Papa – developer of an on-demand service booking app that connects seniors with personal caregivers, doctors, transportation, and grocery shopping – raised $60 million in a Series C funding round led by Tiger Global Management.
Including the latest funding round, Papa has raised $91 million to date. “This funding will allow us to continue to enhance our platform and suite of services to empower a completely new type of care to support members’ full spectrum of unmet needs-both social and clinical,” said Andrew Parker, Founder, and CEO of Papa.
Andrew Parker added: “We have proven that pairing those in need with energetic, caring and geographically-local Papa Pals while leveraging data and technology to ensure an amazing experience improves the lives and health of our members.”
According to the company, Papa is on a mission to combat loneliness and isolation and optimize other social determinants of health. Leveraging the Papa Platform, the company has developed a curated Papa Pals network that provides companionship and assistance to its members.
Papa Pals assist members as needed, including helping them navigate their virtual visits and encouraging them to follow their care plan provided by their Papa Doc. Papa partners with Medicare Advantage, Managed Medicaid, and employers as a benefit to their members. The company has partnered with more than 40 large health plans across the United States.
“Addressing loneliness and social isolation is a critical issue for older adults and their families, especially as more seniors choose to age at home,” said Scott Shleifer, Partner, Tiger Global. “Papa has developed a highly personal companionship model to solve this unmet need, delivering exceptional satisfaction ratings and healthcare outcomes. We are excited to back the clear category leader and believe they’re just scratching the surface of the opportunity that lies ahead.”
mHealth companies witnessed a strong surge in funding amid the COVID-19 pandemic. mHealth companies raised $2.7 billion in 2020, a 19% increase year-over-year (YoY), according to Mercom Q4 and Annual 2020 Digital Health Funding and M&A Report.