Papa closes $60M series C funding round

Papa, the startup tackling loneliness among seniors, closed a $60 million series C funding round, bringing its total financial backing to $91 million.

Papa connects seniors with Papa Pals, or a "grandchild on-demand," who will visit with them and assist with light housework, technology and transportation to doctors' appointments. Late last year, Papa also got into virtual care with its Papa Health program, which connects users with Papa Docs in virtual visits.

Papa Pals assist in facilitating the visits, Papa said in December.

The company, which launched in 2017, has seen rapid growth and now operates in all 50 states. Papa partners with more than 40 of the country's largest insurers, including Medicare Advantage, Medicaid and employer plans.

RELATED: Why Papa, Humana think it's crucial to 'make noise' about the impacts of loneliness amid COVID-19

Papa grew 600% year over year in 2021, according to the announcement, and is planning to use the latest funding round to continue its expansion and scale its platforms.

“We have proven that pairing those in need with energetic, caring and geographically-local Papa Pals while leveraging data and technology to ensure an amazing experience improves the lives and health of our members,” said Andrew Parker, founder and CEO of Papa, in a statement.

“This funding will allow us to continue to enhance our platform and suite of services to empower a completely new type of care to support members' full spectrum of unmet needs—both social and clinical," Parker said.

The funding round was led by Tiger Global Management.

"Addressing loneliness and social isolation is a critical issue for older adults and their families, especially as more seniors choose to age at-home,” said Scott Shleifer, partner at Tiger Global, in a statement. “Papa has developed a highly personal companionship model to solve this unmet need, delivering exceptional satisfaction ratings and healthcare outcomes. We are excited to back the clear category leader and believe they're just scratching the surface of the opportunity that lies ahead.”