RICHARDSON, Texas–(BUSINESS WIRE)–Cariloop, the leading comprehensive caregiver support platform, today announced the successful closure of its Series C funding round, raising $20 million. This significant milestone was led by ABS Capital with participation from existing investors Noro-Moseley Partners, KCRise Fund, Revolution’s Rise of the Rest Seed Fund, and Patterson Thoma Family Office.
“With nearly 75% of employees balancing work with a caregiving role, there is a significant opportunity to give critical support to one of the largest employee population groups in an organization’s workforce,” said Michael Walsh, Co-Founder and CEO of Cariloop. “The service we provide gives companies a way to support their working caregivers and drive employee wellbeing, productivity and retention. This investment will accelerate our efforts to deliver our innovative solution to more employers and ultimately position our platform as a fundamental benefit to the millions of working caregivers who need it most.”
Cariloop’s revenue growth of nearly 300% over the last three years has landed the company on the Inc. 5000 and Deloitte Technology Fast 500. The company currently serves organizations like Procter and Gamble, KPMG, CAE, American Cancer Society, Arthur J. Gallagher, ASPCA, and Insperity, achieving net revenue retention of nearly 120% as well as an NPS score above 80.
Cariloop’s Series C investment will primarily fuel the company’s expanding market reach with employers and caregivers as well as a number of key investments in its digital and concierge-level offerings. Additionally, this financing round will drive deeper levels of engagement with existing members and support the pressing needs of caregivers and their families.
“Cariloop has seen significant nationwide customer traction and growth, which speaks to the effectiveness of the solution – bringing top-notch support to workers who are trying to navigate productivity in their work and caregiving at home,” said Jennifer Krusius, Partner at ABS Capital. “It’s a winning combination, and we’re thrilled to partner with a company that is setting new standards for how caregiving support is provided and enabling more employees to succeed in the workforce.”
As part of the Series C financing, Krusius will join Cariloop’s Board of Directors and Cal Wheaton, Partner at ABS Capital, will join as a Board Observer. Steven Theesfeld, Cariloop’s Co-Founder, and Colin Patrick, Patterson Thoma Family Office’s Chief Investment Officer, will step down from the Board.
About Cariloop
Cariloop helps families manage their loved ones’ care needs by connecting them to an employer-sponsored, digitally-powered caregiver support platform. Experienced Care Coaches provide personalized guidance and professional support, while Cariloop’s digital platform offers resources for finding, booking, and paying for care, accessing information, and utilizing tools essential for caregiving. The comprehensive solution aims to reduce stress and burnout for employees, driving increased productivity and reduced absenteeism for employers. For more information, visit www.cariloop.com.
About ABS Capital
ABS Capital provides growth equity capital to B2B software and tech-enabled services businesses with strong technology and data underpinnings looking to scale with the right partners. Building growth-stage businesses has been ABS Capital’s focus for more than 30 years. Over that time, ABS Capital has invested more than $2.5 billion in approximately 130 companies across eight funds. Bringing investing, operational, infrastructure, technology, and business development skills to amplify the success of growing businesses together with data-driven business strategies, market research and analytics, ABS Capital works intensively in close partnership with talented management teams. ABS Capital: building emerging growth businesses into industry leaders. For more information, visit www.abscapital.com.
