Ride-share platform, Carepool, is raising $10 million for its Series A funding round. The company previously completed its Seed funding round in 2019 and is looking to scale operations and expand into more states after receiving capital.
Carepool’s Series A funding round opened in August and will close in December. Around half of the round is soft committed as they are working to finalize their lead investor.
The $10 million raised through this funding round will be used for talent, tech, and marketing capabilities.
The largest portion of the funds, $6 million, will be used for talent development, which includes hiring more staff and scaling their model across the United States.
Investments in tech will total $2.7 million. The functionality of Carepool’s platform will be strengthened as they implement machine learning to enhance client experiences.
Lastly, $1.3 million of the funds will be used for marketing. Cultivating brand awareness as they branch out from a strictly business to business model, moving directly to consumers. As a current market leader in medical based ride share, they are expanding the customer base and capturing market share.
Carepool was founded in 2018 by Josh Massey, a technologist and recruiting specialist. His inspiration for the company stemmed from personal and familial experiences with how limited the American transportation system was.
While running his recruiting business in Chicago, Josh had issues with the city’s options for getting around. As an early adopter of rideshare platforms, he had a realization of the capabilities of such a platform, and visualized a better way. A way they could truly do good.
These struggles only intensified for people who lived far from the city center. For Josh’s grandma, the difficulty of getting to and from important locations was almost insurmountable. Due to her location in rural Wisconsin, she was forced to spend hours on the bus if she wanted to visit her husband in the city hospital. This left Josh worrying about her safety and comfort. Therefore, he created a rideshare solution that would cover both urban and rural individuals.
Carepool’s services are focused on transportation to and from healthcare facilities as well as community integration. The company has partnerships with medical providers, businesses, and government agencies to provide transportation benefits.
Patients can request rides on-demand, like other ride-sharing services, but Carepool goes the extra mile by allowing rides to be scheduled months in advance. A patient, their family member, or a medical professional can create these appointments via phone call, mobile app, or through a hospital’s patient portal. Carepool allows the creation of different profiles to accommodate the priorities of multiple users. Once a ride is on the way, users will receive updates about the car’s distance and its identifiable information.
Unlike other transportation services, Carepool helps customers into the car and to the places they must go within a facility. These door-through-door practices have proven essential for allowing all customers to access healthcare.
Carepool not only cares about its customers. Its drivers are given the utmost freedom to create their schedules and receive livable wages on a project basis. Carepool drivers are also first aid and CPR certified, making them safe and compliant for government programs.
Once Carepool closes its funding round, they plan to scale quickly to match the demand for transportation services that suit seniors and disabled individuals. They expect to expand into 12 more states within two years and have plans to expand globally in the future. Massey says that Carepool is one of the only wheelchair-accessible ride-sharing options that also has highly trained and vetted drivers. These factors combined with the company’s profitable business model position it to become an industry disruptor.
Media Contact
Name: Tiffany Fleming
Email: tiffany@carepool.us
There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.
Published by: Pathos Communications Ltd