Cariloop, a Dallas-based technology company that built a caregivers’ app, will double its staff to 60 over the next two years with $6 million in new funding from investors.
The Patterson Thoma Family Office led the investment round with participation from Revolution’s Rise of the Rest Seed Fund, ACAP Health, KCRise Fund and MPK Equity Partners.
Cariloop’s backing now totals $8.2 million, CEO and co-founder Michael Walsh said. The company expects to quadruple the number of caregivers and families who use the platform.
Cariloop grew from an idea Walsh and co-founder Steven Theesfeld, the company’s chief integrity officer, came up with in college in the late 2000s when both men took on caregiving roles for family members.
“Steve and I took our personal and professional experiences and what was going on with the economy and with health care and decided that there needed to be a better way for families to navigate this process,” Walsh said.
Founded in 2012, Cariloop took part in Dallas startup accelerator Health Wildcatters’ 2013 class. It raised $400,000 a year later from Dallas angel investors, and then another $1.8 million over 2016 and 2017.
Cariloop’s app pairs families with a health care professional, called a care coach, who is a full-time employee of Cariloop. This care coach meets with families through the app and can guide people, give advice, make appointments for them and more.
“Somewhere between 25 and 30 million folks that are working in the labor force are having to balance their full-time jobs and all their extracurriculars and all their immediate family requirements and commitments,” Walsh said. “If it’s a long-term chronic disease ... this means you’re in the position for years. This is not going to just go away.”
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Walsh said most of Cariloop’s revenue comes from working with employers on the health and wellness side. Cariloop works with around 120 employers nationally. It can also be used by individuals whose employers don’t offer it.
“It’s this endless string of decision points that you’re sort of involved in this massive web of things you have to solve for. To be able to have everything in one place, easily accessible and you can have it on demand."
There isn’t a particular demographic for users, Walsh said. They range from millennials to baby boomers. Care coaches can help people from young children to the elderly with chronic conditions.
“Our care coaches have been really great about jumping in and providing emotional support for these families,” Walsh said.
Dan Patterson of Dallas-based Patterson Thoma Family Office was the lead investor in this round, contributing about $1 million. He’s invested two other times with Cariloop.
“They kept hitting the numbers. Michael is very buttoned up,” Patterson said. “You don't really have any questions at the end of the presentation, which is very unusual for an early-stage company.”
Colin Patrick, Patterson Thoma’s chief financial officer, will join Cariloop’s board of directors. Patterson said his family office isn’t usually a lead investor, but he decided to become one after watching other investors “pull in their horns” because of the global pandemic.
“Michael in his presentations comes in fully prepared,” Patterson said. “He lays out what he’s going to do and we’ve watched him for three years. He always gets his numbers or exceeds his numbers.”
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Revolution also invested in Cariloop, but would not disclose how much. The funding was part of Revolution’s Rise of the Rest Seed Fund, which targets companies outside of Silicon Valley, New York City and Boston.
Anna Mason, an investment partner for the Rise of the Rest Seed Fund, said Cariloop stands out in benefiting companies with health care.
“Cariloop has been at it for a long time, and I think they found a product and a solution that both adds tremendous value to the customer and employee that they serve,” Mason said. “It’s also delivered in a way that provides a tangible benefit to their core customer base of employers.”
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