Chicago-based Homethrive has gained a significant amount of traction in the Midwest startup scene as of late. Homethrive’s personal assistance services and care management program empowers older adults who wish to live at home with dignity and purpose by providing families with the necessary tools to allow them to remain independent and at home.
On October 28, the company announced that it raised $18M in Series A funding led by 7wireVentures and Pitango HealthTech. According to the company’s press release, the money raised will be used to accelerate its expansion into health plans and the self-insured employer market. Moreover, the company plans to build out its technology stack and digital tools.
“We are thrilled to partner with world-class investors whose investment will allow us to greatly expand the reach of Homethrive’s program to many more health plans and employers across the U.S.,” said David Greenberg, Co-Founder & Co-CEO of Homethrive, in the company’s press release.
He added, “The eldercare crisis isn’t new but has been exacerbated by the pandemic and now employers are truly starting to understand how it’s affecting their employees. Health plans also recognize now more than ever the need for a more focused effort to address the social determinants of health, especially social isolation, that have overwhelming negative consequences, especially for their higher-risk members.”
“Everyone understands the challenge of how best to support aging parents or knows someone who is actively facing the issue. By empowering aging adults with information and services to stay at home and independent, we are not only addressing a pressing societal need, but improving the lives of Homethrive members and their families while at the same time improving health and reducing costs,” commented Glen Tullman, Managing Partner at 7wireVentures, in the company’s press release. “Homethrive has combined High Touch with High Tech in a new and different way, equipping aging adults and their family caregivers with knowledge and resources to maintain their own health. We’re seeing the future of elder care being built before our eyes.”
Each Homethrive family is assigned their own personal social worker who helps manage the physical, emotional, and logistical needs of an aging loved one at home; to Homethrive, it is more than a clinical relationship. Some of Homethrive’s services include on-boarding and evaluation, personalized advice and coaching, planning and goal setting, coordination of supportive services. Currently, Homethrive offers three service tiers: Concierge (free two weeks then $49/month), Essentials ($109/month) and Unlimited ($319/month).
Homethrive was co-founded by Dave Jacobs and David Greenberg in 2018 after they experienced first-hand just how difficult it was to care for aging parents at home.
“After screening many companies in the aging at-home sector, what compelled us to invest in Homethrive is management’s demonstrated success creating a best-in-class service and experience and outcomes for their members and their families,” says Ittai Harel, Managing Partner at Pitango HealthTech. “We are convinced that both payers and employers will find Homethrive’s high touch high tech service offering highly valuable and compelling. I also look forward to working with Homethrive’s CEO’s David Greenberg and Dave Jacobs, whom I have shown phenomenal traction and promise within a short period of time.”
Co-founder Dave Jacobs graduated with his Bachelor’s from Yale University and obtained his MBA from Northwestern University – Kellogg School of Management in 1998. Co-founder David Greenberg received his Bachelor’s from the University of Illinois and later graduated from Chicago-Kent College of Law with a J.D. Before Homethrive, Jacobs spent over 15 years with Medline Industries (President, Post-Acute Care). Similarly, Greenberg spent over 10 years at Medline Industries (President, Professional Hospital Supply).