We achieved what we set out to do - which was to change the caregiver experience.
We launched a caregiver app direct to consumer and acquired over 1,400 users in less than a year. We acquired partners for our co-branded solution, to be distributed by financial advisors, insurance agents, lawyers, care navigators, hospices and doulas. We aggregated partners into the ecosystem, proving out that users wanted to be guided to resources in the moment and that they didn’t want to be advertised to.
In November of last year the decision was made to look for an acquiring company or partner who was better capitalized. This was partly due to major acquisitions that continue to be happening in the caregiving space. Honor buys Home Instead; Torchlight acquired by Lifespeak; Active Daily Living acquired by Family First. The writing is on the wall-the investment was going to this activity and not to early stage startups. We are seeking to turn the corner on recurring revenue by securing the necessary commercial agreements to do a capital raise that would provide the team the financial security they needed to move forward.
In February we had 4 potential offers ranging from a direct peer organization to a corporate venture fund, but had the necessary ability to meet stakeholder needs while adequately maintaining the integrity of the apps intention.
We continue to look for that partner and in the meantime the product is still live in the app store for anyone to download and get a sense of the direction we were heading.
Our goal is to find a like-valued organization who needs a consumer facing solution to put them closer to the families they wish to serve. This includes insurance carriers who address families during a health crisis (such as workers comp, short term or long term disability, life insurers, supplemental health products including cancer riders) as well as financial services organizations who help families understand how they can achieve financially their loved-one’s care objectives. We also have applicability in pharma - for any company wishing to support the caregivers of those who take their drugs - knowing that it’s the family caregiver who is the accountability partner. And of course anyone in the aged care industry - residential or aging in place space.
We spent years and nearly a million dollars building, iterating, and validating our product. Anyone who has an app in their future could get a jump start on it by partnering with us (or acquiring us).