Carallel uses expert guidance and digital tools to identify and empower caregivers so they can confidently manage the twists and turns of caregiving. The company partners with health plans and providers aiming to achieve better outcomes, and employers who wish to retain employees and increase productivity. In order to further its mission Carallel has now raised $8.2M in Series A funding led by FCA Venture Partners. Other participants in the round include 450 Ventures, Create Health Ventures, Gratitude Railroad, Loud Capital, and Wanxiang Healthcare Investments.
Today Carallel supports more than 400,000 Medicare Advantage and commercially insured members and their caregivers nationally. The company plans to use the new funding to expand its reach in both the Medicare Advantage and commercial markets. The funds will also support increased development of dynamic digital experiences, expansion of peer-to-peer support, and targeted care interventions.
“Carallel has demonstrated the clear value of compassionate, human-led caregiver support to health plans, members, and, above all, caregivers,” said Todd Johnson, FCA Venture Partners. “We are happy to stand behind this important work and support Carallel’s continued growth.”
The Series A fundraising round builds on Carallel’s momentum. The company is launching new programs for 2023 with a number of plans including NextBlue of North Dakota, Priority Health, and Vermont Blue Advantage, among others.
“We want to make sure family caregivers feel supported. They are essential because they play an invaluable role in providing physical and emotional help to our members,” said Scott Norman, Vice President of Medicare, Priority Health. “We are eager to offer Carallel services to our members who are serving as caregivers, as well as those who are dependent on caregivers.”
The need for this support is long overdue: The average caregiver spends 24 hours per week caring for family members or loved ones, while many provide over 40 hours of care per week without compensation or support. This translates to an estimated annual cost of $264 billion in lost income and poorer health outcomes.
“The healthcare industry relies on an uncompensated, often invisible workforce of family caregivers,” said Shara Cohen, Chief Executive Officer, Carallel. “Carallel addresses this challenge through a unique, proven care model that combines frictionless access to compassionate support and expert guidance with purpose-driven technology to improve both the well-being of caregivers and those in their care.”