Montreal, QC
AlayaCare, a global home and community care software company, today announced a $225 million CAD ($185 million USD) Series D funding round led by Generation Investment Management LLP with participation from Klass Capital and incumbent investors Inovia Capital (“Inovia”), CDPQ, and Investissement Québec. AlayaCare has scaled its business substantially powering more than one billion patient visits around the world. The US is now the fastest-growing part of AlayaCare’s business, representing 7x growth in the last 24 months.
Today’s announcement fuels AlayaCare’s mission to deliver home care of the future through transformative innovation, data-driven insights, and a superior care worker experience that ultimately delivers better patient outcomes and lower costs for providers. AlayaCare will use the funding to continue global expansion, hire additional staff and further invest in innovation capabilities to build a more complete post-acute offering in addition to products that help solve labour market issues around employee shortages and churn.
According to Precedence Research, the global home healthcare market size is anticipated to grow at a CAGR of more than 8%. The explosive growth of the aging population – combined with a growing prevalence of chronic diseases, a global shortage of care workers and a shift to value-based reimbursement – is forcing a rethink of how care is delivered.
“Employee shortages and retention continues to be one of the biggest headaches for all home health providers. AlayaCare is uniquely positioned to help tackle common pain points related to scheduling challenges and balancing patient and caregiver preferences,” said Adrian Schauer, CEO & Founder, AlayaCare. “Our innovative technology helps run the back office more efficiently, allowing care staff to focus on outcomes instead of paperwork. Through the support and confidence of our investors, customers, partners and employees, we are excited to scale the AlayaCare platform and take the more sustainable home health-based model mainstream.”
Today, more than 500 home and community care organizations around the world rely on AlayaCare to improve operational efficiencies through its modern, intelligent software. A key differentiator of the platform is its artificial intelligence (“AI”)-based predictive models that enable business leaders to spend less time on manual tasks, and more time focused on growing their organizations as they seek to meet the huge demand coming from health systems for home care. The AlayaCare platform also has robust thirdparty application programming interface (“API”) integration, enabling customers to integrate it holistically within their existing systems. Today’s announcement accelerates AlayaCare’s global growth strategy and will enable organizations around the world to access the award-winning platform.
“We fundamentally believe that treating people in the home is key to building a sustainable health system that provides better outcomes at lower cost. AlayaCare provides a win-win for both patients and providers by meeting the strongly growing demand for care at home with a more modern, efficient, data-driven and easy-to-use system that vastly improves the experience for caregivers and their agencies,” said Dave Easton, Growth Equity Partner, Generation Investment Management LLP. “We look forward to supporting AlayaCare as it doubles down on its investment in R&D and builds out the next generation of home care and home health software, further building on its machine learning capabilities to help its customers prepare for a more tech-enabled, efficient and value-based future.”
Since its launch, AlayaCare has experienced double-digit growth, expanded its operations in the US, Canada, and Australia and now employs nearly 500 staff with aims to hire an additional 300+ employees over the coming years.
Visit www.alayacare.com to learn more about the AlayaCare platform, which includes scheduling, reporting, clinical documentation, billing, care worker mobile app, and dedicated portals for patients, family members, and care workers.
ABOUT
ABOUT ALAYACARE
AlayaCare offers an end-to end software platform for home and community care providers to manage the entire client lifecycle from referrals and intake to billing, payroll and beyond. Combining traditional in-home and virtual care solutions, AlayaCare enables care providers across the world to propel towards innovation and healthcare of the future. AlayaCare was founded in 2014 and is the parent company of Procura, Arrow, CIMS, and AcuteNet. www.alayacare.com
ABOUT GENERATION INVESTMENT MANAGEMENT
Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research, and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a U.S. office in
San Francisco. Generation Investment Management LLP is authorized and regulated in the United Kingdom by the Financial Conduct Authority. www.generationim.com
ABOUT INOVIA CAPITAL
Inovia Capital is a venture firm that partners up with audacious founders ready to build enduring global technology companies. We are known to roll up our sleeves and serve founders with dedicated, long-term mentorship, a global talent network and strategic support for global scale. Inovia Capital manages over US$1.5B across early and growth-stage funds and holds offices in Montreal, Toronto, Calgary, San Francisco and London. For more information, visit inovia.vc
ABOUT CDPQ
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2020, CDPQ’s net assets total CAD 365.5 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
ABOUT INVESTISSEMENT QUÉBEC
Investissement Québec’s mission is to play an active role in Québec’s economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, the Corporation also prospects for talent and foreign investment and assists Québec businesses with export activities.
MEDIA CONTACT INFORMATION:
AlayaCare Media Enquiries: Charlene Magnaye, [email protected]
IMPORTANT NOTE
This document is neither intended as marketing material nor as a financial promotion; rather it is intended solely to provide general background information on the close of Generation IM Sustainable Solutions Fund III, L.P. (the“Fund”). When open for subscription, the Fund was only available to a limited number of sophisticated investors, in accordance with applicable private placement rules. No public offer of interests in the Fund was made in any jurisdiction. The Fund is now closed and no further issuance of interests in the Fund will be made. Consequently, this document is for information purposes only.
Generation Investment Management LLP (“Generation UK”), is authorised and regulated by the Financial Conduct Authority of the United Kingdom and reports to the U.S. Securities and Exchange Commission (“SEC”) as an exempt reporting advisor. Generation UK is the parent entity of Generation Investment Management US LLP (“Generation US”), an investment adviser registered with the SEC under the U.S. Registration as an investment adviser with the SEC does not imply a certain level of skill or training. Generation UK and Generation US may only transact business in any state, country, or province if they or their affiliates (as applicable) first are registered, or excluded or exempted from registration, under applicable laws of that state or province.
While the information contained in this document is believed reliable, Generation makes no representation that it is accurate or complete and it should not be relied upon as such. Generation is not responsible for amending, correcting, or updating any information or opinions contained herein, and it accepts no liability for loss arising from the information contained in this material. Any opinions expressed are present opinions only. Companies listed have been selected on objective non-performance-based criteria solely for the purpose of illustrating the Growth Equity team’s investment philosophy. There is no warranty such companies have been or will be profitable. They must not be viewed as investment recommendations or research. Nothing in this document should be interpreted to imply that past results are an indication of future performance. This document should not be construed as the giving of advice or the making of a recommendation. It is not intended to be formal investment research in respect of any company. No reliance should be placed on the fact Generation invested in considering any future investment in such companies, the circumstances of which may have materially changed. This document is not calculated to lead directly or indirectly to any person entering into any investment management agreement or any exercise of any rights conferred by an investment to acquire, dispose of, underwrite or convert an investment so as to constitute an investment advertisement.