Striving to confront the critical problem of care for ailing family members, Family First, an employee benefits firm situated in Boston, has recently amassed $11M in a Series A funding endeavor. This organization’s primary objective is to support families struggling with caregiving responsibilities, in turn lessening the hefty financial burden which, incredibly, leads to an estimated annual loss of $522 billion in income across the United States.
The funding round was chiefly managed by RPM Ventures and Eos Venture Partners, featuring additional contributions from Wormhole Capital and Stephen Fromm. The newly acquired capital is earmarked for amplification of Family First’s sales and marketing division, as well as catalyzing further product evolution, as announced by CEO Evan Falchuk to Axios.
Inherent in Family First’s groundbreaking strategy is the application of machine-learning competencies. The firm cooperates with employers and insurers to build a supporting framework for caregivers who frequently grapple with juggling professional obligations and providing care for family members. Their expert care squad, consisting of nurses, social workers, mental health specialists, and physicians, utilize a vast reservoir of clinical data and social health determinants to pinpoint care inadequacies and fashion personalized care strategies.
With the aging population growing rapidly in the United States, the demand for caregiving services is more than apparent. Informal caregiving costs currently account for over one-fourth of the total U.S. healthcare expenditure, according to predictions by the Center for Medicare and Medicaid. Family First is determined to tackle this problem directly by offering a solution that not only aids families but also aligns with the ongoing shift towards home-based medical care. This approach can significantly alleviate the strain on family members who often have to fill the role of impromptu medical providers.
Evan Falchuk established Family First following his personal encounter with the trials of providing care for his father: “It dawned on me that there wasn’t an insurance benefit that catered to this situation, and that such a provision was essential,” she clarifies. The previous president of Best Doctors, bought out by Teladoc for $440 million in 2017, currently harbors high hopes for the company and states: “While a future IPO is a possibility when the market reopens, my main focus is for us to pave the way in the caregiving market.”