Richmond-based Naborforce has faced the "Silver Tsunami" head on and is now beginning to expand throughout the state of Virginia and beyond.
According to founder Paige Wilson, since the company first launched they have found their niche in the time gap between when seniors are fully independent and when they start needing an aide or nurse. That's where Naborforce comes in.
The "Silver Tsunami" refers to the demographic shift occurring the United States - 10,000 baby boomers turn 65 every day and will be for the next 30 years. This has created a unique demand for different aspects of the care-giving industry.
Since launching in 2018, Naborforce has seen an average growth of 40% month over month. This past October was their largest month of growth yet, achieving 50% month over month growth.
The company has built rapport with the community with what Wilson calls an Uber-like platform that connects "Nabors," community members, to seniors who are searching for extra help around the house or even just companionship. She says the next step is growth beyond the Richmond market.
Wilson also said that the number of Nabors signing up to visit senior citizens for housework, company or any other needs has outpaced client growth 3 to 1. With an average age of 54, most Nabors are college-educated empty nesters or retirees seeking a bit of extra cash and a way to find purpose through their free time.
In September, Naborforce launched their services in Charlottesville, which has seen even quicker market growth than Richmond. Next up is expansion to Raleigh in February and up to five new cities added by the end of the year, including expanding east within Virginia.
As the team seeks to expand, they are also seeking a solution to acquiring new clients. They have found that most of the people signing up for the platform are the adult children seeking help with the care-giving of their aging parents. A big push in the coming year will be to market to corporations where employees' work and productivity are usually affected by the stress and time that comes with caring for an aging parent.
Last spring, the team developed their proprietary tech platform that allows Nabors to manage their clients, earnings and schedule and allows clients to manage their visits, favorite their Nabors and leave feedback. This new platform, the key to expansion, was launched at the end of 2019 and is held up by the scheduling algorithm they created to replace hand-curated scheduling and adapt for changing Nabor availability and preference.
While the initial launch of Naborforce was bootstrapped, the company has since closed on a seed round in November 2019. The round includes a group of investors that included friends and family, angel investors and two private equity firms.
"2020 will be our first year of real expansion. We believe that we've built a great system but now it's time to test it," Wilson said. "We will be moving consciously. We've built such good will and delivery statistics, but capital will continue to be an issue and we're focused on that as well."
