Papa, a Miami, FL-based healthcare provider focused on older adults, just raised $18m in Series B funding. In conjunction with the announcement, Andrew Parker, Founder and CEO, answered our questions about the company, their solutions, the round of funding and future plans.
FinSMEs: Hi Andrew, can you tell us a bit more about you. What’s your background?
Parker: I have spent my career focusing on healthcare technology and service. In late 2017, I founded Papa to support my own grandfather, whom I call “Papa”. I have a passion for healthcare, technology, and people. This combination drove me to build Papa, an ongoing endeavor to support older adults and families. Prior to Papa, I ran Health System Sales and Strategy for MDLIVE, a large telehealth provider. I was one of the first 15 employees of MDLIVE which has grown to over 300 employees and 30M members. At MDLIVE I held several roles across sales and product leadership. I received my Bachelor’s in Finance from Florida State University and I’m an alumni of the prestigious incubator – YCombinator. I live in Florida where I was raised.
FinSMEs: Let’s speak about Papa. Which is the market problem do you want to solve? Which is the real opportunity?
Parker: We created Papa with the singular goal of supporting older adults and their families throughout the aging journey. Loneliness and social isolation have negative impacts on people’s lives. We pair older adults and families with Papa Pals to solve this problem and other issues associated with SDOH (Social Determinants of Health)
FinSMEs: How does it work? Which are the main features?
Parker: Papa Pals (vetted companions) provide companionship to older adults and can help with an array of everyday tasks including transportation, light household chores, navigating health benefits, doctors’ appointments, prescription refill and pick up, grocery delivery, and more. Papa is offered virtually and in person to support members’ needs.
FinSMEs: What are the features differentiating the product from competitors?
Parker: Papa develops a custom program for health plans and employers as a benefit. Papa is accessible through a variety of modalities. Papa is focused on companionship and not traditional homecare which allows us to support members with a variety of needs while reducing the negative affects of loneliness and isolation.
FinSMEs: You just raised a new huge funding round. Please, tell us something more about it…
Parker: We will use the funding to continue to grow the company, including expanding the Papa team, launching services in new states across the country, expanding its platform, and growing our dedicated efforts to combat loneliness and social isolation in older adults and families.
FinSMEs: Can you share some numbers and achievements of your business?
Parker: Since launching in Miami, FL in 2018, Papa has expanded to serve families in 17 states, with plans to be in all 50 states by January 2021. Papa has grown 20 percent month over month since inception and expects to increase 5x year over year in membership growth; which has accelerated due to COVID. Papa has grown to 85 employees and over 5,000 students on the platform working with 20+ health plans as a benefit to older adults and families.
FinSMEs: what’s your medium-term plans?
Parker: Support members across the country, expand partnerships with health plans and expand into new channels.
FinSMEs
22/09/2020