Exclusive: Blooming Health snags $4.2M for social needs of older adults
Blooming Health, a tech platform connecting community-based aging care providers with older patients and their caregivers, raised $4.2 million in seed funding, CEO Nima Roohi tells Axios exclusively.
Why it matters: The New York-based company is focused on improving older adults' social determinants of health, an increasingly important metric in health care.
Details: The round was led by Afore Capital and Crossbeam Venture Partners.
- Additional investment came from Chelsea Clinton's investment firm, Metrodora, and angel investor and DoorDash co-founder Evan Moore.
- Currently running at a monthly $20,000 to $30,000 net burn, Blooming Health foresees the funding lasting at least two years, Roohi tells Axios.
- "We plan to be at breakeven when we want to raise our next round," he adds.
How it works: With operations across Arizona, California, New York and Texas, Blooming Health helps community-based aging care providers engage with older adults and caregiver clients remotely.
- The platform facilitates wellness check-ins and helps patients with nutrition access, transportation and mobility, and emergency preparedness.
- Users communicate over text, voice calls or email and the platform is available in 30 languages.
- Partners include Catholic Charities, tens of Area Agencies for Aging, NY State Office for Aging, CVS-owned Oak Street Health, and the AARP Foundation.
What's next: Blooming Health is expanding operations to Pennsylvania, Ohio, Indiana, and Michigan and hopes to reach 1 million older adults by the end of 2024.
- "While the aging space has businesses with respectable adoption, there are key unmet ecosystem needs that we are fulfilling," he says.
- Blooming Health aims to accommodate users at varying levels of technology access and literacy, as well as users who don't speak English.
- Its integration within aging care organizations' workflows also sets the company apart, according to Roohi.
What they're saying: "The white space is social care, not medical care," Roohi says. "More than 80% of outcomes are driven by social care."
- "We were impressed to see how much impact the company had achieved with very little resources — even at the seed stage, Blooming's clients were seeing increases in engagement KPIs across the board," says Sakib Jamal, vice president at Crossbeam Venture Partners.
- "Forward-thinking aging agencies and states are already looking to incorporate vendors like Blooming Health with a prevention-led strategy," Jamal says.
💗 One fun thing: All three co-founders are immigrants and have been, or are currently, caregivers for a family member.