According to U.S. Census Bureau data, the nation’s population of 65 and older are rapidly increasing as the Baby Boomer generation born between 1946 and 1964 are aging. As the nation continues to grey, senior-focused companies are also riding on the silver tsunami wave.
New Focus on Seniors
While a majority of the senior care market focuses on elderly homes, there are also companies that are focusing on acknowledging the market for seniors who prefer to age at their own homes, a trend that is rising among the Baby Boomer generation.
Traditional Senior Care Housing to House Sharing Atria Senior Living headquartered in Louisville, Kentucky was established in 1996 and operates the more traditional senior care housing through monthly rental apartments for elderly residents across 26 states and 7 Canadian provinces. Seniorly is a marketplace startup founded out of San Francisco, California in 2014 that focuses on helping families find the right senior living options while partnering with different senior home businesses and agents to improve its listings. Silvernest is another marketplace company headquartered in Denver, Colorado, designed for baby boomers and empty nesters to safely and securely rent out their extra living space. The company was founded in 2015 by Chuck Mckenney and Wendi Burkhardt.
Online Marketplace Doubles Growth During Pandemic Carewell, an e-commerce startup helps families look for caregiving products, at targets the market for at-home seniors. A family startup headquartered in Charlotte, North Carolina, was started by Bianca Padilla and Jonathan Magolnick. It picked up its first round of funding of $5MM in September and is reported to have doubled its revenue during the pandemic as families shifted to at-home care, in fear of cluster outbreaks at senior homes.
The Bottom Line
Senior care startups are getting a bigger spotlight. Especially as the Baby Boomer generation is one of the fastest-growing adopters of technology, we may see a window of opportunity for companies focused on technology for seniors.
Since last week, PrivCo has added: 3738 Companies | 131 Funding Activities | 129 M&A Deals
Funding & Deal Highlights:
Astroscale, a venture specialized in satellite services and debris removal announced it closed a $51MM round of funding led by venture fund aSTART, joined by investors Hulic, I-NET, SHIMIZU Corp, and SPARX Space Frontier Fund.
Deep Desert Beverage, has announced the completion of a $1.65MM Series B funding round. The Nevada City-born brand specializes in a non-alcoholic, cannabis-infused beverage with ‘zero calories and no cannabis taste or odor’. The funding is expected to be used to finance the buildout of its facility in Nevada City for a successful product launch during the first quarter of 2021.
Huohua, a Chinese education startup raises $100MM in E2 Round led by Tencent, participated by funds under Carlyle Group and Yuandaodao, another Chinese online education company. This round follows a Series E1 round of financing totaling US$150MM just completed two months ago by the company in August.
Finexio, AP payments as a service platform, closed $23MM capital, led by a strategic investment from Medalist Partners, an alternative credit manager based in New York. Based out of San Mateo, California, the company disrupts traditional, manual-based AP processes.
The Livekindly Collective, an alternative meat producer as well as a lifestyle media platform and is led by a former Unilever executive, raised $135MM funding from Blue Horizon Corp, Trustbridge Partners, and EQT, among others.
GrowGen acquired Hydroponics Depot, Phoenix’s largest indoor and outdoor garden center. With the addition, GrowGen’s portfolio of hydroponic garden centers spans across 29 stores in 11 states. A publicly-traded company headquartered in Denver Colorado, GrowGen’s products are used indoors and outdoors by commercial and home growers.