Deals

Torchlight Raises $1.3M in Funding
Date: 
Wednesday, April 12, 2017
Location: 
Boston
Categories: 
eCommerce & Marketplaces
Healthcare & Pharma
Deal Type: 
Funding

Torchlight, creator of the first technology platform to support modern caregivers, today announced that it has raised an additional round of funding led by individual leaders in the health-and-education industry — including Elliot Sainer, who is joining the company’s board of directors — to further optimize its growth strategy which helped to generate more than 125 percent revenue growth in 2016. The new investment, $1.3 million, will be leveraged to fine tune three critical components of its strategy: people, product, and processes.

An innovator in caregiving, Torchlight works with employers and health plans nationwide to provide a cloud-based, caregiver concierge platform to expertly guide employees in caring for children with special needs and aging family members. According to a 2015 report by Ceridian, employers experience $38.2 billion annually in lost productivity as a result of caregivers being forced to take time away from work. Torchlight child and Torchlight elder provide caregivers with personalized action plans, easy-to-use digital tools, and expert advice to help them balance the demands of work and caregiving. Torchlight is now serving more than 855,000 families through its employer clients.

From the beginning, the company has charted its growth by carefully aligning its outside investments to meet market demands as they evolve. To date, Torchlight has raised a total of $3.2 million... READ MORE