The round was led by Canaan, with participation from Pivotal Ventures, an investment and incubation company created by Melinda Gates, Initialized Capital, Y Combinator, and Sound Ventures. As part of the financing, Canaan principal Byron Ling will join the company’s board.
The company intends to use the funds to expand its services to a broader population of older adults, via partnerships with additional insurance plans and employee benefit providers, and its presence in 2020 to 25 states.
Founded in 2016 and Andrew Parker, founder and chief executive officer, Papa connects college and nursing students to older adults who need assistance with transportation, house chores, technology lessons, and other services. College and nursing students, called Papa Pals, undergo a screening and training process before being matched to seniors enrolled in the program. Once enrolled, Papa provides the technology for both groups to manage their experience, including a member app that enables seniors and their caregivers to request visits; and an app for Papa Pals to track and manage visits. Additionally, the logistics platform includes an administrative tool for managing its members, onboarding new Papa Pals, and managing billing.
The company also announced partnerships with multiple large health insurance plans, including Humana, Aetna, Priority Health and Alignment Healthcare.
Papa is currently available in 14 states, including Ark., Calif., Fla., GA., Ill., Kan., Ky., La., Mich., Miss., Mo., Pa., S.C., and Texas.
FinSMEs
09/10/2019