In 2013, Cariloop graduated from the Health Wildcatters Accelerator program. The Dallas-based startup was ahead of its time; it’s one of the first to market that pairs families with a healthcare professional on a HIPAA-compliant, cloud-based application. Now, Cariloop is on a track to success—it’s completed a $6 million Series A round and is ready to start growing its team.
Cariloop’s Caregiver Support Platform helps families plan for the short- and long-term care of a loved one. Using care coaching services and cloud-based tools, families are able to manage important health, financial, and legal documents, while at the same time getting on-demand access to a professional throughout the caregiving journey.
Before the startup was founded, it says caregivers were often forced to take time out of their personal schedules to research care options, coordinate with providers and insurance companies, and navigate an long chain of decision points. But, Cariloop partners with organizations across the U.S. to craft caregiver support programs for employees, educating them in the caregiving journey and providing professional guidance to reduce stress and anxiety.
Cariloop’s announcement is especially relevant during a time of social distancing.
“Managing and coordinating care for a loved one, whether locally or from a distance, has quickly become a complex undertaking, making it increasingly difficult for the country’s labor force to manage stress levels, maintain work productivity, and remain physically and emotionally healthy,” the company said.
The new round, bringing Cariloop’s total funding to $8.2 million, will allow the startup to rapidly expand the coalition of employers and partners it works with, Co-founder and CEO Michael Walsh said. It will also boost Cariloop’s strategic distribution efforts nationally.
It intends to double its internal team from 30 to 60 over the next 12-18 months and quadruple the number of caregivers and families with access to the platform.
Walsh told Dallas Innovates that within its next few hundred hires for its Care Coaching team, two out of every three people will be a Social Worker, Case Manager, Nurse, or another type of healthcare professional.
He also outlined a three-pronged approach to growth:
• Continue investing in its people and their families: Cariloop is gearing up to make group medical, dental, vision, life, and retirement benefits available to everyone for the first time. A newly created flexible and family-first “Time Away Philosophy” will support employees caring for children or other loved ones, and the startup has made a large quantity of stock options available to both current and future team members. “We’re super focused (as we have been all along) on creating a great work-from-home experience for all of our ‘Loopers’ so we can focus as much time and energy on helping people versus managing logistics,” Walsh said.
• Diversify its product roadmap and enhance reporting capabilities for customers: “There are so many challenges that caregivers and families are faced with as they care for their loved ones. We want to be able to help them with as many of those challenges as we possibly can,” Walsh said. To do so, Cariloop plans to position is platform to seamlessly be at the center of everything caregivers face. The team is doubling down on engagement efforts and improving the data it collects to be able to show users more details about what the platform and Care Coaches are doing for families globally.
• Establish unique partnerships and coalitions: Lastly, Cariloop is exploring ways to minimize friction in its customers daily lives, so they can get help as often as it’s needed. “For us to truly solidify Cariloop and the idea of Caregiver Support as a mainstream concept that every family and employer embraces (like they do for other benefits and programs), we’ll need to get creative in the ways we partner and wave the Cariloop flag out in the market,” Walsh said.
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