CareAcademy Raises $20M in New Strategic Funding Led by Goldman Sachs Asset Management

Rhea-AI Summary

CareAcademy has secured a $20 million investment round led by Goldman Sachs Asset Management, aimed at enhancing its care enablement platform. The funding will support product development and improve data measurement capabilities. This investment aligns with Goldman Sachs’ One Million Black Women initiative, a $10 billion commitment to support Black women. CareAcademy aims to empower 1 million caregivers by 2023, having already delivered over 1.5 million training hours to nearly 300,000 learners.

Positive

• Secured a $20 million investment to enhance product development.
• Aligned with Goldman Sachs' One Million Black Women initiative.
• Aims to empower 1 million caregivers by 2023.
• Delivered over 1.5 million training hours to nearly 300,000 learners.

Negative

• None.

The investment will power CareAcademy to skill millions of caregivers and connect the delivery of high-quality home and community-based care with improved health outcomes

BOSTON--(BUSINESS WIRE)-- CareAcademy, the leading care enablement platform for home care and home health organizations, today announced a $20 million strategic investment round. The round was led by Goldman Sachs Asset Management, with participation from MassMutual through the MM Catalyst Fund, Impact America Fund, Rethink Education, Unseen Capital, First Trust Capital Partners, LLC and prior investors. The investment is part of Goldman Sachs’ One Million Black Women initiative, a $10 billion commitment to narrow opportunity gaps and impact the lives of Black women over the next decade. The new funding will be used to accelerate product development and data measurement capabilities while furthering the company's mission to unlock the unmet potential of caregiving in home and community-based services.

CareAcademy was founded to empower and upskill caregivers across the long-term care continuum to deliver advanced, high-quality care that measurably improves patient outcomes. With over 1.5 million hours of training delivered to nearly 300,000 learners, CareAcademy is leading the industry by empowering caregivers with access to high-quality education, the necessary training supports to address chronic disease, and upskilling pathways to enable millions of caregivers to achieve their education goals.

“This is a momentous time for CareAcademy. This strategic investment positions CareAcademy to meet its ambitious goal of empowering 1 million caregivers by 2023. Caregivers across the entire long-term care continuum will access CareAcademy to meet not only their state and federal required training but also the needs of the patients and loved ones they support,” said Helen Adeosun, founder and CEO, CareAcademy.

Continued Adeosun: “Having the support of Goldman Sachs enables us to further accelerate our growth, expanding our reach into enterprise and home health opportunities, and increasing our product and data measurement capabilities to equip caregivers of all types to reach their full potential. The next stage of our growth is furthering the win-win-win: providing caregivers in all settings the supports they need, enabling employers to recruit and retain a quality workforce, and enabling communities to access quality care.”

Antoine Munfa, managing director within Goldman Sachs Asset Management, said, “CareAcademy is uniquely positioned to address the unprecedented need for home health care services, in addition to the ongoing staffing crisis that is hindering the delivery of high-quality care in local communities. We believe CareAcademy has the breadth of industry experience to empower, retain and address the challenges faced by caregivers at scale and look forward to partnering with the team as it accelerates its next phase of growth.”

Supporting Quotes:

“CareAcademy was founded on the belief that education is a true health intervention and Helen has built an all-star team laser-focused on scaling up the delivery of high-quality care in home and community-based services by centering caregivers of all types. As the lead investor for their Series A round in 2020, we couldn’t be more pleased to continue to partner with CareAcademy as they grow beyond the remarkable growth they’ve already achieved. We know they’ll help solve one of the most pressing issues in healthcare, and will create better health outcomes by connecting better training to better care and increased economic mobility for care workers.” – Kesha Cash, Founder and General Partner, Impact America Fund

“By providing accessible job training and upskilling pathways within the long-term care continuum, CareAcademy fuels job growth and opportunity in Massachusetts and beyond – empowering the essential workforce needed to care for aging individuals in their own settings. We look forward to working with Helen and the CareAcademy team as they help transform the caregiver community.” – Liz Roberts, Head of Impact Investing at MassMutual

“We have admired how the team at CareAcademy is transforming healthcare by using technology to empower care professionals with the skills and knowledge they need to deliver specialized care to every older adult. By enabling short-form, mobile-accessible training, upskilling and continuing education at the touch of a button, we believe CareAcademy is equipping direct care professionals with the competencies to provide exceptional care in home and community settings, resulting in better health outcomes.” – Jon Phillips, Managing Director, First Trust Capital Partners, LLC

About CareAcademy

CareAcademy provides high-quality, state-approved training for home care agencies, home health agencies, franchise systems, and payors that increases learner knowledge for better health outcomes. Nearly 300,000 learners have completed more than 1.5 million hours of training with CareAcademy. With easy-to-use, web-based courses and a robust administrator platform, CareAcademy offers education and compliance solutions for home care and home health organizations of all sizes, from small agencies to multi-state enterprises. To learn more, visit www.careacademy.com.

About Goldman Sachs Asset Management

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

About Goldman Sachs' One Million Black Women Initiative

Goldman Sachs' One Million Black Women initiative is a $10 billion investment strategy alongside $100 million in philanthropic support to help narrow opportunity gaps and positively impact the lives of at least one million Black women over the next decade. Launched in partnership with Black women-led organizations, this initiative from Goldman Sachs, One Million Black Women, will drive investment in housing; healthcare; access to capital; education; job creation and workforce advancement; digital connectivity; and financial health.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220608005178/en/

Media:

Heather Sliwinski

heather@changemakercomms.com

847-722-0293

Source: CareAcademy

FAQ

What was the amount of the latest investment round for CareAcademy?

CareAcademy secured a $20 million investment round.

Who led the investment round for CareAcademy?

The investment round was led by Goldman Sachs Asset Management.

What initiative is the CareAcademy investment associated with?

The investment is part of Goldman Sachs' One Million Black Women initiative.

What is CareAcademy's goal by 2023?

CareAcademy aims to empower 1 million caregivers by 2023.

How many training hours has CareAcademy delivered?

CareAcademy has delivered over 1.5 million training hours.