Papa founder and CEO Andrew Parker has raised $150 million at a $1.4 billion valuation to help seniors and low-income families get access to companionship and help around the house.
ndrew Parker’s grandfather needed help, but he didn’t need a doctor. He needed someone to help him with groceries and take him to doctor appointments. “Who wants to be a pal to my Papa?” Parker wrote in a Facebook post. More than a quarter of the U.S. population — and 28% of seniors — live alone.
Today Papa is contracted with more than 65 health plans to send what the company calls “Papa Pals” into people’s homes. And it’s not limited to seniors — Papa also works with Medicaid plans for low-income families and with employers as a benefit for family caregivers. The typical Papa encounter starts with a phone call, says Parker.
While Papa has signed on major insurers, like Cigna, Aetna and Humana, it’s still early days in terms of being able to value the overall reduction in healthcare costs in the long-term, but Lydia Jett, a partner at SoftBank Investment Advisers, says the early indications are positive.
As of January 1, 2022, Cigna will be the latest major health plan to offer Papa to around 70,000 of its Medicare Advantage and dual eligible members across nine states. The health insurer has been studying the effects of social isolation and loneliness long before the Covid-19 pandemic, declaring loneliness at “epidemic levels”. When repeated two years later in 2020, Cigna found 61% of Americans reported feeling lonely, a 7-percentage point increase.
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Digital Health’s Newest Unicorn Provides Lonely People With A ‘Family On Demand’Papa founder and CEO Andrew Parker has raised $150 million at a $1.4 billion valuation to help seniors and low-income families get access to companionship and help around the house.
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Digital Health’s Newest Unicorn Provides Lonely People With A ‘Family On Demand’Papa founder and CEO Andrew Parker has raised $150 million at a $1.4 billion valuation to help seniors and low-income families get access to companionship and help around the house.
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