Lifespark, a St. Louis Park-based senior care company, has raised a $20 million Series B round of funding, according to an announcement Wednesday.
The investment was led by California-based Virgo Investment Group and Minneapolis-based UCare, the largest Medicare Advantage provider in Minnesota.
In a separate announcement Tuesday, Lifespark said the strategic investment from UCare strengthens the development of its technology and health operating system.
"The proprietary technology we are building isn't for tech's sake but to create on-demand access and deep holistic understanding of our clients," CEO Joel Theisen said in the funding announcement. "This powerful insight combining both prescriptive and predictive analytics guides our service delivery from the current low-value, acute, reactive care mindset to one that empowers people to take control of their health."
Last year, LifeSpark, formerly known as Lifesprk, had the 17th-largest venture capital raise for a Twin Cities company, with a $16.1 million Series A round. That capital was used to invest in an electronic records system, boost hiring, and expand its offerings to include Lifessprk GO!, a transportation service for seniors.
In May, LifeSpark acquired Bloomington-based senior living operator Tealwood Senior Living. That deal added 2,500 employees and 2,000 more clients.
