TCARE, a company founded in Wisconsin but now based in St. Louis, said it will expand its St. Louis footprint after closing on a $3 million financing that included a local investor and prominent insurance firms.
Venture capital firm SixThirty, based in St. Louis, led TCARE’s financing. Other investors include Aflac Ventures, BlueCross BlueShield MN, Blu Ventures, Village Capital, Connetic Ventures and gener8tor, the Wisconsin-based startup accelerator and venture fund.
TCARE, or Tailored Caregiver Assessment and Referral Enterprises, started in Milwaukee and moved to Madison. It was selected for gener8tor's 12-week accelerator in 2018. The company relocated last year to St. Louis.
TCARE offers an evidence-based family caregiver support program that provides analytics for social workers, care managers and care coordinators to help family members who are taking care of relatives. The company’s platform is designed to reduce long-term caregiver burnout and limit the need to turn to alternative care options such as nursing homes.
TCARE works with managed care organizations and government agencies as well as health, life and long-term care insurance carriers. Its program has served more than 250,000 caregivers, the company said.
"This financing further validates our business strategy and momentum during what has been a very tumultuous year for the health care industry, with millions of family caregivers of all ages suffering from high levels of stress and depression. There has never been a greater need to improve caregiver lives by harnessing innovation, technology, and data analytics to improve access, guide care, and truly understand the effectiveness of family caregiver support," said Ali Ahmadi, CEO of TCARE. "From its inception, TCARE has been committed to making a positive impact on the lives of the caregivers and care recipients we serve. We are grateful for the trust placed in us by our investors as we enter our next phase of growth.”
In 2012, TCARE completed a license agreement with the University of Wisconsin-Milwaukee Research Foundation that allowed the company to commercialize a caregiver support system developed at UWM.
Ahmadi said TCARE plans to use the fresh funding to expand its product offering into new business segments. That strategy calls for doubling its St Louis team in the next 12 months, he said. The startup has 12 full-time employees in St. Louis and a total of 38 employees globally. It is currently hiring for a digital marketing manager, operations manager, software developers and inside sales representatives.
Milwaukee Business Journal reporter Nick Williams contributed to this report.
