Caraway Garners $16.75 Million in Series A Financing
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Caraway, a revolutionary digital healthcare startup focused on Generation Z, recently announced its successful acquisition of $16.75 million in a Series A financing round.
This round was spearheaded by Maveron and GV, with the participation of other returning investors, including 7wireVentures and Hopelab Ventures, as well as new investors like Wellington Access Ventures, Ingeborg Investments, and The Venture Collective. OMERS Ventures, an early supporter of Caraway, will continue to have a presence on the board.
The primary goal of this funding is to bolster the advancement and scaling of Caraway’s Gen Z care platform. The company aims to reshape the healthcare landscape for Gen Z, an age group grappling with a multitude of healthcare challenges, by providing an integrated solution for mental, physical, and reproductive healthcare. Their service is available around the clock and provides a comprehensive care approach that uniquely addresses the needs of this generation.
Current healthcare systems have often fallen short in meeting the diverse and growing needs of Gen Z, a group that is increasingly recognized as the largest, most diverse, and disruptive population. Notably, this demographic faces a rising mental health crisis, with 55% identifying their mental health as poor.
Furthermore, nearly half of young women report negative interactions with healthcare providers, and three-quarters of Gen Z express concern that health issues will interfere with their life experiences. These concerns underscore the urgent need for a healthcare platform like Caraway, designed to offer care and a trusted consumer experience that aligns with Gen Z’s mobile-first lifestyle.
Caraway’s innovative platform offers 24/7 care through various channels, including chat, phone, and video visits, as well as digital tools for health skills development, coaching, and care navigation. This integrated care approach recognizes the intrinsic connection between the mind and body and ensures that physical, reproductive, and mental care are addressed in a holistic manner.
The Care Team at Caraway comprises experienced clinicians from diverse specialties, such as primary care, urgent care, adolescent health, gynecology, psychiatry, and psychotherapy, working in tandem to provide comprehensive care.
Major investors in Caraway’s Series A funding round expressed their enthusiasm for the company’s mission. Maveron Partner, Anarghya Vardhana, underscored how Caraway’s platform fundamentally alters the healthcare experience for young adults in a manner that traditional models fail to do.
Cathy Friedman, GV Executive Venture Partner, echoed these sentiments, applauding the company’s comprehensive approach to healthcare for better patient outcomes.
In addition to Maveron and GV, other investors like Hopelab and 7wireVentures have expressed their continued support for Caraway’s mission. Margaret Laws, president and CEO of Hopelab, commended Caraway’s focus on often overlooked populations, including BIPOC and LGBTQ+ patients, as well as those on Medicaid.
Alyssa Jaffee, a partner at 7wireVentures, praised the company’s significant progress and its commitment to promoting the fundamental healthcare rights of women and those assigned female at birth (AFAB).
Caraway, currently providing services in ten states, plans to utilize the funding to further its expansion across the nation, aiming to make its services accessible to 44% of 18-29 year-olds enrolled in post-secondary institutions.
The company’s digital healthcare services, available through its mobile app, cater to the unique needs of individuals of all races, ethnicities, gender identities, and expressions, thus carving out a space in healthcare that is inclusive, comprehensive, and equitable.
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