Toronto-based senior care platform Homecare Hub raised $2.5 million USD ($3.4 million CAD) in an all-equity seed funding round with participation from Inception Health, Ballad Ventures, Blue Lion Global, CABHI, and AARP.
The oversubscribed seed round officially closed Sept. 13 and with additional milestone-based funding the round could surpass $3 million USD, Homecare Hub CEO Vipan Nikore told BetaKit. The company declined to disclose its valuation.
Homecare Hub provides a platform built on a shared living in senior care model as an answer to the traditional retirement home. Rather than moving away from home, clients can opt to “host” a shared living residence of two to 12 people. The platform will match prospective clients based on their personality and care needs and will assign personal support workers as needed.
Additionally, the Homecare Hub platform can connect home care workers with clients for one-on-one care in a range of services from companion care to physiotherapy.
Homecare Hub was founded in 2020 by Nikore, an IBM software developer turned internal medicine physician with more than 13 years of clinical experience.
This new funding follows a 2021 pre-seed round of $925,000 USD. Homecare Hub’s current total funding to date hovers around $3.425 million USD, but could cross $4 million USD as milestone funding is reached, Nikore said.
As a result of participating in the round, Blue Lion Global and Ballad Ventures placed Matt Atkin and Tony Keck, respectively, in board observer seats. Atkin was one of the first 100 employees at Uber, expanding Uber to 25 regions, while Keck has served as the director of health and human services for the state of South Carolina.
In April, Homecare Hub announced that prominent physician leader Dr. Michael Apkon, former CEO of Hospital for Sick Children (“SickKids”) and former CEO of Tufts Medical Center, had joined its Board of Directors.
Nikore told BetaKit that along with the aforementioned firms, a number of angel investors joined in the round, including WattPad co-founder, Ivan Yeun.
Currently, Homecare Hub only operates in Toronto. Nikore said the funding will be used for expansion into the United States, with an imminent launch in the state of Wisconsin, and on further developing its technology platform.
A previous version of this story stated Homecare Hub’s pre-seed round was held in 2017, as per Crunchbase. CEO Vipan Nikore clarified the round was actually held in 2021.
Image courtesy of Georg Arthur Pflueger on Unslpash