Total amount raised
$241.2 Million
Latest funding date
11/01/2021
Location
Papa has successfully raised funding over seven rounds, with the latest being a Series D round led by SoftBank Vision Fund. The platform connects health plans and employers with members and their families to provide essential companion care and assistance with everyday tasks.
With 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 backing this innovative platform.
What Is Papa?
Papa, based in Miami, Florida, is a platform that connects college students with senior citizens to provide companionship and assistance. The company operates in various sectors, including elder care, health care, and social assistance.
Founded to address the needs of older adults and their families, Papa has grown significantly, employing between 501 and 1000 people. The company aims to promote independence, reduce inequities, and improve health outcomes through its services.
How Much Funding Has Papa Raised?
- Series D
- Amount Raised: USD 150,000,000
- Date: November 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: USD 1.4 billion
- Motivation Behind the Round: To continue expanding its platform that connects older adults with companions and assistance providers.
- Series C
- Amount Raised: USD 60,000,000
- Date: April 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance service offerings.
- Series B
- Amount Raised: USD 18,000,000
- Date: September 2020
- Lead Investors: Comcast Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve technology infrastructure.
- Series A
- Amount Raised: USD 10,000,000
- Date: October 2019
- Lead Investors: Canaan Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and develop new features.
- Seed
- Amount Raised: USD 2,400,000
- Date: October 2018
- Lead Investors: Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the platform and build initial user base.
- Seed
- Amount Raised: USD 805,000
- Date: April 2018
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and conduct market research.
Total Amount Raised: USD 241,205,000. Current Valuation: USD 1.4 billion.
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund established by SoftBank Group. It focuses on investing in technology-driven companies that are poised for significant growth.
- Investment Focus Areas: Technology, eldercare, HR tech
- Notable Investments: Papa, Fountain
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that deploys capital globally in both public and private markets. It is known for its aggressive investment strategy in technology and software companies.
- Investment Focus Areas: Technology, software, internet sectors
- Notable Investments: Papa
- Comcast Ventures
- Details: Comcast Ventures is the venture capital affiliate of Comcast Corporation. It invests in innovative companies across various stages and sectors.
- Investment Focus Areas: Media, technology, consumer products
- Notable Investments: Not publicly disclosed
- Canaan Partners
- Details: Canaan Partners is a venture capital firm that invests in early-stage technology and healthcare companies. It has a long history of successful investments and exits.
- Investment Focus Areas: Technology, healthcare, early-stage companies
- Notable Investments: Papa
- Initialized Capital
- Details: Initialized Capital is an early-stage venture capital firm that focuses on investing in technology companies. It was founded by early employees of Reddit and has a strong track record in the tech industry.
- Investment Focus Areas: Technology, early-stage companies
- Notable Investments: Papa
What's Next for Papa?
Papa stands at the cusp of significant growth opportunities, driven by the increasing demand for eldercare services. With a recent $150 million Series D funding round, the company is well-positioned to expand its platform, connecting older adults with companions and assistance providers. This substantial investment, valuing Papa at $1.4 billion, underscores the vast market potential in the eldercare sector.
Future fundraising opportunities appear promising as investor confidence remains high. The growing market for eldercare services suggests that Papa could attract additional funding to scale its operations and enhance its service offerings. However, the company may face challenges in maintaining service quality while scaling and navigating competition from other startups and established companies in the sector.
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