Papa, the elder tech company that offers care and companionship to seniors, today announced a $60 million Series C led by Tiger Global Management, bringing its total raised to date to $91 million.
The money will be used to propel the company’s growth this year, building on 600% year-over-year growth as of the start of 2021, the company said in a statement.
Andrew Parker, the company’s founder and CEO, launched Papa as a consumer product in 2017. Seniors signed up for the service and a college student, called a Papa Pal, would show up at their door to help with anything from taking them to doctor appointments to helping around the house, providing tech support and offering companionship.
The idea was always to spend about six months collecting data and feedback and then approach insurance companies. The Miami-based company has since partnered with 80 insurance providers that offer Papa nationwide as a benefit to their members. Employers can also offer Papa as a benefit. And while individuals can still sign up for the service, it is largely available through insurance.
“We have about 1 million eligible members on the platform, and about 15% use Papa every month,” Parker told TechCrunch. The company expects there to be between 5-6 million members on the platform starting January 2022.
“We’ve been able to prove that we improve the lives and health outcomes of older adults and families,” Parker said. “Most of all they’re trying to reduce loneliness and isolation to seniors.” The pandemic has only exacerbated loneliness and so Papa started offering virtual services, too.