Key Takeaways
- • Papa, a Miami-based elder-care startup, raised $60 million in Series C funding led by Tiger Global Management, bringing total capital raised to $91 million since its 2017 founding.
- • The company achieved 600% year-over-year growth as of early 2021 and plans to deploy capital to expand operations across all 50 states and scale its Papa Pals companionship platform.
- • Papa has secured distribution through 80 health insurance plans nationwide—including Humana, Aetna, AvMed, and Florida Blue Medicare—positioning itself across Medicare Advantage, Managed Medicaid, and employer benefit channels.
- • Tiger Global, a $65 billion global venture and private equity fund, led the round alongside earlier backer Comcast Ventures (which led a $18 million Series B six months prior), signaling institutional confidence in the elder-tech sector.
- • The company has scaled its headcount to 220 employees (a gain of approximately 100 in six months) and is establishing headquarters in Brickell, Miami during April 2021.
Summary
Papa, a Miami-based elder-care technology company founded in 2017, has closed a $60 million Series C funding round led by Tiger Global Management. The financing brings Papa's total capital raised to $91 million and reflects significant momentum in the companionship-as-a-service segment, which connects older adults with trained "Papa Pals" for companionship and assistance with everyday tasks.
The company has demonstrated exceptional growth trajectory entering 2021, with CEO Andrew Parker citing 600% year-over-year expansion. Papa has rapidly scaled its insurance partnerships, now available through 80 health plans across Medicare Advantage, Managed Medicaid, and employer benefit structures. Named insurance partners include Humana, Aetna, AvMed, and Florida Blue Medicare. This multi-channel distribution strategy positions Papa to monetize elder-care services across diverse payer segments rather than relying on a single revenue stream.
Tiger Global's participation underscores institutional appetite for elder-tech solutions. The New York-based fund, which has evolved from a hedge fund founded in 2003 into a $65 billion global venture and private equity platform, joins Comcast Ventures as a lead investor. Comcast Ventures led Papa's Series B round of $18 million approximately six months prior to this announcement, indicating sustained institutional confidence in the company's market positioning.
Papa intends to deploy the $60 million capital infusion to fund nationwide expansion across all 50 states. The company has hired aggressively, growing from approximately 120 employees to 220 in a six-month period, and is relocating to a new headquarters in Miami's Brickell district during April 2021. Management has signaled ambitions to replicate 2021's 600% growth rate in subsequent years as the company scales its insurance partnerships and geographic footprint.
The company has demonstrated exceptional growth trajectory entering 2021, with CEO Andrew Parker citing 600% year-over-year expansion. Papa has rapidly scaled its insurance partnerships, now available through 80 health plans across Medicare Advantage, Managed Medicaid, and employer benefit structures. Named insurance partners include Humana, Aetna, AvMed, and Florida Blue Medicare. This multi-channel distribution strategy positions Papa to monetize elder-care services across diverse payer segments rather than relying on a single revenue stream.
Tiger Global's participation underscores institutional appetite for elder-tech solutions. The New York-based fund, which has evolved from a hedge fund founded in 2003 into a $65 billion global venture and private equity platform, joins Comcast Ventures as a lead investor. Comcast Ventures led Papa's Series B round of $18 million approximately six months prior to this announcement, indicating sustained institutional confidence in the company's market positioning.
Papa intends to deploy the $60 million capital infusion to fund nationwide expansion across all 50 states. The company has hired aggressively, growing from approximately 120 employees to 220 in a six-month period, and is relocating to a new headquarters in Miami's Brickell district during April 2021. Management has signaled ambitions to replicate 2021's 600% growth rate in subsequent years as the company scales its insurance partnerships and geographic footprint.
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