Carefeed, a provider of cloud-based and HIPAA-compliant digital communications solutions, closed a $3 million funding round led by Reformation Partners with participation from existing investors Allos Ventures and M25.
The investment accelerates Carefeed’s expansion of its SaaS platform into skilled nursing and senior living communities, as well as other patient care settings across the United States and Canada.
Its HIPAA-compliant SaaS platform digitizes and enables simplified distribution of information and materials that senior healthcare providers and other healthcare providers share with patients, residents, families, employees, referral sources and others, Carefeed said.
Its communications technology automates paper processes such as admissions agreements and calendars, safety phone calls and care conference schedules and distributes them via text, email and voice.
Investors include Reformation Partners, an early growth public company that invests in capital-efficient corporate and breakthrough consumer companies and supports their growth through profitability, future rounds of funding and exit.
Allos Ventures invests in early stage and early stage technology companies with a focus on B2B software companies and is scaling up capital provided by startup investors. According to Allos Managing Director John McIlwraith, this is Allos’ second investment in Carefeed.
M25 is a Chicago-based early-stage venture firm investing exclusively in technology startups headquartered in the Midwest. Since launching in 2015, M25 has grown to become the most active investor in the region.
WHY THIS MATTERS
Carefeed’s platform is used by some of the largest senior citizen companies in the United States. The platform offers time- and cost-saving features to support effective communication and help communities comply with state and federal regulations governing the distribution and accessibility of information, Carefeed said.
Additionally, Carefeed’s new family portal provides a one-stop shop for family members to access information specific to their loved ones, alongside important community-wide updates.
THE BIGGER TREND
Communication with family has been especially important during the COVID-19 pandemic, when family members have not been able to visit loved ones in person.
Terry Wall, Founder and CEO of Carefeed said: “People who work in aged care and other care services are under tremendous pressure – particularly because of COVID-19 – and we are constantly developing and improving solutions to support their efforts to provide high quality care .”
Email the author: SMorse@himss.org