What You Should Know:
– Senior companion and support platform Papa, today announced a $150M in Series D funding to extend the reach and scale of Papa’s innovative solution. With a valuation of $1.4B, this funding round, led by SoftBank Vision Fund 2 and with participation from TCG, Tiger Global Management, Canaan, Initialized Capital and Seven Seven Six, brings Papa’s total funding to $240 million.
– Since its 2017 founding, Papa and its Papa Pals have served members in all 50 states, across Medicare Advantage, Medicaid, and employer health plans. Papa helps address social determinants of health, including loneliness and isolation, for older Americans and others who stand to benefit from companionship and everyday assistance. Papa connects seniors to “Papa Pals” who provide at-home social support with activities, like driving to a doctor’s appointment, preparing a meal or spending time with them. Those enrolling in Papa are less likely to need costly medical intervention and more able to live independent and healthy lives.
– Increasingly, the healthcare industry, including insurers such as Cigna, Humana, Anthem and others, recognizes the value of non-traditional, yet clearly impactful approaches, like Papa — those that enhance the member experience, improve health outcomes, and reduce and ultimately eliminate determinants that disproportionately affect marginalized groups. For example, on average, Pals reduce member loneliness by 67 percent; lonely people have been shown to use the hospital 60 percent more than others who don’t self-identify as lonely.