Exclusive: Savoy Life hauls in $3M pre-seed
Savoy Life, a virtual care platform for long-term care facilities, is emerging from stealth mode with a $3 million pre-seed from Red Cell Partners, founder Peter Emigh tells Aaron exclusively.
Why it matters: Savoy focuses on serving rural markets, which have a dearth of long-term and post-acute care resources.
What's happening: Savoy will use the funding to roll out its initial products, spanning three service lines, Emigh says.
- Savoy On Demand offers move-in support for residents of LTC facilities and their caregivers, including nursing assessments, advanced care planning, medication reconciliation, and compliance support.
- Savoy Clarity uses remote health monitoring devices to detect rising risks among residents, while Savoy Care is a concierge service that pairs LTC centers with nurse care managers.
What's next: Savoy will launch a pilot in 12 LTC communities in California and Washington in Q3 of this year.
- Emigh says the company will be generating revenue later this year, declining to disclose additional details.
- "We will be cash-flow positive pretty quickly with the model we are building, as we are driving profitability and real customer traction," he adds.
- Savoy plans to raise more funding again next year, he notes.
What they're saying: "We want to fix the giant disconnect for seniors in the home and in the health care system," says Emigh.
- "Our country is short 3.2 million health care workers, with clinical staff on short supply, so we want to bring a better solution to empower the caregiving operations to meet the need of the moment," he continues.
- We got the team together and now we want to fund investments to make the model more scalable," he says.
State of play: With the impending silver tsunami, investors continue to pour dollars into caregiving, long-term and acute care solutions.
- Blooming Health, a tech platform connecting community-based aging care providers with older patients and their caregivers, raised $4.2 million in seed funding.
- Family First, a Boston-based employee benefits company that helps families with caregiving needs, raised $11 million in Series A funding.
- Private equity backed WellSky, acquired Experience Care in a bid to solidify its post-acute foothold.