CaredFor Raises $2M to Bolster Sales, Marketing
Nashville-based CaredFor, a mobile application that assists treatment centers in providing resources to patients post-treatment, has closed a $1 million seed funding round, bringing the company’s total amount raised to more than $2 million.
The company, which was founded by brothers Parker and Colin Polidor, saw investment participation from new and existing investors, including locally based Integrative Life Center CEO and majority owner Ryan Chapman, who previously ran Premier Parking.
Earlier this month, the two companies announced a partnership to develop an application for ILC to provide a peer support network, recovery counter, gratitude journal and other features to clients and their treatment teams upon the conclusion of care at ILC clinics.
ILC is the eighth treatment center in Middle Tennessee to partner with CaredFor. The app is currently being used by 12,000 users at 75 treatment centers in 20 states and Canada.
Other lead investors include Michigan-based Graham Healthcare CEO Justin DeWitte and Franklin investor and Lipscomb University trustee Marty Kittrell.
Parker said his team plans to use the money to bolster sales and marketing campaigns as well as for software development and improvements on the company’s flagship product.
Users of CaredFor’s app, which was launched in 2016, typically log on six to eight times a month and spend nearly four minutes on it per session. About 63 percent of people who have downloaded the application are actively engaging with the resources it provides.
“Every treatment center wants to tout long-term success to prospective patients and payers,” Parker Polidor said in a release. “CaredFor provides the engagement data and assessments that help measure the outcomes and success of treatment programs.”
AUTHOR Kara Hartnett
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