A Durham software firm targeting the senior care industry has raised $3 million from a homegrown investor.
Durham-based Roobrik, cofounded by Nate O’Keefe, announced a $3 million raise Wednesday. The backer is Durham-based Jurassic Capital, a startup investment firm out of serial entrepreneur Joe Colopy.
O’Keefe, who previously founded smartphone medical reference applications publisher Modality, which had a $13.8 million exit in 2010, cofounded Roobrik from his own experience navigating life with a preemie son, born at 26 weeks (now a “thriving 11-year-old”). His co-founder and aunt, Judy Conaway, had a similar experience trying to make decisions as a caretaker for her parents and in-laws, he said. He recalls “navigating the internet, trying to make these emotional decisions.”
“There’s got to be a better way to use technology,” he remembers thinking.
So they formed a company in 2013. The first tool Roobrik built was called “Is it still safe to drive,” targeted toward older adults and caregivers. Next came “Is it time to get help.”
Today, the 15-person firm, which also has teams in Greensboro and Kansas City, has seven tools, all aimed at helping older adults and their caretakers make decisions. It became profitable in August of 2020 and has “been growing off our balance sheet since.”
In teaming up with Jurassic, Roobrik has an opportunity “to accelerate our scale,” he said.
The funding will allow it to scale up its marketing team. Right now, sales is a team of one. But he envisions up to six people – and potentially more with additional software releases.
“Expanding that team and infrastructure are our top priorities,” he said.
Roobrik, which won an NC IDEA grant in 2016, last closed on capital in 2019, a $1.7 million round.
O’Keefe has known Colopy for years, as they both used to share the old South Bank building in Durham. Initially, they were connected through NC IDEA, meeting for coffee. Over the years they stayed in touch. The firm fits Jurassic’s B2B thesis, O’Keefe said.
“They’re focused on investing in fast-growing software businesses that have reached a certain level of scale,” he said.
B2B customers in the senior living sector can use the platform to reach and activate “hidden” audiences who are researching options online but not moving forward with the platform.
According to the company, more than 1,300 senior living communities are using the platform to provide assistance to consumers researching senior living.
Jurassic Capital is a Durham-based growth equity firm founded by Colopy, co-founder of Bronto Software, which sold to NetSuite (now Oracle) for $200 million after being entirely bootstrapped. Other startups in its portfolio include test automation firm Cycle Labs in Raleigh and AddShoppers, a Charlotte-based marketing automation software company. Jurassic typically targets B2B software firms with annual recurring revenue between $1 million and $5 million.