Carewell Secures $24.7 Million in Series B Funding and hires former Chewy executives
Read Time 4 MinutesCarewell announced a $24.7 million Series B capital raise to further accelerate its mission of streamlining access to home health products.
Carewell is the No. 1 ecommerce destination for caregiving products. Carewell customers can shop across a wide variety of categories, including incontinence, nutrition, mobility, mom & baby and more. With a team of highly trained customer care experts, over 300+ educational articles, detailed video content, FAQs and descriptive product pages, Carewell takes the guesswork out of caregiving, setting it apart from other online retailers and drug stores.
This latest round of funding was led by the principals of MBF Healthcare, with participation from existing investors Sageview Capital and Headline among others. In addition, the company has made several senior level hires amidst plans to relocate their headquarters to Miami.
“Family caregiving is becoming an increasingly more common experience in the U.S. with spouses, children, parents, and even grandchildren having to take on a caregiving role overnight without warning,” said Bianca Padilla, CEO and Founder of Carewell.
“Understandably, these individuals can experience significant mental, physical, and emotional stress as they balance their role as caregivers with other responsibilities to work and family, and our mission at Carewell is to help educate, support and advocate for these selfless heroes.”
Co-founder and CEO Bianca helped her mom care for her grandmother they had no clue which products they needed, much less where to find them or how to use them. Online marketplaces were confusing, local shops had limited selection and no discretion, and both experiences lacked empathy. Bianca was shocked there was no What to Expect guide like there is for new parents, so she and her husband and co-founder Jonathan dedicated their lives to creating a solution for family caregivers just like you.
Founded in 2017, Carewell is a source of support for independent caregivers seeking helpful and knowledgeable customer service, educational resources, and affordable, trusted products, including incontinence supplies and nutritional supplements. The funds from the Series B round will fuel Carewell’s growth strategy, bolster the company’s e-commerce technology, and enhance overall customer experience, focusing on improved service and an expanded suite of products.
“As healthcare investors for over 40 years, we have strived to create greater value for our investors when focusing on companies that provide a point of difference to their customers and patients,” said, Mike B. Fernandez, Chairman of MBF Healthcare Plans.
“Carewell’s commitment to providing an exceptional 24/7 customer experience and tailored high-end products at competitive prices sets them apart from competitors and we are proud to support a family-run company dedicated to shaping the future of healthcare and caregiving.”
MBF Healthcare Partners II, L.P. is a leading middle-market healthcare private equity fund based in Coral Gables, Florida. Our strategy is to partner with exceptional management teams while leveraging MBF’s operating experience, domain segment knowledge, and tenured relationships to rapidly accelerate value creation. The partners of MBF have substantial operating experience in healthcare and have held senior management positions in both private and publicly traded healthcare companies. MBF principals have managed and helped build some of the nation’s most innovative and successful healthcare companies. The firm is headquartered in Coral Gables, Florida.
Additional investors in this round of funding include Primetime Partners, Nextview, Florida Opportunity Fund, and Anchor.
Alongside the capital raise, Carewell has also announced the hiring of several senior executives from Chewy.com as part of relocating its headquarters to the Miami area.
- Samantha Rassner joins as Chief Technology Officer from BEX Realty and previously led software development at Chewy.com, where she was responsible for expanding the brand’s e-commerce technology and pool of tech talent.
- Jason Klinghoffer joins as Chief Marketing Officer from Chewy, where he led the company’s growth marketing strategy and co-led three capital raises.
- Mike Pacifico joins as Chief Financial Officer from Chewy. Prior to this he was CFO at Arteza, a DTC arts and crafts brand.
- Kelli Durkin joins as Vice President of Customer Service, bringing a wealth of expertise in customer experience from previous roles at The Farmer’s Dog and Chewy.
“Mike, Jason, Sam, and Kelli all bring significant ecommerce industry experience and a strong track record of working together from their time at Chewy.com. Their addition reaffirms our commitment to providing affordable healthcare solutions for caregivers, and we are thrilled to welcome them into the Carewell family,” said Ms. Padilla.
