Naborforce Secures $2.5M in Oversubscribed and Upsized Equity Raise to Continue Expansion of its Elder Tech Platform
RICHMOND, Va., Aug. 31, 2021 /PRNewswire/ -- Naborforce, a fast-growing tech-enabled company designed to connect aging adults to a network of trusted care providers, today announced the close of its oversubscribed and upsized Series Seed funding round of $2.5M. The Artemis Fund, a Houston, TX-based venture capital fund investing in the best early-stage, female founders across the U.S., joined the round led by Claritas Capital. The additional capital will further expand Naborforce's elder tech solution, including geographic reach and operations, designed to combat isolation and other social determinants that impact the health of the senior population.
"We are honored to add Artemis Fund to our seed funding round and are energized by the level of interest and enthusiasm for Naborforce's proven ability to make meaningful connections possible for older adults seeking companionship and on-demand care," said Paige Wilson, CEO and founder of Naborforce. "The Artemis Fund has a history of investing in female founders who solve big problems for real people and who drive returns for their investors. We feel that our ability to leverage new technology to make independent living possible for older adults is the perfect fit for their portfolio of innovation addressing massive markets and consumer demand. Together, we will open up new opportunities for aging-in-place while tackling social isolation at scale."
Driving the demand for Naborforce's solution is an increased need for support as the U.S. population ages and over 11,000 baby boomers turn 65 every day. As a result, for the first time in U.S. history older adults will soon outnumber children. The COVID-19 pandemic has increased challenges for older adults by escalating isolation and the need for support during a period of time when older adults are expressing a desire to age gracefully and safely in place. Compounding the issue further, the United States is facing a caregiver crisis due to a shortage across the care continuum, beginning with a dramatic decrease in family caregivers.
Since the COVID-19 pandemic began, Naborforce has leveraged its elder tech platform to support older adults and their families. The increased demand for Naborforce's network has increased its revenue by over 1,000 percent. In addition, Wilson won AARP's third annual Consumer Technology Association Foundation Pitch Competition, earned a spot in the highly competitive TechStars program, and was invited to present to the Senate Committee on Aging.
Naborforce, which currently serves Richmond, Charlottesville, Raleigh, Wake County, Chapel Hill, and Durham, will leverage the funding and increased demand to further expand to 10 additional markets over the next year. As Naborforce enters new communities, it will introduce the first and only platform capable of dispatching a carefully vetted network of "Nabors" who will provide pre-care services before more intensive care is needed to directly impact long-term health outcomes.
"The Artemis Fund invests in the best early-stage, female founders across the U.S. modernizing wealth. We are thrilled to partner with Naborforce to provide access to the care needed to facilitate aging in place and to alleviate significant social isolation and care challenges facing families," said Stephanie Campbell, co-founder of The Artemis Fund.
Naborforce will announce new locations beginning in September as it works to make vital connections easy and accessible for older adults and their children seeking companionship and on-demand care. Visit naborforce.com to connect to Naborforce's network of "Nabors" for social engagement and on-demand support for errands, transportation, and help around the home.
SOURCE Naborforce
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