SAN FRANCISCO--(BUSINESS WIRE)--Grayce, a comprehensive social care platform for families, today announced that it has raised $10.4 million in Series A funding. The round was led by Maveron with participation from BBG Ventures and Correlation Ventures, GingerBread Capital, Alumni Ventures, Visible Ventures, Gaingels, and What If Ventures. With this new capital, Grayce will scale its innovative platform to enhance its employer solution and member experience as well as enter the payer market.
With crisis level staffing shortages in childcare, eldercare, and healthcare, more employees are being thrust into new roles as caregivers while juggling work, and the healthcare system is increasingly relying on caregivers to provide and manage care. Seventy-three percent of employees currently report caregiving responsibilities, according to Harvard Business School research, leading to one of the greatest reasons talent is leaving the workforce. Despite this widespread caregiving responsibility, employers are just beginning to appreciate and understand its impact on productivity, absenteeism, leave, retention, and medical costs. Harvard’s research reveals that 52% of employers do not track data on employees' caregiving roles, highlighting a lack of awareness about the significant impact of caregiving on their workforce, operations, and bottom line.
Grayce’s social care platform addresses unmet needs in medical care, supporting family caregivers in reducing stress and navigating caregiving complexities. Each member receives dedicated support from a social worker who manages their comprehensive care needs—from planning and prioritizing to identifying resources, coordinating care, and advocating on their behalf. For example, for an aging parent, Grayce could help a family to navigate eldercare needs, including evolving housing and in-home support, paying for care, treatment considerations, and social support.
The platform is personalized for each member, offering relevant educational content, connections to a peer community, access to a marketplace of resources, and productivity tools. Rooted in a social work care model, Grayce provides a fully personalized experience through its team of social workers and a high-touch digital platform. Available globally in over 250 languages, Grayce's culturally-tailored platform helps to resolve employees' most time-consuming and emotionally challenging care challenges.
With this new round of funding, Grayce will partner with payers who will extend its comprehensive support to additional populations. Grayce's model addresses members' social factors, enabling better health care outcomes and supporting the health care industry's evolving care and payment models.
Additionally, Grayce will continue investing in data-driven personalization, expanding on the breadth of its offerings for members across all geographies and spectrum of care needs. Grayce plans to strengthen its community and content offerings to allow members more opportunities to connect, share experiences and support one another, as well as gain access to educational content relevant to their care challenges to better navigate their specific situation.
“At Grayce, we're driven by a mission to address the critical workforce shortages in healthcare, childcare, and eldercare, while also meeting the growing demand for that care due to shifting demographics and rising rates of illness and disabilities,” said Julia Cohen Sebastien, Co-Founder and CEO at Grayce. “We recognize that millions of individuals are facing new care needs and responsibilities, and it's our goal to enable their success, providing assistance with navigating caregiving challenges, along with personalized practical and emotional support.”
Grayce is committed to delivering meaningful outcomes that make a real difference in people's lives—lightening the load while providing peace of mind. Grayce’s employer customers have seen turnover rates fall by 38%, with 50% of their employees having avoided taking leave, quitting, or reducing their work hours. Nearly 80% of Grayce members report feeling more valued and supported by their employer, and more than half demonstrated increased usage of other relevant employee benefits. Grayce customers have also reported a sixfold return on investment based on improved retention and productivity.
“Grayce’s blend of human touch with user-friendly technology is transforming how families handle their care responsibilities,” said Jason Stoffer, general partner at Maveron. “Grayce’s care solution creates a lasting impact as people navigate various care challenges, and we're inspired to support this next phase of their growth journey.”
Gracye’s cap table and investor base features significant representation from the communities it serves, including women, people of color, LGBTQIA individuals, veterans, and those affected by mental health and addiction.
Grayce’s founders Julia Cohen Sebastien and Kassidee Kipp first met over two decades ago through a mentoring program during a time when they were both caring for others. In 2019, the two founded Grayce, bringing together their decades of combined experience in the health, tech, and consumer sectors, and lived experiences as caregivers. Today, the company is focused on building the most trusted platform in multi-generational care.
About Grayce
Grayce empowers the family caregivers among us, bringing access to social care to people across the world through employers and health plans. Grayce combines best-in-class technology and hands-on support from Masters-level Care Partners to solve social care challenges that affect health and life outcomes. With Grayce, employees, health plan members, and their loved ones experience better overall physical and mental health, allowing them to thrive at work and at home. No matter how simple or complex the need, Grayce is here to lift the burden, offering unrivaled expertise, emotional support, and hands-on resolution of care challenges. Learn more about the transformative impact of Grayce at https://withgrayce.com/.
