A Place for Mom Raises $175M in Growth Equity Funding
Updated: Nov 14, 2022
A Place for Mom (“APFM”), the largest marketplace for senior care services, announced today it has raised $175 million in growth equity funding to fuel the next stage of the company’s growth and transformation. The funding round was led by New York-based global venture capital and private equity firm Insight Partners, with additional participation from existing investors General Atlantic and Silver Lake.
A Place for Mom is the leading, online platform and trusted advisory service, powered by a national team of local experts, assisting families with personalized senior care guidance. With the largest national network, A Place for Mom enables families to make the best senior living decisions across assisted living, memory care, independent living, and home care.
APFM is executing an extensive multi-year plan to accelerate growth by investing to deliver a superior family experience and deepen its relationships with senior living communities.
“As the category leader, APFM fuels industry growth,” said Larry Kutscher, Chief Executive Officer of APFM. “Our business grew by 30% in 2021, and we are still in the early stages of our transformation. We are fortunate to have three world-class partners – Silver Lake, General Atlantic and Insight Partners – who share our enthusiasm and confidence in our vision, plan and ability to execute.”
The global senior living industry is projected to grow by more than 50% cumulatively over the next 5 years, driven by significant demographic trends, including the projected doubling of the percentage of Americans aged 85 or more over the next 20 years.
“APFM’s advanced technology helps caregivers make informed decisions about loved ones during tough times, matching them with senior living facilities nationwide,” said Eoin Duane, Managing Director at Insight Partners. “We are excited to partner with APFM as they leverage their differentiated platform and deep customer expertise to scale up.” Eoin will join APFM’s board.
Anton Levy, member of the APFM Board of Directors and Co-President, Managing Director and Global Head of Technology investing at General Atlantic, said, “With its impressive, insight-driven platform, APFM meets the needs of families making important decisions about senior care. The team at APFM has made significant progress in positioning the business for continued growth. Our increased investment reflects our confidence in APFM’s market position and prospects, and its ability to deliver value for all of its stakeholders.”
Adam Karol, member of the APFM Board of Directors and Managing Director at Silver Lake, said, “This investment validates the remarkable progress Larry and the APFM team have made in using technology and data to transform how caretakers and families find the right senior care for their loved ones. We are excited to have Insight join us and General Atlantic in working with Larry and his management team to accelerate the company’s strong growth trajectory as they continue to innovate and scale in building the leading marketplace for senior care services.”