SAN BRUNO, Calif.--(BUSINESS WIRE)--CareLinx Inc., a company specializing in home care for the elderly and the chronically ill, announced today that it received investments from Generator Ventures and Ziegler Link·age Longevity Funds, prominent venture capital firms focused on aging and long-term care. The investments bring CareLinx’s total capital raise to $5 million, which the company plans to use to expand its staff and launch national marketing initiatives.
CareLinx was founded in 2011 by Sherwin Sheik, a former Wall Street healthcare industry analyst, after his family struggled to find quality caregivers for his sister suffering from multiple sclerosis and an uncle with ALS. The company manages a national online marketplace linking families to carefully screened caregivers who match their needs and budget requirements. CareLinx allows families to reduce their caregiving costs by up to 50 percent compared to traditional home care agencies, and for its network of caregivers, the opportunity to significantly increase their take-home pay. CareLinx caregivers have passed a comprehensive background check and are covered with $1m professional liability insurance through Lloyd’s of London. The company's customer care representatives work closely with each family and caregiver throughout the hiring process, ensuring both parties are satisfied with the working relationship. Once a caregiver is retained, administrative tasks, including invoicing, care coordination, payroll processing, and household employment taxes, are managed through CareLinx.
“We take exceptional pride that Generator Ventures and Ziegler Link·age Longevity Funds have invested in us as they have an unparalleled knowledge of the aging and long-term care space, and understand and appreciate the significant strides we’ve made,” said Sheik, CareLinx’s founder and CEO. “In addition to providing financing, CareLinx management will benefit from the significant expertise and counsel these firms can provide, as well as possible strategic partnerships with their other portfolio companies.”
Generator Ventures, a venture capital firm focused on aging and senior care, is the venture arm of Aging2.0, a global innovation platform and startup accelerator program. The firm was launched in May 2014 in partnership with Formation Capital, a $6 billion private investment firm focused on senior housing and care.
“We are delighted to be investors in CareLinx, which brings much needed transparency, efficiency and liability protection to the home care market," said Katy Fike, a Generator Ventures partner and PhD gerontologist. “The company’s platform creates a unique win-win situation where families are able to find high quality caregivers at a fraction of the cost and the individual caregivers are able to make higher wages.”
The Ziegler Link·age Longevity Fund, LP (the “Fund”) is a limited partnership formed by Ziegler, the country’s leading provider of investment banking and corporate finance services to the not-for-profit senior living market, and Link•Age, a consortium of senior living providers providing purchasing solutions, research and investments for the aging and senior care markets. The Fund invests in growth companies focused on improving the state of aging in the U.S. and across the globe. The Fund’s Limited Partners include 70 of the most innovative and progressive not-for-profit senior living providers in the country.
“Sherwin and his team have built a great product and bring an amazing awareness of the caregiver market and what it takes to provide superior service to those searching for quality in-home providers,” said John Hopper, the Fund’s chief investment officer. “We have known Sherwin for many years and we and our investors could not be more pleased to partner with him.”
About CareLinx
Founded in 2011, CareLinx is a healthcare services provider focused on improving access to affordable, quality home care for the elderly and chronically ill. Through its nationwide professional caregiver marketplace, families can easily find, hire, manage and pay caregivers who match their needs and budget -- and caregivers who have passed CareLinx's comprehensive screening process can find care assignments that meet their hourly wage and scheduling preferences. More than just an online marketplace, CareLinx has a team of customer care representatives that works closely with each family and caregiver throughout the hiring process. Once a caregiver is retained, families and caregivers can easily manage administrative tasks, including invoicing, care coordination, payroll processing, and household employment taxes, through CareLinx. Family members can see all the tasks their caregiver is doing on a daily basis via the CareLinx platform, thus giving them piece of mind that their loved one is receiving quality care, regardless if they live across the country or are working full-time. The San Bruno, CA-based company currently works with families in the top 50 metropolitan areas across the United States and can be found online at www.carelinx.com and @CareLinx.