CareLinx, an online network to connect seniors with caregivers, has raised more than $5 million in a funding round led by Generator Ventures and Ziegler Link·age Longevity Fund. The business, launched four years ago, is part of a wider movement to provide support services for seniors at a more affordable cost than the rising prices of assisted living communities and to help seniors age in place.
CareLinx will use the funding to boost staff and launch national marketing initiatives, according to a company statement.
It boasts that its network of caregivers get the opportunity to significantly increase their take-home pay. But given how in demand most caregivers are and the long hours they generally work, it makes me wonder how effective these caregivers are compared with ones who only have one job. The company also claims that its caregivers have passed a comprehensive background check and are covered with $1 million professional liability insurance through Lloyd’s of London.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
There are a couple of companies competing with CareLinx. Room2Care is developing a service that would let seniors recovering from surgery stay with people trained as caregivers and those willing to serve as caregivers on a short term basis. Although it claims to do background checks and review each of the prospective hosts, it borrows from Airbnb in that seniors could make decisions on where to stay based on reviews, price, location and amenities. Cariloop sees itself as a Match.com for seniors. It also takes into consideration that adult children or other family members are using the service on behalf of a loved one.
N2Care’s MedCottage bills itself as an affordable alternative to nursing homes by providing a mobile, connected home. It is designed to be placed in the caregiver’s back yard so it’s only suitable if you own a decent-sized patch of land and live in the ‘burbs or rural areas.
[Update: This story has been updated from an earlier version.]
