Jurassic roar: Durham VC invests $3M in Roobrik to expand senior care offeringsDate Published:
Demand for personalized decision support tools that can assist families who are navigating age-related changes has increased in the past decade, and Durham-headquartered Roobrik is expanding its technology offerings to serve this market.
And, as of today, the company’s expansion will be funded by a $3 million Series A investment in the company by Durham-based venture capital firm Jurassic Capital.
The company’s patent-pending technology platform, Roobrik Insight Solutions, serves individuals who are undergoing transitions due to the natural aging process, as well as family caregivers, according to a statement issued by the company.
“Over the past four years we’ve demonstrated growing consumer and industry demand for personalized decision support tools to help families navigate age-related change,” said Nate O’Keefe, CEO of Roobrik, in a statement.
With the new funding, Roobrik expects to expand in the senior living market. Already, the company’s technology platform is used in 1,300 senior living communities by more than 10,000 people each month, the company noted in a statement.
“We’re excited to bring both our expertise and capital to help Roobrik accelerate this exciting opportunity,” said Joe Colopy, partner at Jurassic Capital. “When they saw an opportunity to expand in the growing senior living market, our experience as former founders and operators of a marketing automation platform company made for a natural fit.”
EXPANDING OTHER PROJECTS, TOO
In addition, the company will develop additional technology products and expand an existing program known as Roobrik Market Insights, a dataset that the company says is “designed to help service providers better understand age-related decision-making.”
Colopy added that the company is one with “incredible customer retention and a strong culture,” as well as a profitable company, making it an excellent bet for the venture capital firm, which invests capital in business-to-business software businesses with between $1 and $5 million in annual revenue.
Roobrik last raised capital in 2019, when it secured $300,000 in order to expand and scale in the senior care market. In 2018, the company raised $1.4 million in seed funding including investments from the Carolina Angel Network and the Wilmington Investor Network.
Jurassic Capital closed a $20 million fund in January. The firm’s portfolio companies include Corevist, Cycle Labs, Performance Culture (formerly Work Dove), and AddShoppers.
Original Article Source: WRAL TechWire