Richardson-based Cariloop, a comprehensive caregiver support platform, has closed its Series C funding round, raising $20 million.

The round was led by ABS Capital with participation from existing investors Noro-Moseley Partners, KCRise Fund, Revolution’s Rise of the Rest Seed Fund, and Patterson Thoma Family Office.

“With nearly 75% of employees balancing work with a caregiving role, there’s a significant opportunity to give critical support to one of the largest employee population groups in an organization’s workforce,” Michael Walsh, co-founder and CEO of Cariloop, said in a statement. “The service we provide gives companies a way to support their working caregivers and drive employee wellbeing, productivity and retention. This investment will accelerate our efforts to deliver our innovative solution to more employers and ultimately position our platform as a fundamental benefit to the millions of working caregivers who need it most.”

Cariloop said its revenue growth of nearly 300% over the last three years has landed it on the Inc. 5000 and Deloitte Technology Fast 500 lists.

The company has served organizations including Procter and Gamble, KPMG, CAE, American Cancer Society, Arthur J. Gallagher, ASPCA, and Insperity. Cariloop said it has achieved net revenue retention of nearly 120% as well as an NPS score above 80.

Series C impact—including on Cariloop’s board

The Series C investment will primarily fuel Cariloop’s expanding market reach with employers and caregivers as well as a number of key investments in its digital and concierge-level offerings, the company said. This round will also drive deeper levels of engagement with existing members and “support the pressing needs of caregivers and their families.”

“Cariloop has seen significant nationwide customer traction and growth, which speaks to the effectiveness of the solution — bringing top-notch support to workers who are trying to navigate productivity in their work and caregiving at home,” ABS Capital Partner Jennifer Krusius said in a statement. “It’s a winning combination, and we’re thrilled to partner with a company that is setting new standards for how caregiving support is provided and enabling more employees to succeed in the workforce.”

As part of the Series C financing, Krusius will join Cariloop’s board of directors and Cal Wheaton, partner at ABS Capital, will join as a board observer.

Cariloop’s founder, Steven Theesfeld, and Colin Patrick, Patterson Thoma Family Office’s chief investment officer, will step down from the board, the company said.

Cariloop’s expansion

Cariloop said it helps families manage their loved ones’ care needs by connecting them to an employer-sponsored, digitally powered caregiver support platform.

Experienced “care coaches” provide personalized guidance and professional support, while Cariloop’s digital platform offers resources for finding, booking, and paying for care, accessing information, and utilizing tools essential for caregiving, the company said.

In 2023, Cariloop expanded its support services to Canada.

“Expanding to the Canadian market is a major milestone for our company and our employer clients,” Chief Growth Officer Julie Devine said in a statement at the time. “We’re already in active conversations with many of our international clients on how we can support their U.S. and Canadian employees to reach more of the caregiver populations. This expansion is just the beginning for our global efforts, and we are honored to be meeting the needs and to have this support of some of our key clients.”

Cariloop said the expansion will allow companies located in either the U.S. or Canada to access this employer-sponsored benefit and provide employees with the full suite of Cariloop’s support services, helping families plan for and manage every aspect of their caregiving journey.

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