Hometeam created an app that has become a formidable force in some circles within the in home care industry. This app was designed to help match up home care workers with elderly individuals who require some type of support or assistance at home. The app works by matching interests and expertise.
While it is based in Manhattan and has been regional in its development, it may be making a significant move toward becoming a national force within the home care industry thanks in large part to some significant investments.
Josh Bruno is the 29 year old founder and chief executive and he has mentioned that one investment in particular, $5 million by Kaiser Permanente Ventures, could be the precursor to a potential partnership in the future.
Caroline Lewis writes for Crain’s New York Business in the article, Hometeam’s latest investor could help take its home-health services on the road:
“The Manhattan company announced on Wednesday a $5 million investment from Kaiser Permanente Ventures. The California-based firm is the strategic investment arm of Kaiser Permanente, one of the country’s largest nonprofit health care systems. The cash infusion could be a precursor to a partnership, hinted Josh Bruno, Hometeam’s 29-year-old founder and chief executive.”
Hometeam closed a round of Series B funding and raised $27.5 million, putting the total raised to date at $38.5 million.
Mr. Bruno states that talks have been underway for more than a year with Kaiser and that the latest investments shows that they have strong confidence in this company that it can bridge the gap to becoming a national powerhouse within the industry.
Because Kaiser Permanente has more than 10 million health plan members, it provides a solid foundation for Hometeam to extend its reach beyond the local region it currently operates within. This potential partnership doesn’t mean that Hometeam will be able to serve the 10 million health plan members, but Mr. Bruno did suggest that this could certainly be a possibility in the future and that it may very well be in the works.
Hometeam launched in 2014 and service clients in New York City, New Jersey, and Philadelphia. It has plans to expand to up to 10 more cities this year. There was no word about whether Hometeam focuses on home care providers working for agencies or independently or if it provides any safeguards for seniors when hiring these caregivers they are matched up with through this app.
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