Hometeam continues to build momentum for its aging in place approach to senior care, an area that will continue to be a big theme in 2016. It has raised $27.5 million in a Series B round led by Oak HC/FT. The fundraise is designed to speed up product development.
Lux Capital, IA Ventures, and Recruit Strategic Partners, which took part in the Series A round last year, also participated. At that time, the company raised $11 million to add 15 offices in nine states. Currently, it has offices in three states: New York, Pennsylvania and New Jersey.
Josh Bruno, founder and CEO of Hometeam, said in a statement: “This new round of funding will enable us to build out our platform and offer truly unique and specialized care to older adults in other locations.”
Hometeam compares its software to a matchmaking service. It matches families with experienced caregivers and helps caregivers plan days to improve the quality of life of older adults.
Caregiver startups have been a popular area for digital health startups. Honor, another caregiver service, launched an on-demand service last year that lets families book a caregiver for specific needs for small periods of time when family members need a break or have other commitments. Some others include Cariloop, Room2Care, and UnaliWear.
The AARP Innovation@50+ is also making a big push for technology to help caregivers support seniors as part of an expansion of Project Catalyst. The Series B round for Hometeam marks the 13th investment for Oak HC/FT since its launch 18 months ago. The fund invests in health tech and financial tech.
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