Total amount raised
$241.2 Millions
Latest funding date
11/01/2021
Location
Papa has successfully raised multiple rounds of funding, with the latest being a Series D round. The platform connects college students to senior citizens, offering services such as companionship, transportation, and assistance with everyday tasks.
With backing from notable investors like Tiger Global Management and Private Ventures Group, Papa continues to expand its reach and impact. Keep reading to explore the intricacies of Papa's fundraising journey and the investors supporting this innovative platform.
What Is Papa?
Papa, founded in 2017, is based in Miami, Florida. The company was established by Alfredo Vaamonde, Andrew Parker, and Jake Rothstein.
Specializing in connecting college students with senior citizens, Papa offers services such as companionship, transportation, and assistance with everyday tasks. The platform aims to promote independence and improve the quality of life for older adults.
Currently, Papa employs between 501 and 1000 people, reflecting its significant growth and impact in the elder care industry.
How Much Funding Has Papa Raised?
- Seed Round
- Amount Raised: $805K
- Date: April 2018
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial services.
- Seed Round
- Amount Raised: $2.4M
- Date: October 2018
- Lead Investors: Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the service offerings and increase market reach.
- Series A
- Amount Raised: $10M
- Date: October 2019
- Lead Investors: Canaan Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's technology.
- Series B
- Amount Raised: $18M
- Date: September 2020
- Lead Investors: Comcast Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the platform and increase user acquisition.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
- Series C
- Amount Raised: $60M
- Date: April 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand service offerings.
- Series D
- Amount Raised: $150M
- Date: November 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $1.4 billion
- Motivation Behind the Round: To scale the platform nationally and enhance data and AI capabilities.
Total Amount Raised: $241.205M
Current Valuation: $1.4 billion
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund managed by SoftBank Group, focusing on technology-driven companies. It led Papa's $150 million Series D funding round.
- Investment Focus Areas: Technology-driven companies, societal challenges.
- Notable Investments: Uber, WeWork, DoorDash.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. It led Papa's $60 million Series C funding round.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Comcast Ventures
- Details: Comcast Ventures is the venture capital affiliate of Comcast Corporation, investing in innovative companies across various sectors. It participated in Papa's Series B funding round.
- Investment Focus Areas: Media, technology, consumer.
- Notable Investments: Nextdoor, Houzz, FanDuel.
- Canaan Partners
- Details: Canaan Partners is a venture capital firm that invests in early-stage technology and healthcare companies. It participated in Papa's Series A funding round.
- Investment Focus Areas: Technology, healthcare.
- Notable Investments: LendingClub, Match.com, Instacart.
- Initialized Capital
- Details: Initialized Capital is an early-stage venture capital firm that invests in technology startups. It participated in Papa's seed funding rounds.
- Investment Focus Areas: Technology startups.
- Notable Investments: Coinbase, Instacart, Reddit.
What's Next for Papa?
With a fresh $150 million in Series D funding, Papa is poised to expand its services and enhance its platform's data and AI capabilities. The company aims to address the growing issue of loneliness among older adults, a market that has seen over $2.5 billion in investments in recent years. This significant opportunity positions Papa to potentially attract further investment as it scales its operations and explores international expansion.
However, rapid growth comes with challenges. Papa must ensure the quality and consistency of its services while navigating regulatory requirements across different markets. The company also faces competition from other eldercare startups, making it crucial to maintain its unique value proposition. Despite these hurdles, the strong backing from major investors suggests a promising future for Papa in the eldercare industry.
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