Mon. Aug 8th, 2022

Senior assistance startup DUOS raises $15M

Senior-assistance startup DUOS scooped up $15 million in a Series A financing round led by Imaginary Ventures, with participation from Forerunner Ventures, Declaration Partners and Optum Ventures.

The round comes less than a year after the company emerged from stealth with $6 million in seed funding.

WHAT IT DOES

DUOS pairs older adults with a manager, called a Duo, who can set up rides, arrange for food deliveries, help with home repair or find appropriate housing, and manage medical care. The Duo calls weekly to check in, but clients can call back during the week if they have specific needs.

The startup has partnered with health plans like Magellan Healthcare and Geisinger Health Plan to offer its services, and plans to announce more payer collaborations this year. It also offers its care management as a direct-to-consumer offering.

With the influx of funding, DUOS plans to invest in its technology platform and hire new workers, including in engineering, product management, operations and marketing. 

“Imaginary is incredibly excited to partner with the DUOS team to empower aging adults,” Kelly Dill, partner at Imaginary Ventures, said in a statement.

“We have always been hyper-focused on solving consumer problems, and DUOS is working to solve one of the biggest of our generation. The DUOS team brings deep healthcare expertise with a hyper focus on the end consumer they are serving. We think this consumer-fueled approach creates an exceptional experience tailored to the needs of aging adults.”

MARKET SNAPSHOT

The U.S. population is aging, but most older adults say they’d prefer to stay in their homes as they get older. According to a 2021 AARP survey, 34% of adults said they need to make modifications to their homes so they or a loved one could stay there safely. These include accessibility changes, emergency response systems or smart devices.

Another company in the senior-assistance space, Papa, pairs older adults or others in vulnerable communities with assistants who can help with meal prep, light housework, transportation and companionship. The company scored $150 million in Series D funding in November, bumping its valuation to $1.4 billion. 

Honor Technology, which offers a platform to help users find and schedule caregivers, last year raised $70 million in Series E funding and $300 million in debt financing

SOURCE https://www.mobihealthnews.com/news/senior-assistance-startup-duos-raises-15m

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