Papa, a company that provides in-home companionship services for older adults and their families, has laid off 15% of its workforce.
Its CEO, Andrew Parker, announced the news late Wednesday on LinkedIn.
“Today was a tough day for Papa. In light of the current environment and our long-term goals, I made the difficult decision to reduce our team by 15%,” Parker wrote. “To all who have brought their talents and passion to Papa, thank you so much for everything you’ve done for our mission. … The mission, more important than ever, remains the same: To create a new kind of care, built on human connection.”
The company reached unicorn status last November after announcing a $150 million Series D. The funding round brought its funding total to $240 million since it was founded in 2017. Its valuation at the time was estimated at $1.4 billion.
Papa rose quickly to prominence after its launch, and still is what many would consider a very large player in home-based care. Though not a traditional home health or home care provider, the company has carved out a significant space adjacent to those two sectors.
It contracts with Medicare Advantage (MA) plans, Medicaid and other employer health plans to enable its services. The company sends “Papa Pals” into seniors’ homes to help curb loneliness and to help with meal preparation, technology and housework, among other things.
Within only four years of launching, Papa was able to extend its reach to all 50 states.
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