ClearCare Raises $11 Million Series B Investment Led by Bessemer Venture Partners
Committed to Improving Healthcare and Aging, ClearCare Will Use Funding to Expand Innovation Efforts and Grow the Home Care Industry
SAN FRANCISCO, June 18, 2014-- ClearCare, the leading software platform for home care agencies, today announced an $11 million investment led by venture capital firm Bessemer Venture Partners (BVP). Cambia Health Solutions also participated in the round, and was joined by existing investors Voyager Capital, Qualcomm Ventures, Harbor Pacific Capital, and City National Bank. The investment will accelerate ClearCare's product development efforts, so that the company can continue to build the most cutting-edge technology platform for home care agencies serving seniors.
ClearCare's mission is to empower home care agencies to operate as efficiently as possible and grow, and to improve healthcare and aging. The company is the dominant software provider in the industry, serving over 1,300 agencies, including three of the top five national franchises. Working with leading independent and national home care agencies, ClearCare seeks to use its innovative web and mobile platform to help grow the overall home care industry and improve the lives of seniors worldwide.
"Home care is the lowest-cost institutional provider of care serving the highest-cost patient population. We believe that the home care industry has a tremendous role in solving the healthcare challenges of our time," said Geoff Nudd, CEO of ClearCare. "As the leading web-based technology platform for home care agencies, ClearCare's new partnerships with Bessemer and Cambia will help us support the home care industry in meeting this opportunity."
"ClearCare is a vertical SaaS category leader with impressive traction right out of the gate. The company appealed to Bessemer's strong cloud investment practice and our deep healthcare expertise," said Byron Deeter, partner at BVP. "We are excited to partner with Geoff Nudd and his talented team in their quest to 'do well' by doing good." ClearCare is the tenth investment BVP has made in vertical SaaS, joining category leaders such as Shopify, MindBody and DocuTap.
"As a healthcare investor, I believe ClearCare is an exciting company because it sits at the intersection of two major industry trends: 1) aging in place, and 2) the transformational power of technology in the delivery of care," said Steve Kraus, a partner at BVP focused on healthcare. "Every five seconds, someone in our country turns 65 years old. We at BVP believe that ClearCare's web and mobile platform will be instrumental in providing the high quality care that this burgeoning population will demand."
ClearCare is a San Francisco-based software company that offers the world's first front- and back-office solution for private duty home care agencies. ClearCare's web and mobile platform for scheduling, integrated telephony, two-way caregiver messaging, and marketing makes the business of home care administration intuitive, efficient, and paper-free. With a number of home care systems on the market, over a thousand local and national home care companies have chosen ClearCare's best-of-breed system for its innovation, ease of use, and point-of-care transparency. As customers attest, the results include more efficient operations, lower administrative costs, growth in new clients and referrals, increased profits, lower turnover, and higher quality care. For more information, please go to clearcareonline.com.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. BVP is a global firm with offices in Menlo Park, Cambridge, New York, Mumbai, Bangalore, Herzliya and Sao Paolo. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like LinkedIn, Yelp, Skype, CornerstoneOnDemand, Pinterest, Box and Twilio. Over 100 BVP companies have gone public. Learn more at bvp.com and follow us on Twitter @BessemerVP
About Cambia Health Solutions
Cambia Health Solutions is a nonprofit total health solutions company based in the Pacific Northwest/Intermountain region, serving consumers and communities for nearly 100 years. Cambia companies provide a wide range of products and services, including health care information technology and software development, retail health care, health insurance, life insurance, pharmacy benefit management, consumer engagement and wellness. For more information, please visit cambiahealth.com.
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