Challenging traditional investment models, startup continues to grow with modest investments aligned to evolving market demands
Boston, MA – April 12, 2017 – 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.
Optimizing the Torchlight growth engine
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.
“One of our proudest achievements to date is the model we’ve designed to optimize our ‘growth engine’ — the people, product, and processes — to meet the evolving needs of our customers,” said Torchlight founder and CEO Adam Goldberg. “We call it precision financing. This approach to investment has been better for our company, our customers, and our small community of investors who we believe will get a better return on their investment.”
The three P’s
On the people side, Torchlight has expanded its leadership team in technology, sales, and marketing. In addition to vice president of sales John Reuben (formerly with Oracle and other technology companies), who was announced earlier in the year, Torchlight recently tapped CTO Dan Richards (former VP of engineering at Constant Contact and HR tech strategist), CMO Giovanni Rodriguez (former strategist for community-driven initiatives for the White House and AARP), and senior director of client success Jane Gladitsch (formerly with Torchlight partner Bright Horizons).
As the company’s first CTO, Richards will be collaborating with Torchlight’s Carolyn Romano (head of product and content) to drive the technology-enablement of the product vision so that it meets the needs of the expanding caregiving ecosystem. Richards will bring his prior experience with HR platforms to develop Torchlight’s integration and collaboration technology strategy within the care-giving ecosystem. Rodriguez will be collaborating with Romano to design a path breaking content and community capability that scalably serves the needs of all Torchlight constituents, from prospects to partners, to users of the platform
In addition, Torchlight recently welcomed investor Elliot Sainer to its board of directors. Sainer, a prominent leader in the healthcare and education industries was the Founder and retired CEO of the Aspen Education Group. He is an active investor in early stage education and healthcare companies, and currently serves on the boards of a number of prominent private equity backed behavioral healthcare companies.
“It’s an exciting time for Torchlight, as it invests strategically in the capabilities that have already enabled it to grow,” said Sainer. “2016 was a big year for the company, but 2017 is already looking bigger. The market for caregiving solutions is expanding and Torchlight is fortunate to be in a position to serve that market.”
Torchlight is a cloud-based, caregiver concierge platform that reduces the costs and complexities of modern caregiving — which costs the US economy with $38.2 billion annually in lost productivity — for families and employers in the United States. With personalized decision support, action plans, easy-to-use digital tools, and expert advising, caregivers now have the power to handle every challenge with confidence. Torchlight covers over 855,000 working families at innovative companies across the country, that recognize caring is good business.
Based in Boston, the company was founded by caregiving pioneer Adam Goldberg, M.Ed. For more information, contact sales (at) torchlight (dot) care, phone 844-693-3477, or visit Torchlight.care.