Papa’s senior peer platform raises $ 150 million with a valuation of $ 1.4 million


What you should know:

– Support platform and senior companion dad, father, announced today a $ 150 million D-Series funding to expand the scope and scale of Papa’s innovative solution. With a valuation of $ 1.4 million, this round of funding, led by SoftBank Vision Fund 2 and with the participation of TCG, Tiger Global Management, Canaan, Initialized capital i Set Set Sis, brings total Pope funding to $ 240 million.

– Since its founding in 2017, Papa and his Papa Pals have served members in all 50 states, through Medicare Advantage, Medicaid and employer health plans. The father helps to address social determinants of health, including loneliness and isolation, for older Americans and other people who benefit from company and daily care. Papa connects seniors with “Papa Pals” who offer social support at home with activities such as driving to a doctor’s appointment, preparing a meal, or spending time with them. Those who enroll in Pope are less likely to need costly medical intervention and more able to live an independent and healthy life.

– Increasingly, the health sector, including insurers such as Cigna, Humana, Anthem and others, is recognizing the value of non-traditional but clearly impactful approaches, such as the Pope: those that enhance the experience of members, improve the results of health and reduce and ultimately eliminate the determinants that disproportionately affect marginalized groups. For example, on average, Pals reduces limb loneliness by 67 percent; It has been shown that single people use the hospital 60 percent more than others who do not identify as single.

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