Senior Care Provider Lifespark Seeking $50 Million In Funding

The Minnesota-based Lifespark is setting up for its planned national expansion with a hefty funding round to match.

Specifically, the senior care provider is going after $50 million in growth equity funding, according to Axios. Lifespark CEO Joel Theisen teased the plan in one of his recent conversations with Home Health Care News.

“We’re in the process of raising a significant capital round,” Theisen told HHCN in August. “We are in the process of [that], and want to make sure that we do this right.”


Lifespark is a holistic senior care provider. It provides home health, home care, hospice, primary care and senior living services to patients across Minnesota. Moving forward, it wants to do the same for seniors across the country.

It also provides much of that care through risk-based contracts. It took $62 million in upside and downside risk four years ago, and plans to get closer to $500 million in risk-based contracting in the near-term future.

Lifespark’s recent hires also reflect the direction that the company is headed. In June, it named Matt Nyquist as its chief population officer, a veteran of UnitedHealth Group’s (NYSE: UNH) Optum.


Two months later, it brought on multiple advisers: Dr. Sunil Sajan Budhrani, the former CEO and CMO of Innovation Health; Robert Kramer, the founder of Nexus Insights and co-founder of the National Investment Center for Seniors Housing & Care; Amanda Tan, a principal at Accenture; and Paul Mastrapa, who formerly helmed Help at Home, Option Care and Walgreens Boots Alliance’s (Nasdaq: WBA) infusion services division.

“Paul’s expertise in how to manage and handle the markets, and [his ability] to help us with that, that’s been really helpful on the business side,” Theisen said. “He’s very helpful in helping us think through the different pitfalls of raising capital – how much, how to deploy and kind of just getting sent the right way with capital markets.”

In late August, Theisen suggested the financing round would be completed in the next “several months.”

Lifespark’s revenue currently checks in at about $70 million to $80 million. Lincoln International is advising Lifespark on the fundraising process, according to Axios’ sources. 

The company also raised $20 million in a Series B round last October.

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