A Place for Mom secures $175M as elder care industry grows

A Place for Mom has raised $175 million in a growth round led by Insight Partners. The Seattle-based startup offers an online marketplace that connects families to senior care services across North America. General Atlantic and Silver Lake also participated in the funding.

VC-backed elder tech startups are increasingly capitalizing on an aging population and the need for unique offerings that comes with that demographic trend. By 2030, all baby boomers will be older than age 65 and account for one in every five residents, according to the US Census Bureau’s 2017 National Population Projections.

Notable startups in the elder care space include Papa, which raised $150 million in November. The Miami-based company provides on-demand assistance for everyday tasks, and companionship for older adults and families.

Another in the sector is Devoted Health, a platform that helps older adults buy health insurance and find care through a network of physicians. The company raised $1.2 billion in September, valuing the company at $12.7 billion, according to PitchBook data.

In 2020, veteran venture capitalist Alan Patricof launched Primetime Partners with a goal of backing companies that improve quality of life for older adults. The early-stage VC firm has backed startups including fitness platform Bold and Carewell, an ecommerce startup that provides caregiving products.

Featured image by smartboy10/Getty Images