ClearCare Announces $60 Million Investment Led by Battery Ventures to Fuel Growth
Balki Nakshatrala Joins ClearCare as VP Engineering
SAN FRANCISCO, CA – August 24th, 2016 – ClearCare, a leading software platform for home care agencies, today announced a $60 million growth-equity investment led by global investment firm Battery Ventures. The company also announced that noted technologist Bala Krishna (Balki) Nakshatrala, former vice president of engineering at Mastercard, has joined ClearCare as VP of engineering.
ClearCare’s software is used by agencies which provide patients daily care inside their homes, including basic services such as preparing meals, bathing and dressing, and assisting with mobility, among others. The company will use the investment to invest in its core platform and explore new strategic partnerships.
ClearCare’s cloud-based platform helps agencies attract and retain customers, schedule and deliver care, and optimize their back offices. The company‘s end-to-end platform delivers these solutions through innovative tools that include point-of-care tracking, integrated payments, family portals and quality of care monitoring. ClearCare serves four of the largest five national home-care enterprises, representing roughly 250,000 caregivers and 150,000 seniors under care.
“Increasingly, seniors and people who need assistance with daily activities are opting to stay in the comfort of their own homes. And this trend will only multiply as the senior population expands with the aging baby-boomer generation,” said Geoff Nudd, founder and CEO of ClearCare. “We are excited to partner with Battery Ventures as we aggressively pursue new opportunities to grow our market leadership. Battery’s expertise in the home care market makes the firm an ideal partner for this next step in our growth story.”
As part of the financing, Battery Ventures General Partner Chelsea Stoner and Battery Vice President Duncan Gills will join ClearCare’s board.
Stoner has deep expertise in the software and healthcare-technology markets. Previously, Stoner served on the boards of Brightree, a provider of cloud-based software and services for the post-acute healthcare industry, which was acquired by ResMed in February for $800 million dollars, and Data Innovations, a provider of software for medical laboratories that was acquired by Roper Industries in February 2015. She also currently sits on the board of WebPT, a Web-based, electronic medical record (EMR) solution for physical, occupational and speech therapists; Avalara, which sells cloud-based, sales-tax software; and Intacct, the cloud-based ERP provider.
“Geoff and his team have built an end-to-end software platform that allows agencies to efficiently deliver care at home,” said Stoner. “We look forward to partnering with ClearCare as the company continues to innovate and make the delivery of low cost, home based care easier.”
ClearCare Online is a cloud-based home care software platform supporting private-duty home care companies for efficient, cost-effective aging at home. ClearCare's web and mobile platform helps home care agencies operate efficiently, scale services and improve the quality and documentation of care on behalf of their patients.
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area and Israel. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
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