Gotcare raises $1.2M to improve home care accessibility in Canada
Toronto-based startup secures pre-seed funding to scale operations and grow base of community home care workers
TORONTO, Nov. 25, 2021 /CNW/ - Gotcare, a leading home care service platform, has raised an oversubscribed round of $1.2M to improve home care accessibility and affordability for families in need across Canada. This pre-seed funding will be used to support the scale of operations and expansion of the base of community home care networks through Gotcare. Impact investors and organizations that participated in this round include SheEO, the TELUS Pollinator Fund for Good, and Red Thread Ventures.
Accelerated by the COVID-19 crisis, families are in dire need of home care, but labour shortages make affordable home care a challenge for most Canadian families. Fortunately, Gotcare leverages technological innovations like patient matching and real-time reporting, to reduce the cost of home care delivery by almost 30 per cent and provide accessible health solutions to those in need. This means savings can be redirected to pay care workers a living wage and attract more workers into the sector.
"Theindustry average for home care work is approximately $18 - $20 per hour. This is unacceptable; taking care of our elderly and disabled citizens should not be a minimum-wage paying job," said Chenny Xia, co-founder and CEO of Gotcare. "Care work is deeply undervalued and underdeveloped from a technological lens and our team is supporting the much-needed shift from 'survive' to 'thrive' by building a home care experience that we'd seek for our own loved ones – one that is modern, personalized, and equitable."
Gotcare receives patient referrals from occupational therapists and nurse case managers, and connects patients to the most ideal care aide using their advanced software platform. Gotcare also streamlines administrative tasks for care workers and families by taking care of all paperwork and reporting.
"We need imaginative fresh thinking to transform our healthcare system and Gotcare has captivated the hearts and minds of our community with their solid technology, their caring business model, and their human-centered approach," said Vicki Saunders, founder of SheEO. "Gotcare's model is a win for patients, health care professionals, and investors alike."
As Gotcare expands from coast-to-coast, the funding secured will help Gotcare to grow operations, explore partnerships, and develop alternative funding models - including a "care-at-cost" program built for patients and families who do not have adequate access to insurance or government funded home care.
"Transforming healthcare is a key focus area for TELUS and the Pollinator Fund for Good. We welcome Gotcare into our portfolio of investments as a leader in providing Canadians with efficiently matched homecare services," said Blair Miller, Managing Partner, TELUS Pollinator Fund for Good. "Gotcare is setting the stage to improve the accessibility of healthcare in our communities and provide tangible solutions to those who need it most. This is part of our goals in improving the health and well-being of our communities."
"We are confident that this approach is what's going to 'fix' home care," said Xia. "Leveraging technology to pay care workers more while making care more accessible and affordable."
About TELUS Pollinator Fund for Good
Keynote Presentation - Open to all Badge Holders
#TECHSUPERSHOW Keynote Presentation - Open to all Badge Holders
Session Details TBA