Carefeed, a provider of cloud-based and HIPAA-compliant digital communication solutions, closed a $3 million financing round led by Reformation Partners with participation from existing investors Allos Ventures and M25.
The investment accelerates Carefeed’s expansion of its SaaS platform to skilled nursing and senior living communities, as well as other patient care settings across the United States and Canada.
Its HIPAA-secure SaaS platform digitizes and enables simplified distribution of information and materials senior healthcare providers and other care providers share with patients, residents, families, staff, referral sources and others, according to Carefeed.
Its communication technology automates paper processes such as admission agreements and calendars, phone-based safety announcements, and care conference schedules and distributes them via text, email and voice.
Investors include Reformation Partners, an early growth equity firm that invests in capital-efficient enterprise and consumer companies at their point of breakout, and supports their growth through profitability, future financing rounds and exit.
Allos Ventures invests in seed and early-stage technology companies, focusing on B2B software companies and augmenting the capital provided by startup investors. This is Allos’s second investment in Carefeed, according to John McIlwraith, managing director of Allos.
M25 is an early-stage venture firm based in Chicago that invests solely in tech startups headquartered in the Midwest. Since launching in 2015, M25 said it has become the most active investor in the region.
WHY THIS MATTERS
Carefeed’s platform is being used by some of the largest senior living companies in the United States. Its platform offers time- and cost-saving features to support effective communications while helping communities stay compliant with the state and federal regulations that govern the distribution and accessibility of information, Carefeed said.
Additionally, Carefeed’s new family portal provides a one-stop hub for family members to access information specific to their loved ones in addition to important community-wide updates.
THE LARGER TREND
Communication with family was especially important during the COVID-19 pandemic when family members could not visit with loved ones in person.
Terry Wall, founder and CEO of Carefeed said, “People working in senior care and other care provider settings have been under enormous pressure – especially because of COVID-19 – and we are constantly developing and enhancing solutions to support their efforts to deliver high-quality care.”
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