Mental health company for seniors launches with $32M seed round
Rippl, a company focused on providing mental health solutions to seniors with dementia and other cognitive conditions, launched with a $32 million seed round led by ARCH Venture Partners and General Catalyst.
GV, F-Prime Capital and Mass General Brigham Ventures also participated.
WHAT THEY DO
The company, led by Starbucks veteran Kris Engskov, said it will launch a care model offered by health plans that will provide 24/7 access to clinicians via the phone, online or in seniors’ homes.
“One of the most obvious yet unaddressed areas of healthcare is how we treat seniors with cognitive impairments in their homes,” Robert Nelsen, Rippl cofounder and board chair, and managing director of ARCH Venture Partners, said in a statement. “We saw an opportunity to make a huge impact. We’ve pulled together a diverse team of people who come from a range of backgrounds. What connects them is they are all caregivers. We have a shared drive to redefine what a healthcare company looks like, and that’s by putting clinicians at the center of every decision we make.”
WHAT IT’S FOR
Rippl plans to use the seed funding to hire and train clinicians, build the technology, and open a Washington state-based clinical support center to launch pilot networks in two regions, starting in Seattle.
According to the Census Bureau, the senior population has grown significantly over the past 10 years, driven by the aging of the large Baby Boomer generation. As society experiences the demographic shift, referred to as the “gray tsunami,” there will be an increasing need for caregivers and health clinics to meet the demands of the aging group.
Several companies are focused on creating solutions for the aging population. Homethrive, a platform that aims to support people who are caring for older relatives or loved ones with disabilities, recently raised $20 million. DUOS, which announced a $15 million Series A in April, helps older adults set up rides, arrange for food deliveries, help find housing and manage medical care.
Another senior assistance startup, Papa, announced a $150 million Series D round in November 2021.