Why We Invested in Betterleave
We are thrilled to announce that Betterleave has raised $2.4MM in funding in a round led by Chingona Ventures. Betterleave is a bereavement care management platform that provides personalized, clinically coordinated care to individuals preparing for and navigating loss. Betterleave pairs human guidance with software to engage members, connect them to the right resources, and provide ongoing support through targeted, evidence-based interventions from individual grief counseling to group support.
Launched in 2022, Betterleave is led by CEO and founder, Cara McCarty Abbott. Cara is a long-time human resources leader and second-time founder with a deep passion for the problem she has set out to solve. She found herself navigating a personal crisis when her mother was diagnosed with terminal cancer in 2016. It was through this difficult experience that she saw the need to create a compassionate leave program that truly supports employees.
Betterleave acutely understands the increased demand for corporate wellness programs, catalyzed by the COVID-19 pandemic. According to research, for each death caused by the virus, there were at least nine newly bereaved. In addition, over 50% of survivors of the global pandemic experienced clinical, physical, or psychological symptoms of stress and grief, directly impacting healthcare costs and up to $942 billion of productivity and business growth.
In an effort to improve the health and well-being of employees, and in turn, increase employee productivity and retention, employers have increased budgets towards wellness programs following the pandemic. The global corporate wellness market was valued at $53 billion in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 4.47% from 2023 to 2030. Even among recent economic uncertainty, 90% of employers stated in a study conducted in January 2023 that they would not reduce their investment in employee well-being programs, and 31% even plan to increase their investment. The growth of the global corporate wellness market is mirrored by the growth of the global death care services market, which was valued at $118 billion in 2022 and is projected to grow at a CAGR of 6.1% from 2023 to 2030, reaching $189 billion by 2030.
Betterleave aims to address a gap in support and resources to navigate the professional, financial, and emotional difficulties of a loss. The Company adopts a differentiated B2B approach and partners with employers, insurers, and health systems to provide care for every stage of bereavement — a connected experience that delivers grief and loss-inclusive care for every journey whether it’s pregnancy loss, relationship loss, or the passing of a family member, friend, colleague, or pet. The platform prides itself in being more comprehensive than solely grief counseling, offering advance care planning, loss navigation, therapy, coaching, groups and workshops, and legacy creation.
Betterleave aligns with Chingona Ventures’ investment thesis as an early-stage company at the intersection of Health and Wellness and Future of Work. In addition, we are excited by the strong founder-market fit and how the product supports a widely underserved market. Betterleave is currently in network with insurance providers including Humana, Aetna, Cigna, United, BCBSTX, Oscar, and Medicare, and offered in six states within the US. This round will help the Company establish partnerships with Medicare Advantage plans and expand its geographic presence to twenty states by the end of 2024. In addition, Betterleave looks to use the funding to continue to facilitate digital health assessments and measure digital check-ins for its members. Alongside our other investments in Health and Wellness — such as Teal Health, She Matters, and Meili Technologies — we are delighted to continue to support Betterleave within the Chingona Ventures portfolio.
We would like to extend a huge congratulations to Cara McCarty Abbott and the entire Betterleave team! We look forward to sitting on the Company’s board to empower Betterleave to help organizations improve access, experience, and outcomes through bereavement care for all. If you are an employer, insurer, or healthcare provider looking to partner with a grief care solution, please click here to learn more about Betterleave.
