NEWTON, Mass., Aug. 19, 2021 /PRNewswire/ -- Meetcaregivers Inc, a Boston-based marketplace for seniors, which intelligently connects and matches seniors with caregivers, today announced an investment totaling over $1 million from a handful of investors including MassMutual through the MM Catalyst Fund, 37Angels, Golden Seeds, and TiE-Boston Angels, Kachuwa Impact, along with other angel investors. Meetcaregivers will use this investment to improve technology and its care-portal, scale operations in New England, and penetrate new markets.
With a network of 10,000+ HHA's, CNA's, and LPN's, Meetcaregivers facilitates the process of picking a caregiver by matching seniors with their ideal caregiver based on care needs, interest, personality, schedule, and other essential criteria. The innovative and careful approach to selection lowers the caregiver turnover rate to less than 30%, compared to the industry average of 82%. The process results in increased satisfaction for patients and reduced costs for families, providers, and the health system.
Meetcaregivers also made known significant additions to its Board of Directors including Travis McCready, who currently serves on MM Catalyst Fund's investment committee. Founder and managing director of Expert DOJO, Brian Mac Mahon, also joined the Board alongside Richard Juknavorian, a long-time experienced Board member to Meetcaregivers.
In addition, the leadership team is supported by a Board of Advisors including Zenobia Moochhala, CEO of Sittercity & former co-founder at Care.com, and health-tech angel investor, Aparna Saha.
Meetcaregivers has continued to grow rapidly during the COVID-19 pandemic by supporting the local community in a variety of ways. With many nursing homes and assisted living residences falling short on staff, Meetcaregivers opened its platform to those facilities in need to help them solve their medical personnel shortage problems. In addition, with a partnership with CIC-Health, Meetcaregivers assisted with COVID-19 testing across 100+ public schools, facilitating the safe return to the classroom for tens of thousands of students.
The company is currently expanding its network of caregivers in MA, CT, RI, NY, and NH. Seniors and their families, along with providers, can access Meetcaregivers' care products and license their matching technology tools nationwide.
"...more than ever Meetcaregivers is committed to building an innovative marketplace for senior care to enable millions of seniors to access the resources they need to age happy and healthy at home". - Florence Furaha, Founder & CEO.
As of 2020, 93 Black women reported that they secured $1 million in investor backing for their businesses, according to ProjectDiane, a biennial report on the state of Black and Latinx women founders by the organization Digitalundivided. Additionally, only 57% of the companies in the ProjectDiane database report having raised capital. The rest are self-funded or operating based on revenue. This fundraising round marks a large cultural milestone for Florence Furaha and Ritah Nakandi as black women raising over $1 million in venture capital.
Established by MassMutual earlier this year, the MM Catalyst Fund is excited to add Meetcaregivers to its portfolio. The company is led by 2 diverse co-founders, CEO Florence Furaha, and Ritah Nakandi who are working to create positive economic and social impact by increasing the quality of care and environment for both seniors and care providers and is an attractive investment, with significant multi-year revenue traction, in a growing market.
Media contact: Ivan Laryionenka