Airbnb-like Homecare Hub Secures Strategic Seed Funding
Inception Health, Ballad Ventures, CABHI, Blue Lion Global and AARP back Homecare Hub's scalable senior care platform to redefine senior care.
Homecare Hub, a company creating innovative home care and housing solutions through an on-demand, tech-enabled, small care home platform, took another key step towards its promise to provide affordable, high-quality alternatives to large institutional nursing homes. Today, they announced the close of their strategic seed round with funding from Froedtert Health's venture arm Inception Health, Ballad Health's venture arm Ballad Ventures, Baycrest's innovation arm the Center for Aging + Brain Health Innovation (CABHI), AARP, Blue Lion Global, FHS Capital, and a variety of prominent angel investors. The oversubscribed $2.5 Million USD round exceeded initial targets, and additional milestone-based funding was also secured.
"We are thrilled to have support from multiple prominent health systems that serve both rural and urban populations, the world's largest organization for older adults, arguably the globe's top neurocognitive research organization, and a world-class tech marketplace fund," stated Homecare Hub CEO and Co-founder Dr. Vipan Nikore, "With the depth and cross-sectional experience of this impact driven group, this truly is a dream team that understands the complexity of the senior care and housing problem. They share our vision to create the most exceptional, scalable care and housing experience that has ever existed for patients while driving down costs for payers and improving hospital capacity."
"Homecare Hub is leading the way in closing the gaps for complex hospital discharges. The design solution leverages and aligns existing community partners to care for residents who may have long-term specialized or complex care needs", added Diane Ehn, Vice President of Post-Acute Care at Froedtert Health. "This collaborative effort offers our patients the option of living in an affordable supportive home environment, while still maintaining their independence and quality of life. It is exciting to be part of this innovative solution that connects the community resources to our residents' needs."
"As a strategic investor, Inception Health looks to invest in digital health startups that are driven to solve big problems in healthcare," said Mike Maschek, Director at Inception Health. "Our investment portfolio is built around companies that directly support the Froedtert & the Medical College of Wisconsin health network's staff, clinicians, and patients. Homecare Hub is an excellent fit for our portfolio as it offers an innovative approach to finding placement after a hospital stay for a vulnerable patient population while also providing a cost-effective senior living alternative for a rapidly growing population of middle-income seniors in our home state of Wisconsin."
"The 'forgotten middle' is more than a buzzword – it's a genuine healthcare crisis," remarked John Perez, Managing Director of Ballad Ventures, the investment arm of Ballad Health which operates 21 hospitals and was ranked by Becker's Hospital Review as the 37th largest US health system. "With Homecare Hub, we're investing in the future of more personalized, high-quality, and affordable care options in both post-acute and long-term care. This partnership underscores our unwavering commitment to embrace innovative solutions of tomorrow to build a legacy of superior health for those we serve…and beyond."
Homecare Hub has consistently grown since launching in 2020. The team is led by Dr. Nikore and technology leader Rahim Lalani. Dr. Nikore is an IBM software developer turned internal medicine physician with 13+ years of clinical experience at the Cleveland Clinic and leadership experience as TD Bank's Chief Medical Director, as a Medical Director at Trillium Health Partners, and at the University of Toronto. Mr. Lalani is a University of Waterloo computer science graduate with over 20 years of technology experience. Homecare Hub also recently announced that prominent physician leader Dr. Michael Apkon, former CEO of the renowned Hospital for Sick Children and former CEO of Tufts Medical Center, had joined its Board of Directors.
Given the technology stack the team has created and the founding team's deep technology experience, Homecare Hub also drew interest from leading tech funds. The Blue Lion Global Fund participated and placed operating partner Matt Atkin to play a hands-on role on at Homecare Hub. Atkin was employee 100 at Uber, expanded Uber to 25 regions, and served as head of global expansion at Cloud Kitchens.
"Homecare Hub's unique, technology driven marketplace and the expertise of Dr. Nikore are exactly what is needed to disrupt a stagnant post-acute care sector. The opportunity to scale their solution and positively impact a trillion-dollar market aligns with our fund's mission to back transformational ideas," notes Manu Gupta, who before founding Blue Lion held a leadership role at Goldman Sachs and was a founding team member of Lakestar and its ~$1.4 billion VC fund.
Renowned brands in the older adult and aging space AARP and CABHI also invested. "Homecare Hub's Airbnb-like marketplace for small, shared living and care homes is not just a concept; it's a revolutionary approach that is creating a new way for older adults and people living with dementia to live with dignity and comfort" says James Mayer, Senior Manager, Investments & Venture Services at the CABHI. CABHI was formed from the largest investment in aging & brain health in Canadian history, and is powered by Baycrest Hospital, the top-ranked research-intensive hospital in Canada this year.