Financing led by Valor Ventures with participation from long-term care strategic investors fuels nationwide launch and team expansion.
ORLANDO – January 24, 2023 – Digital health startup CareWork is proud to announce the nationwide availability of the CareWork platform starting today. The company just closed on $1.5M raised in seed funding led by digital health investor Valor Ventures. The infusion of capital will fuel the expansion of the platform and customer growth.
Over the past several years, there has been a paradigm shift in how long-term care and senior living organizations view technology. Heavily affected by the pandemic, this industry is working in a state of upheaval. Operators struggle to operate efficiently amidst increased regulatory requirements and oversight, intense staffing shortages, and sharp drops in revenue. Long-term care and senior living organizations need to do more with fewer resources.
Cyndi Matheny, President of Oakdale Seniors Alliance, and an early adopter of the CareWork platform noted, “Visibility is crucial. When we can see all aspects of business and clinical operations in one place, we can quickly analyze and make adjustments. When we have to pull information together manually, it doesn’t get done all the time and it’s not easy to review. Automation means faster time to cash in the bank, less loss of revenue from untimely claim filings, better star ratings (which drives census) through clinical insights, a reduction in clinical errors, and opportunity cost savings through efficiency for the entire organization.”
Through its comprehensive, integrated, and easy-to-use platform, CareWork empowers providers to do more with less, work quickly, efficiently, and with more insight.
CareWork is co-founded by CEO Jackie Ramieri and CTO William Flanagan. Ramieri brings more than ten years of experience in long-term care, including roles in IT operations and as a fractional CIO for multiple owner operators representing hundreds of long-term care facilities across the U.S. Flanagan adds thirty-plus years of software development and product architecture experience.
“Valor VC was the perfect fit,” said CareWork CEO Jackie Ramieri. “Not only do they have a strong background in digital health, but they share our values and align with our culture.” Ramieri added, ”The partnership with Valor VC will enable us to move faster to help providers nationwide streamline operations through automated processes that will improve the quality of care for countless residents in long-term care, from skilled nursing to assisted living and memory care, to integrated campuses and independent living.”
Valor General Partner, Gary Peat, joins the CareWork board. Peat noted, “I have spent 20+ years as a General Partner investing at the seed stage in digital health. As a result, I recognize that great digital health value propositions like CareWork are truly rare. While there are plenty of digital health startups every year, there are very few companies like CareWork that can realistically be adopted by a large percentage of the market in just a few years. That is exactly the kind of digital health company Valor VC loves and the CareWork co-founders are exactly the kind of team that Valor loves to back!”
“We are passionate about providing long-term care and senior living operators with the holistic solution that unifies and streamlines all of their operations,” said Ramieri. “CareWork reduces costs, increases staff efficiency, automates compliance analytics and reporting, and enables operators to do more with fewer resources, all things that have been acutely needed in this industry. Delivering on those objectives for our customer has a very high ROI for the operator.”
Valor General Partner Gary Peat points out, “In the U.S., 10,000 people per day are turning 65 until 2030, an increase of >30 million. In the U.S., over 70% of people over 65 will spend some time living in long-term care facilities. That is a market expansion of as much as 50% in an already giant market. Without a way to do more with less with solutions like CareWork, long-term care will not be able to profitably handle the market growth that is structurally ‘baked into’ the long-term care industry in the U.S.”
CareWork’s vision is to provide a platform that is so easy to use it becomes the home base for all senior living and long-term care organizations; where we eliminate duplicate work and champion the advancement of the long-term care ecosystem through innovation, advocacy, and value.
CareWork, founded in 2022, is the first holistic software platform for long-term care providers and senior living organizations that unifies and streamlines operations. Through integration, business intelligence, workflow, and automation, CareWork helps care providers identify problems before they occur and gives their teams the tools to work faster, more efficiently, and with greater operational insight.
About Valor Ventures
Headquartered in Atlanta, Valor Ventures leads seed rounds in fast-growth B2B software companies anchored in the South. Find out more at valor.vc.
# # #