Caring for Caregivers — CRV Leads $3.5 Million Seed Round To Support Givers in Putting Money Back into Families’ Pockets
By Kristin Baker Spohn and Vivian Cheng
We find ourselves in the eye of a perfect caregiving storm: the ‘silver tsunami’ of baby boomers is gaining force just as healthcare worker burnout is cresting, forcing an entire generation to fill the void and provide unpaid care to family members.
This isn’t just a healthcare problem; the caregiver shortage jeopardizes the productivity of the US economy. More than one in five adults in the U.S. is providing care for an aging or ailing family member. According to a study done by AARP, more than 50 million Americans provide unpaid care to 56 million loved ones representing $470 billion of unpaid care. That number is expected to grow to 94.5 million by 2060, but the numbers don’t tell the full story.
While caring for a loved one can be a meaningful and fulfilling experience, it can take a toll both emotionally and financially. Due to a massive external caregiver shortage and lack of affordable care, family caregivers bear an emotional, physical and financial burden. Sixty-one percent of family caregivers feel impacted at work and spend on average $7,400 in out of pocket expenses. They also lack knowledge on how to care for their impacted family members, including what products and services to use.
That is why we are so excited to announce today that CRV is leading a $3.5 million seed round for Givers. As the first ever financial platform specifically created for caregivers, family members can use their Givers Card on care related expenses to easily access funds from tax credits, state programs, health plan reimbursements and other benefits that they may be entitled to. Funding can also come from an employer benefit, directly depositing into the checking account.
Like most great business ideas, founder Max Mayblum conceived the concept for Givers and became committed to finding a solution based on his own experience of caring for aging and ill family members.
The process of researching benefits as well as the physical demands led to a desire to help not only his family, but the millions of others facing this growing challenge. Max was more familiar with the system than many others given his experience in digital health.
The benefits of using Givers are both tangible and intangible. The ability to track and receive tax credits, waivers etc., is key. There are also discounts at a curated marketplace for caregiver related products and services as well as access to emotional support from a licensed social worker. When caregivers have access to this kind of support and resources and don’t have to spend as much time worrying about their loved ones’ care, they can focus on other aspects of their own lives.
As investors, we are always looking for products and ideas that make the world a better place, but this one was particularly meaningful and personal as we, too, are part of the growing population of Americans caring for aging family members. We are also passionate about the intersection of fintech and digital health that complements our passion for investments in digital healthcare companies such as Wheel powering virtual care, Little Otter for mental health for children and families, Viz.ai for stroke care, Marley Medical, a virtual primary care clinic for people with common chronic diseases among others still in stealth.
If you are building in early stage healthcare, we want to hear from you! Our team has decades of experience in working with early stage companies and our firm has a 51 year track record of helping founders and entrepreneurs in all kinds of market environments.