Aloe Care Raises $5M for its Modern Medical Alert System
NEW YORK, April 20, 2021 /PRNewswire/ -- Aloe Care Health, the worlds' most advanced voice-activated medical alert system and caregiver support platform, has announced a $5 million round that includes such mission-driven investors as City Light, Laerdal's new Million Lives Fund, the Springbank Collective, and Drumbeat Ventures.
Aloe Care's 2020-21 brisk revenue growth was achieved across multiple revenue streams, including white-label offerings, private duty homecare providers, select insurance partners, and direct-to-consumer online sales. This round ensures the company can continue to meet the exceptional pace of adoption by elders and caregivers in the wake of COVID-19. With more than 50 million people in unpaid caregiving roles, and nearly 60 million people now aged 65+, Aloe Care is poised to support nearly half of the U.S. adult population.
Josh Cohen, Partner at City Light, said, "We exist to support companies like Aloe Care - those that are making a measurable impact on large-scale societal issues. Aloe Care is delivering a solution critically needed by millions of people, elders and caregivers alike," Cohen noted.
"The Laerdal Million Lives Fund is centered around one ambitious aim," Jeff Trost, Managing Partner, commented, "We've set out to help save over one million lives annually by 2030. This has given us a laser focus on supporting companies whose solutions have high life-saving potential, ideally, while also lowering healthcare costs and enhancing quality of life years for all populations. Aloe Care shares our aims in every regard. We're thrilled to add them to our portfolio."
Elana Berkowitz, Partner at Springbank Collective, noted, "Aloe Care checked a lot of boxes for us, particularly given the ways that it serves caregivers and older adults. Unpaid family caregivers are overwhelmingly women, the majority of whom also hold jobs - creating a workload burden that needs to be lightened. And, as the past year has made abundantly clear, older adults critically need a way to live safely in their homes whenever possible. Aloe Care addresses both, enabling technology to uplift what is essential about the very human experiences of caring and aging."
Adam Burgoon, Drumbeat Founder, said, "We look for breakout brands that truly live their missions in everything they do. Aloe Care brings a much-needed solution to eldercare, a market long overdue for technological innovation. Now more than ever, families need a solution like Aloe Care to ensure their loved ones are safe and secure and feel that way."
Added Ray Spoljaric, Aloe Care co-founder and CEO, "Older adults, and the people who care for them, have been underserved for too long. With this team of mission-driven investors by our side, we will continue to transform the way millions of people connect, care, and keep each other safe."
In 2020, the total number of adults potentially giving and/or receiving care exceeded 100 million people; more than half of the adult U.S. population:
56 million people now aged 65+ (U.S. Census)
Pre-Covid, more than 50 million people reportedly served as unpaid caregivers,* a number that is now likely far higher (*AARP)
The same AARP report revealed that 61% of unpaid caregivers also held jobs. In addition to many of them finding it difficult to coordinate care, more than 20% experienced negative consequences to their own health.
Aloe Care's advanced solutions include an in-home Smart Hub for secure, two-way, hands-free voice communication, and additional Smart Sensors to detect falls, motion, air quality, and temperature. Aloe Care is bolstered by 24/7/365 access to a professional emergency response team. It also features a private, secure family app for real-time status-checks, voice calls directly into the Smart Hub, and care collaboration with family and professional caregivers
ABOUT ALOE CARE HEALTH:
Aloe Care (www.aloecare.com) offers the world's first voice-activated, in-home digital care assistant for remote caregiving. Based in New York, Aloe Care was created by caregivers for caregivers. APART NOT ALONE, Aloe Care's Guide for Remote Caregiving During COVID-19, is available now: https://get.aloecare.com/covid-19/.
ABOUT CITYLIGHT:
City Light is a venture capital firm that invests early in impactful companies. They partner with experienced teams building category-defining solutions in the areas of education, safety and care, and the environment - where more revenue equals better lives at scale, every time. As one of the earliest and most successful impact investing firms, City Light has a track record of identifying and scaling impact in ways that build better companies.
ABOUT LAERDAL MILLION LIVES FUND:
The Laerdal Million Lives Fund is committed to investing in entrepreneurs who are developing and deploying emerging technologies capable of saving lives across the globe. Laerdal has also invested in RapidSOS, Avive Solutions, and MobileODT, to name a few.
ABOUT SPRINGBANK COLLECTIVE:
Springbank Collective invests in early stage companies building the New Care Economy and the Future of Inclusive work. Their mission is to support solutions for all working women and working families across the themes of career, care and household consumer. Among their investments are Wellthy, Plume, and Catch.
ABOUT DRUMBEAT VENTURES:
Drumbeat Ventures makes lead investments in emerging breakout brands. Through a novel framework and process, Drumbeat helps create organizational cultures that can be a solid foundation for the missions they serve as well as bring out the best in the people who live that mission every day. Founder Adam Burgoon has more than 20 years of experience as both an angel and institutional investor.
