Carewell — an ecommerce platform for caregiving products — has closed a $24.7 million series B funding round. The funding round was led by the principals of MBF Healthcare, with participation from existing investors Sageview Capital and Headline, among others.
This latest round of funding will drive Carewell’s goal of streamlining access to home health products. As a company, Carewell aims to help family caregivers gain access to these products.
“We sell home health care products from brands that you know and trust,” Carewell CEO Bianca Padilla told Home Health Care News. “This includes incontinence, nutrition, mobility, wound care and more. The company was founded by caregivers for caregivers. Unlike any other retailer, we are incredibly engaged with our caregiving customers.”
The funds from this Series B round are earmarked for a few key areas, including Carewell’s growth strategy, the company’s e-commerce technology, and its efforts to improve overall customer experience.
Padilla noted that Carewell has raised this funding at a time when it has become increasingly more common for a senior’s loved ones to step in as an informal caregiver.
“There’s over 50 million people in the U.S. who do this,” she said. “Some are doing this alone. They’re afraid and it’s incredibly nerve-racking. It’s emotional, in nature, to care for your mom, your dad, your child. We’re able to offer that service that isn’t available anywhere else.”
While Padilla believes that growing in ecommerce can be difficult, she pointed out that the company has put together a strong team to set itself up for success.
In addition to Carewell’s funding announcement, the company also made several executive leadership appointments.
Mike Pacifico will join Carewell as chief financial officer, and Jason Klinghoffer has been named the company’s chief marketing officer. Pacifico and Klinghoffer previously held executive roles at Chewy.com.
Plus, Chewy.com alum Sam Rassner joins Carewell as chief technology officer, and Kelli Durkin joins as vice president of customer service.
“[Klinghoffer] was actually one of the first investors back in 2020, when we raised our original seed round of funding,” Padilla said. “He’s been an advisor to us ever since. As we were preparing to raise our Series B, we reconnected and I let him know we were looking for a CMO to help drive the business forward.”
After Klinghoffer, many former Chewy.com executives began to recognize the similarities between the two companies, and wanted the opportunity to help accelerate Carewell.
“We’re really leaning on their learnings, processes and experience to grow faster,” Padilla said.
Looking forward, Carewell sees the opportunity for continued growth.
“The overwhelming majority of Americans are planning to age at home, within their own communities,” Padilla said. “The demand for care is doubling. Carewell is offering that solution where you can find all the products, from childhood all the way through to end-of-life, and provide the right educational information and support.”
Companies featured in this article:
