Caring Co., a pioneering South Korean startup dedicated to providing care services for the elderly, has achieved a significant milestone by securing 40 billion won (approximately $30 million) in its latest Series B funding round. This achievement catapults its total funding to become the largest among local senior care service startups, the company announced on Monday.
The Series B funding round witnessed the participation of prominent investors, including Korea Development Bank, IMM Investment Corp., and Eugene Asset Management. Additionally, existing investors such as SV Investment Corp., LB Investment Inc., Hyundai Investment Partners Co., Quantum Ventures Korea, and ARK Impact Asset Management also contributed to the funding round, underlining their continued confidence in Caring’s vision and potential.
With the infusion of fresh capital, Caring aims to bolster its infrastructure to provide localized, government-funded senior care services. This initiative encompasses a spectrum of offerings, ranging from caring center operations to in-home caring, nursing, and bathing services. The startup envisions leveraging the funds to enhance accessibility to quality care for elderly individuals across South Korea.
Established in 2019, Caring has swiftly emerged as a leader in the Korean senior care market, managing approximately 42,000 home care coordinators. The company boasts the largest market share, with its services benefiting around 12,000 users to date. Its operational footprint includes 14 local caring centers and in-home caring agencies, alongside four centers dedicated to training caring coordinators and two retail outlets specializing in nursing equipment.
Looking ahead, Caring is poised for expansive growth, with plans to scale up its local operations significantly. The company aims to expand its network of caring centers from the existing 34 to an ambitious 100, reinforcing its commitment to address the evolving needs of South Korea’s aging population.
The success of Caring underscores the growing demand for innovative solutions in the senior care sector and reflects the startup’s unwavering dedication to enhancing the quality of life for elderly individuals and their families. As Caring continues to pioneer advancements in the realm of senior care services, its latest funding milestone marks a significant step forward in its mission to redefine aging with dignity and compassion.