CaringWays, a fundraising platform designed specifically to help patients pay for medical expenses with ease and security, announced a Series A capital raise of $2.5 million. The round was co-led by Caduceus Capital Partners and Harpeth Ventures. The raise supports plans to accelerate growth and expansion in the healthcare services market.
CaringWays offers a straightforward, secure way for patients to crowdfund and pay directly for medical expenses, prescription drugs and other health-related needs. Crowdfunding is the practice of raising small amounts of money from a large number of people, typically through an online channel. While crowdfunding for healthcare bills, needed surgeries and post-acute care has become common in recent years, CaringWays is the first platform specifically and exclusively designed to serve patients and their families.
“I know firsthand that unexpected medical expenses can cause stress and anxiety for patients and their families. CaringWays fills a gap in helping patients, their loved ones and hospitals resolve medical bills in a way that is convenient and secure,” said Wes Sellers, the company’s CEO and co-founder. “We believe that this solution is a rising tide that lifts all boats.”
CaringWays is transparent and HIPAA compliant, offering peace of mind to donors and patients. Hospitals are paid directly through CaringWays, making transactions simple and seamless. In addition to partnering with hospitals, CaringWays works with addiction treatment facilities and other healthcare providers, allowing friends and family to directly contribute to their loved one’s care.
“Americans borrowed $88 billion to pay for healthcare services in 2020 and medical debt is the leading cause of personal bankruptcy in this country,” said Dave Vreeland, senior managing partner, Caduceus Capital Partners. “CaringWays is a viable answer to this significant problem.”
“CaringWays offers a high value proposition for both patients and providers,” said Chuck Byrge, senior managing partner, Harpeth Ventures. “We look forward to working with its strong management team to bring the service to those who need it across the country.”
Both Dave Vreeland and Chuck Byrge will serve on the CaringWays board of directors.
About Caduceus Capital Partners, LLC
Caduceus Capital Partners is a venture capital and private equity company focused on early-stage digital health investments. The Caduceus Capital Partners investment model actively supports portfolio companies from the first check to the exit phase with operational expertise and network access to potential customers and partners. For more information and investment interest, visit www.caduceus.vc.
About Harpeth Ventures Opportunity Fund, LP
Harpeth Ventures targets investments in disruptive companies well positioned for substantial growth, with a predominant focus in the healthcare sector. Targeted companies benefit from leveraging the firm’s broad and deep network and strategic advice. Harpeth Ventures is an affiliate of Harpeth Capital, a private, middle market investment banking firm headquartered in Nashville, Tenn. serving clients throughout the U.S. For more information, visit www.harpethcapital.com.