What You Should Know:
– CareAcademy raises $9.5 million in Series A funding to expand its online training platform for senior care professionals to deliver the highest caliber of service and improve the lives of older adults.
– Series A round signals massive market opportunity as CareAcademy seizes a greater share of online caregiver training; brings total company funding to more than $13 million.
CareAcademy, a Boston, MA-based home care & home health workforce empowerment platform, upskilling and preparing workers for the growing elder care market and home care model, today announced it has closed $9.5 million in Series A financing led by Impact America Fund (IAF). The Series A funding will enable CareAcademy to scale opportunities for direct care workers to upskill, drive healthcare outcomes measurements, onboard, and retain direct care workers for long term care, and ensure they are able to work throughout the healthcare continuum.
Growing Market for Trained Home Care Workers
The number of individuals aged 65+ is projected to double from 703 million in 2019 to 1.5 billion globally by 2050. In response to this expected growth, Grand View Research predicts the home healthcare market will grow at a compound annual growth rate of 7.9 percent between 2020 and 2027. With an aging baby boomer population who have more complex health needs, the need for a well-trained home care workforce will only continue to grow. As the demand for adequately trained home care workers grows in response to this trend, so will the need to ensure they have the highest quality training and resources to deliver the very best care to older adults.
State-Approved High-Quality Caregiver Training
Founded in 2016 by Dr. Madhuri Reddy and Helen Adeosun with the simple idea to empower caregivers to learn how to deliver the best care to older adults with the support, guidance, and compassion needed to improve their quality of life. CareAcademy is looking to provide the best platform for the discovery, onboarding, equipping, management, retention, and assurance of health care professionals and family caregivers to effectively help those who need them.
Its online training empowers senior care professionals to deliver the highest caliber of service and improve the lives of older adults. As an end-to-end, scalable training solution, the company transforms home care businesses into efficient industry leaders through its advanced reporting and training management dashboard.
Recent Traction/Milestones
Currently, CareAcademy has provided skills training and upskilling for 110,000 caregivers with approximately 400,000 classes completed to date. To date, CareAcademy serves the country’s largest care franchise companies in-home care, including Sodexo Comfort Keepers, Home Helpers, Home Care Assistance, and LivHome Arosa, and has established industry-first technical integrations with Clearcare and Alayacare that allow for workers to be employed within home care and home health.
Expansion Plans
The new capital will be used to continue expanding the platform and help one million Americans reskill for healthcare workers, particularly in light of COVID-19 and the growing aging population that seeks to age in place. IAF is joined by Rethink Impact, ReThink Education, Revolution Rise of the Rest, Wanxiang America Healthcare Investment, Techstars Ventures, Strada, and ECMC. As part of the Series A round, IAF founder and general partner Kesha Cash and Dr. Ivor Horn, former chief medical officer of Accolade Health, join CareAcademy’s Board of Directors.
“We are committed to turning caregivers into engaged and knowledgeable patient advocates with workforce tools to easily track progress to ensure that caregivers have the right skills. Through flexible, 24/7 support, we also give our customers peace of mind that they are getting the best software-based solution on the market to enable the future of healthcare work. We do all this while providing caregivers with a convenient and intuitive platform that is both easy to use and accessible across all devices. As we witness millions of professional and family caregivers already standing in the gap of care, CareAcademy is the platform that will enable the future of health and the future of work,” said Helen Adeosun, EDM, Co-Founder and Chief Executive Officer at CareAcademy.
