HousingWireHousingWire
An aging-in-place technology platform recently secured a $35 million funding round, which it hopes to use to expand its existing partnership portfolio while also aiming to enter the Medicaid market.
The Helper Bees is a platform that connects older adults to a “network of non-medical products and services,” according to the company. It is designed to “make it easier for payers to offer these essential services directly into the home — addressing critical needs such as in-home caregiving, home modifications, groceries and meals, pest control, housekeeping, and transportation.”
The company secured a Series C funding round, according to an announcement this week. The round was led by Centana Growth Partners, with additional added support from a group of four existing investors — Silverton Partners, Impact Engine, Northwestern Mutual Future Ventures and Alumni Ventures.
“This funding round represents a pivotal milestone for The Helper Bees and the aging-in-place movement,” Char Hu, the company’s CEO, said in a statement. “This partnership with Centana enables us to broaden our reach and continue empowering older adults to live independently and safely at home.”
Eric Byunn, a partner at Centana Growth Partners, added that the funding round helps to illustrate the rising preference that people have for services that allow older adults to remain in their homes.
The platform “is streamlining the delivery of independent aging solutions at a time when they are in increasing demand, and the company’s continued expansion into new areas such as payments, exemplified by the launch of their flexible spending card, showcases their adaptability and commitment to addressing evolving market demands,” Byunn said.
Hu added that the funding round will allow the company to expand its partner portfolio, including entrance into new markets like Medicaid.
On the Helper Bees website, Mutual of Omaha is listed as one of the company’s partners. The Mutual of Omaha Mortgage division is currently the market leader in Home Equity Conversion Mortgage (HECM) endorsements.
