Caregiving benefit manager Homethrive will use $20 million in Series B funding to help family caregivers assist seniors aging in place. The Northbrook, IL-based firm helps more than 100 self-insured companies and Medicare Advantage plans connect family members to services that could help a loved one aging at home.
“Sometimes there are local options that provide services, like transportation or snow removal that an MA plan might not cover and then we’ll help them figure out how someone might access that,” Homethrive co-founder and co-CEO Dave Jacobs told McKnight’s Home Care Daily Pulse. “If none of those options are available, we’ll find people the best private pay options.”
Venture capital firm Human Capital led the recent round of funding for Homethrive.
“I’m inspired by Homethrive’s mission to solve what I believe to be one of the greatest needs of our time — making it easy for our loved ones to be cared for at home,” Armaan Ali, co-founder and CEO of Human Capita, said in a statement. “We’re proud to be an investor, and in addition, provide our talent services to help them continue their growth and success.”
Jacobs said the COVID-19 pandemic has put more strain on the sandwich generation of caregivers, trying to meet the needs of both older and younger loved ones. He estimated about 20% of employees are spending more than 20 hours a week attending to the needs of family members. Some caregivers, especially women, have been sidelined during the pandemic due to caregiving responsibilities.
That situation has become so dire that some states are now addressing the plight of family caregivers. In Arizona, the new Family Licensed Home Aide Program provides training and pay to eligible family caregivers.
