Amid a slowdown in funding for startups, the senior tech company Naborforce has secured $9 million in a Series A.
The company “connects older adults to a network of trusted ‘Nabors’ for on-demand support and social engagement.” Its financing round was led by Translink Capital. Existing investors Claritas Capital, The Artemis Fund and TechStars also participated in the round.
Naborforce will use the financing to invest further in its internal technology and to hire more talent across the country, according to a press release.
“We are excited to have Translink Capital as our partner during this next phase of Naborforce’s growth,” Naborforce CEO and founder Paige Wilson said in the release. “Translink has an impressive track record in successfully growing direct-to-consumer companies into household national brands, and they share our vision for leveraging technology as a means to make a massive impact in communities and the lives of older adults.”
The company’s gameplan seems to be very similar to the existing senior companionship startup Papa, which has reached unicorn status and expanded across the country through its “Papa Pals” and partnerships with health plans.
Papa recently laid off 15% of its workforce.
“Naborforce is powered by Nabors helping neighbors,” Wilson said. “Throughout history, as people have sought support as they aged, they have turned to family and their community. But today’s families are more dispersed and sandwiched between raising children and caring for aging loved ones, and communities are not as close-knit as they once were.”
The company will leverage a “carefully vetted network of local Nabors” to support seniors aging in place.
“Translink Capital firmly believes in the power of connection to address some of the world’s most pressing challenges,” Eric Hsia, Managing Director of Translink Capital, said in the press release. “We’re energized by the proven model for community engagement and family support that Naborforce provides through both its technology platform and its network of purpose-driven Nabors. Naborforce is the future of aging at home.”