NEW YORK--(BUSINESS WIRE)--A Place for Mom (“APFM”), the largest marketplace for senior care services, announced today it has raised $175 million in growth equity funding to fuel the next stage of the company’s growth and transformation. The funding round was led by New York-based global venture capital and private equity firm Insight Partners, with additional participation from existing investors General Atlantic and Silver Lake.
A Place for Mom is the leading, online platform and trusted advisory service, powered by a national team of local experts, assisting families with personalized senior care guidance. With the largest national network, A Place for Mom enables families to make the best senior living decisions across assisted living, memory care, independent living, and home care.
APFM is executing an extensive multi-year plan to accelerate growth by investing to deliver a superior family experience and deepen its relationships with senior living communities.
“As the category leader, APFM fuels industry growth,” said Larry Kutscher, Chief Executive Officer of APFM. “Our business grew by 30% in 2021, and we are still in the early stages of our transformation. We are fortunate to have three world-class partners – Silver Lake, General Atlantic and Insight Partners – who share our enthusiasm and confidence in our vision, plan and ability to execute.”
The global senior living industry is projected to grow by more than 50% cumulatively over the next 5 years, driven by significant demographic trends, including the projected doubling of the percentage of Americans aged 85 or more over the next 20 years.
“APFM’s advanced technology helps caregivers make informed decisions about loved ones during tough times, matching them with senior living facilities nationwide,” said Eoin Duane, Managing Director at Insight Partners. “We are excited to partner with APFM as they leverage their differentiated platform and deep customer expertise to scale up.” Eoin will join APFM’s board.
Anton Levy, member of the APFM Board of Directors and Co-President, Managing Director and Global Head of Technology investing at General Atlantic, said, “With its impressive, insight-driven platform, APFM meets the needs of families making important decisions about senior care. The team at APFM has made significant progress in positioning the business for continued growth. Our increased investment reflects our confidence in APFM’s market position and prospects, and its ability to deliver value for all of its stakeholders.”
Adam Karol, member of the APFM Board of Directors and Managing Director at Silver Lake, said, “This investment validates the remarkable progress Larry and the APFM team have made in using technology and data to transform how caretakers and families find the right senior care for their loved ones. We are excited to have Insight join us and General Atlantic in working with Larry and his management team to accelerate the company’s strong growth trajectory as they continue to innovate and scale in building the leading marketplace for senior care services.”
About A Place for Mom
A Place for Mom is the leading, online platform connecting families searching for senior care with a team of experienced local advisors providing insight-driven, personalized solutions. As the nation’s leading senior advisory service, A Place for Mom’s mission is to enable caregivers to make the best senior living decisions. With senior living experts nationwide, A Place for Mom helps hundreds of thousands of families every year navigate the complexities of finding the right senior living solution for their loved one across home care, independent living, memory care, assisted living, and more. A Place for Mom is paid by the senior living communities and care providers in its network so its service is provided at no cost to families. For more information, please visit aplaceformom.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Silver Lake
Silver Lake is a leading global technology investment firm, with more than $90 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe, and Asia. Silver Lake’s portfolio companies collectively generate more than $227 billion of revenue annually and employ more than 567,000 people globally. For more information about Silver Lake and its portfolio, please visit Silver Lake’s website at silverlake.com.
About General Atlantic
General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $86 billion in assets under management inclusive of all products as of September 30, 2021, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: generalatlantic.com.
