Led by Reddit co-founder Alexis Ohanian, funds will be used to expand Aidaly’s offering to new markets
Aidaly, a service that provides compensation and financial services to family caregivers, announced it has raised $8.5 million in funding. The financing was led by Alexis Ohanian’s Seven Seven Six, with participation from Lightspeed Venture Partners, Operator Partners, Precursor Ventures, Primetime Partners, Scribble, Shrug, Polymath, TVC, and founders and executives from Twitter, Facebook, SoulCycle, Flatiron Health, Mainstreet, OnDeck, Commsor, and more. Aidaly is officially coming out of stealth mode and will use the funds to expand its services for family caregivers into new markets across the United States.
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Last year, 53 million Americans provided unpaid care for an aging family member, with nearly eight in 10 reporting routine out-of-pocket expenses averaging $7,242 annually. Coupled with the lack of paid family and medical leave in the United States, many family members are forced to choose between caregiving and a full-time job with income and benefits. This results in many caregivers leaving the workforce and sacrificing financial stability.
While Medicare and Medicaid dollars are available to pay for some services provided by families, a patchwork of state rules and federal regulations has made it difficult for families to access the benefits they qualify for. Aidaly aims to solve these problems by qualifying family caregivers for benefits and providing financial services. Its platform streamlines access to state and private benefits, as well as helps family caregivers access obscure benefits such as financial planning, mental health support and caregiver training. Early users have already seen a 160% increase in their ability to recover from financial shocks.
“My dad was diagnosed with cancer while I was in college. When it spread to his brain, we were forced to abruptly close his private practice. The experience was particularly tough on my mom, who went from being an empty nester to being a full-time caregiver,” said Maggie Norris, founder and CEO of Aidaly. “This experience opened my eyes to the lack of resources available to those who are thrown into a family caregiving role. Aidaly’s mission is to empower unpaid family caregivers with the compensation, coaching and financial services needed to care for their loved ones.”
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Aidaly supports those who provide on average 15 to 25 hours of care to a family member. Its platform enables caregivers to manage related paperwork and access financial services through one, easy-to-navigate portal. For caregivers who aren’t getting paid or are part of the 80% of people who are unaware that these programs exist, Aidaly helps determine if they are eligible for benefits in less than 15 minutes.
“I saw the importance of caregivers firsthand in my mom’s battle with brain cancer,” said Alexis Ohanian, founder of Seven Seven Six. “I invested in Aidaly because I can clearly see the impact this technology is going to have for family caregivers and their loved ones. Being a family caregiver is a challenging role for many reasons; Aidaly ensures it’s not more difficult than it needs to be and that family caregivers are able to focus on what matters most — their loved one.”
Aidaly is exclusively designed for families currently providing or wanting to provide care in a home setting. Members also gain access to a supportive community of fellow caregivers and coaches that are available to assist with caregiving, nutrition and wellness and personal finance.
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