TLDR:
PlanCare, a self-managed healthcare startup, receives $2.5 million from Purpose Ventures. The funding will help the company scale and expand its healthcare-at-home platform for the aging population.
Article Summary:
Western Australian self-manage care platform, PlanCare, has secured $2.5 million in additional funding from existing backer, Purpose Ventures. This latest investment comes as the first follow-on investment from Purpose, who initially backed PlanCare in July 2023. PlanCare, founded by Dave Newman, aims to help people access and manage home care packages, charging a flat fee of 13% for self-managed care and planning to launch full managed care packages at a 23% flat fee. The company also deals with NDIS packages.
Newman stated that the Seed round funding will enable PlanCare to further develop its healthcare-at-home platform to meet the increasing demand from consumers who want more control over their supports. Purpose Ventures, which built a $45 million fund last year, has now invested $4.5 million across four startups, including PlanCare. The Perth-based VC, led by founders Derek and Kylie Gerrard, is focused on supporting Western Australian startups, with a majority of the fund earmarked for WA-founded or operated companies.
The Gerrards, who are committed to donating half of any performance fees to a charitable foundation, have reviewed over 250 investment applications in the past year. Their goal is to back founders who are pursuing their purpose or “life cause” and using innovative technology to target large markets both locally and internationally.
In conclusion, PlanCare’s latest funding round from Purpose Ventures will allow the company to further expand its healthcare-at-home platform and services, addressing the global challenge of providing healthcare for an aging population.
