CareAcademy Closes $9.5 Million in New Funding Led by Impact America Fund to Fuel Growth and Power 1M Healthcare Jobs by 2023
Series A signals massive market opportunity as CareAcademy seizes greater share of online caregiver training; brings total company funding to more than $13 million
CareAcademy, the leading home care & home health workforce empowerment platform, upskilling and preparing workers for the growing eldercare market and home care model, announced it has closed $9.5 million in financing led by Impact America Fund (IAF). The new capital will be used to continue expanding the platform and help one million Americans reskill for healthcare work, particularly in light of COVID-19 and the growing aging population that seeks to age in place. IAF is joined by Rethink Impact, ReThink Education, Revolution Rise of the Rest, Wanxiang America Healthcare Investment, Techstars Ventures, Strada and ECMC. As part of the Series A round, IAF Founder and General Partner Kesha Cash and Dr. Ivor Horn, former chief medical officer of Accolade Health, join CareAcademy’s Board of Directors.
.@careacademyco closed $9.5M in Series A funding. The capitol will be used to expand its platform and help 1M Americans reskill for #healthcare work, meeting #HomeCare needs of an aging population:
“We are thrilled to have a group of investors who see the untapped potential of direct care workers and who believe in CareAcademy to help unleash that opportunity in this critical time for healthcare,” said Helen Adeosun, co-founder and chief executive officer, CareAcademy. “We started CareAcademy in 2016 with a simple idea: to empower caregivers to learn how to deliver the best care to older adults with the support, guidance, and compassion needed to improve their quality of life. We would then make it easy for caregivers to ‘upskill’ and continue their education over time so they could better serve clients as needs changed and advance their careers. Now more than ever, in the wake of COVID-19 there is a need to provide safe alternatives to facility based care. We’re preparing the next generation of one million direct care workers to meet the needs of older adults.”
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The number of individuals aged 65+ is projected to double from 703 million in 2019 to 1.5 billion globally by 2050. In response to this expected growth, Grand View Research predicts the home healthcare market will grow at a compound annual growth rate of 7.9 percent between 2020 and 2027. With an aging baby boomer population who have more complex health needs, the need for a well-trained home care workforce will only continue to grow. As the demand for adequately trained home care workers grows in response to this trend, so will the need to ensure they have the highest quality training and resources to deliver the very best care to older adults.
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