‘Caring’ Secures KRW 40 Billion in Series B for Elderly Care Expansion
The Korean elderly care service startup Caring has raised KRW 40 billion in a Series B investment round, bringing its total funding to KRW 75 billion. This round was led by SV Investment, with new participants including Korea Development Bank(KDB), IMM Investment, Eugene Asset Management, and follow-on investments from LB Investment, HYUNDAI INVESTMENT PARTNERS, and Quantum Ventures Korea, among others.
Caring plans to use the funds to focus on building an integrated home care infrastructure, as promoted by the Ministry of Health and Welfare of Korea. This integrated service allows recipients to receive a variety of services, such as day and night care, home care, bathing, nursing, and short-term care, provided by the long-term care insurance for the elderly, in their local area.
Founded in 2019, Caring began with long-term care services (home care, day and night care, home bathing, and nursing) and has since expanded to offer all services needed for senior care, including commerce (welfare equipment, group purchasing, private label product sales), senior housing (operation of senior residences), and caregiver training centers.
As of January 2024, Caring has 42,000 caregivers and about 12,000 service users, maintaining its position as the market leader in Korea. The company operates 34 direct outlets, including 14 home care and day care centers in Seoul and the metropolitan area, Busan, Gyeongnam, Daegu, Gwangju, four caregiver training centers, and two welfare equipment centers. Using this infrastructure, professional social workers provide comprehensive services to seniors in need. Caring plans to establish more than 100 care infrastructures in the future.
Additionally, Caring has accelerated its business diversification by launching its own private label (PB) products last month, expanding its commerce business, and initiating the construction of large-scale senior housing combining elder housing and nursing homes for over 1,000 households.
Directors Jung Ju Wan and Lee Sung Min of SV Investment said, “The long-term care insurance market for the elderly is worth KRW 13 trillion, predicted to exceed KRW 20 trillion in five years. Caring has become the dominant number one company in this high-growth market through digital-based operational optimization and differentiated services. We expect this investment to help Caring build a robust nationwide care infrastructure and create a significant competitive edge.”
Caring’s CEO, Kim Tae Sung, stated, “We aim to innovate the market so that seniors can receive the care they want, where they want, by building a nationwide care infrastructure. Leveraging our optimized care service operations and years of senior care experience, we will leap forward as a total senior lifestyle company covering mobility, dining, medical services, residence, and commerce.”
[Korean Silvertech Startup News]
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