Caraway's Series A Funding: Transforming Gen Z Healthcare Experience

Revolutionizing Healthcare for Gen Z: Caraway's Series A Funding Fuels Transformational Shift

Caraway, a digital healthcare company for Gen Z, announced a series of milestones and expansions to fundamentally change how Gen Z experiences healthcare. To advance the development of its Gen Z care platform and scale its services, Caraway today announced $16.75M in Series A funding. The round is led by Maveron, investor in consumer-only and early-stage companies, and GV. Returning investors include 7wireVentues and Hopelab Ventures, with new participation from Wellington Access , Ingeborg Investments and The Venture Collective. OMERS Ventures, a seed stage investor in Caraway, will remain on the Board.

In just one year, Caraway has built an inclusive care model that addresses the multitude of healthcare challenges facing Gen Z by providing mental, physical and reproductive healthcare, 24/7, all in one place. Caraway's diverse care team of experienced clinicians provides comprehensive and compassionate care tailored to this population's needs and concerns. With its on-the-ground, grassroots approach, the company's ongoing engagement with Gen Z informs all of its products, services and educational content. The funding round will be used to expand access to Caraway's ground-breaking care platform purpose-built for Gen Z people of all races, ethnicities, gender identities and expressions. 

Gen Z's health is on the front lines and the only way to meet their needs is to design a new way forward," said Caraway CEO & Co-founder Lori Evans Bernstein. "With the tsunami of unmet need, our inclusive care platform gives Gen Z – and in particular women and those assigned female at birth who have been underserved by traditional models – instant access to both the immediate health services and ongoing education they need to take care of themselves today and in the future.

Caraway provides care for members 24/7 through chat, phone, and video visits, as well as health skills building with interactive digital tools, coaching and care navigation. Caraway's clinicians work together as one Care Team with the understanding that the mind and body are connected, and therefore physical, reproductive and mental care must go hand-in-hand. The Care Team is composed of experienced nurse practitioners, physicians, specialists, therapists, and health advisors with expertise spanning primary care, urgent care, adolescent health, gynecology, psychiatry and psychotherapy.Maveron invests in early stage companies that empower consumers to live on their own terms," said Maveron Partner, Anarghya Vardhana. "Caraway supports young adults in a way traditional health care models do not, fundamentally changing their healthcare experience. We are excited to help Caraway's extraordinary team continue to build a consumer-first company that directly engages with the Gen Z population giving them access to a care platform and high quality healthcare tailored to their needs." 

"GV is proud to be an early investor in Caraway, and we are excited to support the team as they create a new standard of healthcare for the Gen Z population," said Cathy Friedman, GV Executive Venture Partner. "Caraway is led by a seasoned, mission-driven management team adept at navigating the complexities of the healthcare system. Caraway's unique approach provides comprehensive mental, physical, and reproductive healthcare for better patient outcomes.

We are thrilled to make a follow-on investment in Caraway," said Margaret Laws, president and CEO of Hopelab, a transformative social innovation lab and impact investor at the intersection of tech and mental health. "We are particularly excited to continue supporting Caraway as they expand their offerings for BIPOC and LGBTQ+ patients, as well as those on Medicaid. Caraway not only understands a unique gap within the healthcare system but offers a solution that focuses on populations routinely overlooked by traditional models of care. Their exceptional progress is a model for others pushing the impact of telehealth innovation while also advancing health equity goals

Published on : 21st June, 2023