 20% of the population. Discovering firsthand the lack of guidance on care methods and products, they established Carewell to be a much-needed resource and support network for independent caregivers.
Through a service model based on trust and responsiveness, Padilla and Magolnick have built a loyal customer base and caregiver community by helping them navigate what is often an overwhelming, time-intensive, socially isolating, and emotionally exhausting experience. Carewell has earned a Customer Satisfaction Score (CSAT) of 94-redefining the industry standard for personalized support. They will use the funds to expand expert-vetted product offerings, simplify ordering, and develop educational resources that bring clarity to a confusing landscape in a rapidly growing industry.
"Now, more than ever, family members are challenged with providing in-home care for their chronically ill, disabled, or aging loved ones," said Padilla, Carewell's CEO. "Our mission is to improve the lives of these selfless individuals and help them provide better care. We are more than an e-commerce company. We are here to support, educate, and advocate for the long-overlooked caregiving community."
While the number of family caregivers has been steadily increasing in recent years, due in part to an aging baby boomer population, COVID-19 has dramatically accelerated the shift to in-home care. In fact, within the first month of the pandemic, Carewell's revenue doubled and nearly 40,000 unique customers have made purchases since February 2020.
"Five years ago, Bianca and Jonathan saw a need in the market, and that need is even more prominent today," said Beisel, co-founder and Partner at NextView Ventures. "As the home care industry undergoes a rapid transformation and the number of unpaid family caregivers continues to climb, Carewell's supplies, services, and support are of critical importance-and we see a tremendous opportunity for growth."
Carewell brings intuitive and intelligent e-commerce capabilities to the caregiving community. To remove the guesswork from shopping and replenishment, Carewell now offers a subscription service to automatically reorder high-usage goods for customers-freeing up time and resources for caregivers.
"Carewell is poised to become a national brand and top-level leader in the home care market," said Schilling, co-founder and Managing Partner of e.ventures. "Through an empathetic approach and authentic customer engagement, they've formed a strong community and laid a solid foundation built on trust. We're thrilled to support the Carewell team in expanding their impact and improving the everyday lives of an even greater number of caregivers."
"I found Carewell after searching for the best-priced products for my mother, but since then they've become so much more. They were a true support system through my entire caregiving journey," said Dwight Schneider, a former caregiver based in Colorado. "Caregiving is the best and hardest job I've ever done, but Carewell was with me the entire way, not only providing products, but they shared meaningful and useful tips, advice and support."
To usher in this new era of growth, Carewell has filled key leadership positions including: Jeremy Mayes, Head of Marketing; Josh Miller, Director of Engineering; Sarah Serbiak, Director of Merchandising; and Valerie Henderson, Director of Content and Communications.
Carewell is a Charlotte-based, family-led e-commerce company on a mission to improve the lives of caregivers and their loved ones. Carewell's story began in 2015, when its founders were among the 20% of Americans who act as informal caregivers. Unable to find the guidance and selection they needed in one place, they formed Carewell to be a source of support for independent caregivers seeking proactive service, compelling content, and expert-vetted products.
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