Wellthy, a female-led caretaking concierge startup based in New York, announced on June 28th that it had secured $35 million in Series B funding to ensure the platform’s future expansion.
The startup founded by Harvard Business School graduate Lindsay Jurist-Rosner has raised a total funding of $50 million since 2014. The funding raised on Series B will be destined to support Wllthy’s international expansion, product development, and continued growth.
Rethink Impact, the largest venture capital fund in the world focusing on female founders, led the oversubscribed funding round. Additional strategic partners like Hearst, Polaris Partners, and Eldridge also participated in the round.
Jenny Abramson, managing partner and founder of Rethink Impact, referred to the venture capital funds interest in the startup by stating:
“When you think about the caregiving space being worth $111 billion, and growing at about an 11% compound annual growth rate, that is a really interesting market. About 20% of employees, at least in the data we saw, provided some kind of extra care to either special needs kids or adults just in the last 12 months alone. And it’s an area where, as more Boomers age, this is just going to grow.”
The startup offers personalized support that helps its users to deal with the logistical and administrative aspects of caregiving. At this time, Wellthy’s clients include companies like Facebook, Cisco, Accenture, Salesforce, and Voya, all of which offer the service to their employees
Over the past 2 years, Wellthy has seen its revenue growth by 7.5 times while keeping a revenue retention rate greater than 100%. The platform’s userbase has more than 75 enterprise clients at this time, which represent more than 600 businesses and 700,000 users accessing the service.
Caretaking concierge startups like Wellthy have become increasingly important to help users deal with the bureaucracy that has characterized the US healthcare system. With more than 53 million people, which represent more than 20% of the US adult population, the demand for caregiving services is expected to continue its growth.
