Dealflow | May 15, 2023

Wellthy secures $25.5 million to provide caregiving support as an employee benefit

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 15 — Roughly 90 million Americans provide some kind of care for an elderly, disabled, sick or mentally-ill family member, says New York-based Wellthey. The healthtech venture offers a digital caregiving concierge service as an employee benefit to Fortune 500 companies including Hilton, Cisco, Meta and Best Buy.

Wellthy hires care advisors and coordinators, most of whom are licensed social workers, to help caregivers find health providers, schedule doctor appointments and contest insurance bills.

“Anyone who has been a caregiver for a loved one will likely tell you it’s one of the toughest jobs they’ve ever had,” said Ryan Alam of Citi Impact Fund, which invested in the financing round alongside ReThink Impact, Paul Allen’s Cercano Management and other investors. “People are dropping out of the workforce at alarming rates because they struggle with the challenges of caregiving at home.”

Lived experience

The investment will fuel Wellthy’s expansion into end-of-life planning, including through the acquisition of public benefit corp. Lantern, and support for teenagers and their families. Before founding Wellthy in 2015, Lindsay Jurist-Rosner spent 28 years as the primary caregiver for her mother, who suffered from multiple sclerosis, while managing a full-time job at Microsoft.

“Care is so massively expensive and opaque — and access is an issue,” she said. Wellthy’s goal is to make caregivers’ lives “better and easier, but also to save money.”