Welty received $25 million to help caregivers feel overwhelmed

It’s called the sandwich generation for a reason.

Millions of people in the U.S. care for their parents as they age or get sick. Constant caregiving needs can take a heavy toll when you’re working long hours and raising children at the same time.

It’s not uncommon for caregivers to feel overwhelmed as they navigate the administrative and logistical complexities of caring for a parent. all right A startup that aims to help caregivers meet all their responsibilities by serving as a “technology-enabled care concierge”. Its founder, Lindsay Jurist-Rosner, knows firsthand how challenging caregiving can be. She spent 28 years as the primary caregiver for her mother, who had multiple sclerosis. At the time, she was also working full-time as a marketing manager at Microsoft.

Lawyer-Rosner founded Weltin in 2015 (startup actually In the same year, it was started as a battleground competition in TechCrunch Riot) to help others like herself who need work and care. At first, the company offered its services to consumers, but in 2017, businesses began working with employers to cover Weltin’s employee benefits. Companies like Salesforce and Snap signed up immediately.

Welty works by hiring “skilled” individuals, many of whom are social workers, and matching them with families to assist them in making follow-up doctor appointments, providing transportation to appointments, and obtaining necessary equipment and supplies.

“The goal is to make their lives better and easier, but also to help them save money,” Jurist-Rosner said. “Care is expensive and unclear — and access is a problem.”

Employers want to help their employees with caregiving, one of the reasons people leave their jobs is because they struggle with caring for their loved ones.

“It’s not an unusual case, but it’s one that’s been discussed a lot,” Jurist-Rosner said. “Mental health and women’s health seem to be starting to get the attention they deserve, but care is still under the radar.”

Jurist-Rosner said Welty saw care becoming more challenging in 2020 as business “exploded” after the COVID-19 pandemic hit. FThe number of lives covered from 2019 to 2022 all right Benefits increased from 100,000 to 2 million. And while the company declined to disclose hard revenue figures, Jurist-Rossner said it sees 17x revenue growth from 2019 to 2022.

Today, Welty works with health plans and hundreds of companies, including 30 of the Fortune 500 employers, six of the top 10 and as businesses Best buy, Cisco and Hilton. Welty has now raised $25.5 million in funding to support its continued growth. In an effort to expand the supply, Lantern, a public interest corporation founded in 2018, provides guidance to individuals and families in navigating life before and after death.

Welty still has a personal payment business but has not promoted it. Basically, if an existing employee leaves an organization that pays for Wellty services, they can still get help.

In total, Welty has raised more than $77 million. The latest financing was a round, but Jurist-Rosner said that’s not what the company is focused on.

“This was a lucky increase for us,” she said. “We have a lot to do on the technology side to support our growth and we’re working with some health insurance companies. So, there’s a lot of initiatives that we want to be able to support with some real investment.”

Former backers Hearst and Eldridge co-led the financing (both are Wealthy clients), which included participation from new backers Citi Impact Fund, Cercano Management (Paul Allen’s Family Fund) and Stardust Equity, and backers like ReThink Impact.

Welty, based in New York City, currently has approximately 350 employees, 90 percent of whom are full-time.

Eldridge Chairman and CEO Todd Bohley, believes Wellthy helped both Define and drive innovation in the caregiving market.

One in five adults in America is a caregiver, says Ryan Alam, senior vice president of City Impact Fund.

“This is a huge number that will only grow over the next few decades,” he added. “Anyone who has ever been a caregiver for a loved one will tell you that it is one of the hardest jobs they have ever had to do. Indeed, people are dropping out of work at an alarming rate as they struggle with the challenges of caregiving at home. Welty is the market leader in solving that and supporting their mission is a great opportunity.