A $32 million round of funding that closed this month will help Richmond-based WayForth continue to grow nationwide in its mission as a “people helping people company."
“We have a desire to be in as many markets as possible to help as many families as possible,” co-founder and Chief Operating Officer Pete Shrock said.
WayForth, founded in 2016, is a full-service provider of total home transition solutions. The startup staffs a team of professionals who Shrock said help families, individuals and businesses move in a caring manner. Due to the needs of an increasing 65 and older population, the company focuses especially on assisting the seniors who are downsizing or transitioning to new living spaces later in life.
“I take pride every single day I get up, that I get to be a part of this company, and not because I’m a founder, but because of the people I work with, the quality of individuals here, who get up every single day and say, ‘I am willing to help,’” he said. “We’re in the industry of employing really great, compassionate individuals.”
WayForth currently has 450 employees from Boston to Florida and is looking to hire more to keep up with the planned expansion. The startup serves clients from across the country.
On Aug. 3, the company closed the $32 million capital round, led by HF Capital, with participation from GLP Capital Partners. According to a news release, WayForth will be able to raise up to $18 million in additional capital over the next several years.
The funding will help WayForth continue to expand its service areas. It will also allow the startup to invest in technology and critical infrastructure that will better serve clients making life transitions.
When Shrock and Shealy first realized the need for Wayforth five years ago, they envisioned building a for-profit company with the heart of a nonprofit.
Shrock said they asked their first two clients how Wayforth could help them and actively listened to the answers about what would be most meaningful.
It was from those conversations, Shrock said, that he and co-founder and Chief Executive Officer Craig Shealy, decided their guiding principles: First is to do what’s best and right for the client at all times. Second is to do what’s best for the team because they are taking care of the client. And if you do those two things, third guiding principal, which is the company, will take care of itself.”
"We look at every client as a relationship because we’re entering at significant point in their life,” he said. “Being in that moment with them, as a companion and technically getting done what needs to get done for them, eases the burden of that transition emotionally and physically.”
Throughout the pandemic, WayForth has continued to focus on its mission of doing what is best for the client by implementing health and safety protocols, Shrock said.
Shrock said, “Our goal at the end of the day is for the client to say, ‘I could never have done that without you.’