Richmond-based Naborforce will spend the next 13 weeks as one of 10 startups participating in an intensive Techstars accelerator.
Naborforce, founded by Paige Wilson in 2018, connects aging adults to a network of "Nabors" for social engagement and on-demand support with errands, transportation and help around the house.
Wilson said as a member of the Techstars Future of Longevity Accelerator cohort, she and her team will have access to what she described as highly competitive, intense programming and world-class mentors. The accelerator focuses on innovative caregiving solutions to help address the unmet needs of those providing and receiving elder care.
"The focus is to address issues primarily surrounding caregiving but also older adults through the next generation," she said. "Naborforce] literally checks every single box."
She added, "We’re helping seniors age in place with dignity and addressing caregiver shortfalls, as well as the issue of isolation and loneliness. People are craving purpose and connection."
This year, the accelerator, which kicked off virtually today and concludes with a demo day on Dec. 3, has partnered with Melinda Gates' investment incubation company Pivotal Ventures.
"[Pivotal Ventures] is very focused on the caregiver shortfall in this country," Wilson said. "During one of our sessions today, we were told that the eldercare business is estimated to be worth $131 billion; that's the same as global gaming, but last year global gaming raised seven times as much capital."
Wilson said participation in a Techstars accelerator will benefit the startup in a variety of ways, not the least of which are through validation and access to capital.
"As a high-growth company, those two things will always be critical for us," she said. "We've got plenty of runway right now, but having Techstars behind you really validates what you're doing. You still have to deliver as a company, but it certainly helps that validation."
Wilson said she has no intention of slowing down once Naborforce completes the accelerator. An expansion planned for earlier this year was put on hold because of Covid-19, but Wilson plans to move forward at the beginning of 2021.
"This could change, but we're looking at expanding into at least one more city in Virginia, likely Williamsburg or Norfolk, as well as the Raleigh/Durham area in North Carolina," she said. "We'll also be expanding operations and bringing our tech in-house."