Caregiver support platform Homethrive has secured $20 million in its latest funding round, led by Telus Global Ventures and 7wire Ventures. 

The company also announced the appointment of Ismat Duckson to its board of directors. Duckson is the chief administrative officer at Kemper Corporation and previously held CHRO roles at Kemper, U.S. Bank, Sears Canada, Sam's Club (Walmart Enterprises) and Sprint Corporation.

WHAT IT DOES

Homethrive works with employers, health plans and individuals to offer support, resources and care navigation to individuals caring for family members or loved ones with disabilities. 

The company also offers tools and resources for employees to find high-quality childcare and end-of-life support and navigate care for individuals with dementia, Medicare, disabilities and chronic conditions. 

The funds will be used to expand its platform, AI-enabled tools and partnerships with various payer populations.

"Over the past six years, we've built a platform that addresses one of the fastest-growing challenges in healthcare," Dave Jacobs, cofounder and co-CEO of Homethrive, said in a statement.

"We're seeing tremendous momentum in the caregiving space as more HR leaders and insurance plans prioritize caregiving support for their employees and members. Our platform delivers scalable solutions to the wide range of problems caregivers face today."

MARKET SNAPSHOT

According to the U.S. Bureau of Labor Statistics, 14% of the U.S. population, or 37.1 million people, provide unpaid eldercare, with 59% being women. 

In 2022, Homethrive scored $20 million in Series B funding, which it said it would use to expand its partnerships with self-insured employers and insurance plans.

Earlier this year, insurance brokerage, HR consulting and financial services firm OneDigital partnered with Homethrive to provide the firm's employees with caregiver support through Homethrive, while maintaining productivity at work.