CHARLOTTE – Carewell, which calls itself a Chewy.com for caregivers in its job descriptions, has raised nearly $25 million from four investors according to an SEC filing.
That’s less than a year after the company raised a $5 million seed round from multiple investors to expand its product offering and bolster its educational resources for family caregivers.
The company was launched in 2015 by co-founders Bianca Padilla and Jonathan Magolnick following an experience that Padilla had as an unpaid family caregiver. According to a 2020 report conducted by the AARP and the National Alliance for Caregiving (NAC), there are about 53 million unpaid caregivers in the United States, representing approximately 20 percent of the total population.
The company seeks to improve the lives of caregivers and their families.
The Centers for Disease Control and Prevention (CDC) note on the agency’s website that caregiving is a public health priority, and have found that approximately 25 percent of American adults provide care during a 30-day period, and the agency estimated that the one-year value of that care was $450 million in 2009.
“We are more than an e-commerce company,” said Padilla in a statement in September. “We are here to support, educate, and advocate for the long-overlooked caregiving community.”
More caregiving is anticipated. The CDC says that the number of Americans above the age of 65 will double between 2000 and 2030, and estimates that there will be 71 million Americans above the age of 65 by 2030, with an estimated four potential family caregivers for each adult needing care.
Growth in caregiving also growth opportunity
The company is experiencing strong growth, noting that in the first month following the onset of the COVID-19 pandemic, revenue doubled. Between February 2020 and August 2020, more than 40,000 people purchased products through the Carewell e-commerce platform.
It jhas added a subscription feature to its product offering in 2020, and has bolstered its staff, which is working remotely. Its headquarters are based in the South End neighborhood of Charlotte.
The investors in the seed round included e.ventures, NextView Ventures, and Primetime Partners.
According to the company, a small group of successful entrepreneurs and advisors also participated in the round, including a former vice president of Chewy.com, Jason Klinghoffer, and Nadia Boujarwah and Lydia Gilbert, the co-founders of Dia&Co.
Carewell offers products in the following categories: incontinence, medical supplies, nutrition, personal care, daily living, household, and healthcare.
According to the company, it recently topped the list for best customer service experience by Modern Retail, and was ranked #8 by Fast Company on the “Most Innovative Companies in Retail” for 2021.
With about 30 employees, according to the company’s LinkedIn profile, Carewell continues to hire, and has 10 different roles listed on its website, including roles in product, engineering, customer care, merchandising, operations, and marketing.
