NewSpring Capital Successfully Leads Investment in Seniorlink and Surpasses $1B Invested
October 10, 2016
Radnor, PA - October 10, 2016 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Health Capital ("NewSpring"), the Firm’s dedicated healthcare fund, has made a $7.5 million investment in Seniorlink, Inc. ("Seniorlink"). Proceeds will be used for the continued development of Seniorlink’s ground-breaking coaching and collaboration platform, Vela.
Seniorlink was founded in 2000 to support family caregivers by expanding the choices available for those in need of care and support. In 2005, the Company introduced Caregiver Homes, a unique in-home care model that empowers and compensates family members as they care for loved ones with chronic conditions otherwise eligible for skilled nursing care. Seniorlink is currently in development of Vela, its next-generation technology platform that will allow caregivers to collaborate with care teams and health care professionals while navigating a broad network of resources and information.
"Seniorlink’s transformative service model and technology will link managed care providers and unpaid family caregivers to further deputize family members in the care of individuals with complex diseases,” said Brian G. Murphy, NewSpring General Partner and newly appointed Seniorlink Board member. "This model is deeply aligned with our investment thesis of using technology to provide efficient solutions that help drive down healthcare costs and offer an alternative to the traditional delivery of healthcare. We look forward to working with this experienced management team."
“We are extremely excited to partner with NewSpring Capital," said Tom Riley, Chief Executive Officer of Seniorlink. "We remain committed to the caregiver, the most important member of the care team, and look forward to furthering the innovation necessary to provide these family members with consistent support and resources."
With this investment in Seniorlink, NewSpring now boasts over $1 billion invested in over 120 portfolio companies since its inception in 1999.
About Seniorlink, Inc.
For over fifteen years, Seniorlink has pioneered solutions for caregivers across the nation, helping them provide their loved ones with the highest quality care. Seniorlink’s unique in-home care solution, Caregiver Homes, dedicates experienced care teams to work alongside caregivers and their families, offering coaching and support at every step. This model, known as Structured Family Caregiving, was the first home and community-based service in the nation to receive the National Committee for Quality Assurance’s (NCQA) highest level of Accreditation for Case Management.
To move from supporting thousands of caregivers to millions, Seniorlink has developed Vela, a caregiver-informed technology platform that brings compassion to technology and assists caregivers as they navigate the complex and sometimes overwhelming world of caregiving. Vela transforms the caregiving experience by connecting care partners directly with caregivers to provide them with the coaching and insights they need along their journey, ultimately improving outcomes and lowering costs for their most complex, vulnerable members. To learn more, go to www.seniorlink.com or follow @SeniorlinkInc on Twitter.