The Helper Bees, a company creating a better model for home care, has secured $6 million in Series A funding led by Silverton Partners. Additional investors in the round include Austin Impact Capital, Techstars and strategic angel investors.
The Helper Bees (THB) has deployed a combination of skilled professionals and a proprietary, data-driven technology platform to solve complexities in aging, payer systems and care-recipient experiences. THB will use the funding to rapidly expand its partnerships in the long-term care insurance market and continue the development of products to both reduce costs and improve outcomes.
The influx of new capital will enable THB to continue to work with the world’s largest insurance carriers, improving their operations and customer experience through digital transformation and analytics.
Insurance carriers will be empowered to reduce operational costs and streamline the approval and denial experience for customers. The team will also invest even more in their latest long-term care offering, the Care Concierge program, which shows early success in both bending the claims cost curve and enabling people to remain healthy and independent at home longer. The new capital will also fuel THB’s vertical expansion into the workers’ compensation and disability insurance markets.
“Delivering transformative care to a vulnerable population that desperately needs it, all during uncertain times is not for the faint of heart,” said Dr. Char Hu, CEO and co-founder at The Helper Bees. “Our team worked tirelessly integrating the acquisition of the nurse-care management company Dimensions while successfully driving exponential client and revenue growth. That’s why I am so excited for the next stage in our company’s development. We couldn’t wish for a better partner in Silverton, whose stellar track record of financing successful tech companies will help us to reach more care-recipients in need.”
Disruptive Insurtech that Unlocks Significant Cost Savings for Insurance Carriers
The Helper Bees builds software and services to improve the claims process for long-term care, workers’ compensation and disability carriers nationwide. THB also uses this data to power their next-generation model of home-care and care management.
Since launching in 2017, The Helper Bees has acquired over 12 insurance clients, most of which are large companies in the Fortune 300. The startup’s revenue has grown 8X in the past year. It was co-founded by Dr. Char Hu, Eric Corum and Danny Lynch, who have a history of building successful companies delivering both long-term care services and technology.
Investor Perspectives on $6M Series A Round
“We’ve been fortunate enough to see firsthand how analytics and machine learning can transform early-stage startups into market leaders within the insurtech sector,” said Morgan Flager, general partner at Silverton Partners. “The Helper Bees is at the intersection of two major markets where innovation is needed: long-term healthcare and insurance. We are excited to be an early investor and are ardent supporters of Dr. Hu and the team they are building.”
About The Helper Bees
The Helper Bees (THB) is an insurtech successfully improving the home care experience for the payer and care-recipient. They work with some of the world’s largest insurance carriers to deliver transformative experiences in digitization, sourcing great care options and applying machine learning to power intelligent care and claim analytics and processing.
About Silverton Partners
Silverton partners with entrepreneurs who are dedicated to tackling growth markets and building lasting companies. In partnering with Silverton, companies benefit from its vast network and expertise from decades of growing and investing in successful businesses. Founded in 2006, Silverton Partners is based in Austin, TX, and was the initial institutional investor for Sailpoint, WP Engine, SpareFoot, TrendKite, TurnKey Vacation Rentals, The Zebra, AlertMedia, SpyCloud, Self Financial, and Aceable among others. For more information, visit www.silvertonpartners.com.