Senior care company Lifespark has raised a $16.1 million Series A round of funding, the company announced on Thursday.
The investment was led by California-based Virgo Investment Group. Minnetonka-based Cherry Tree & Associates served as an adviser on the deal.
Lifespark provides in-home care for seniors. It plans to use the capital to invest in an electronic-records system that can be accessed by clients, clients’ families and care providers. It will also use the money to step up hiring and create new partnerships, like the one Lifespark already has with North Memorial Health.
“The traditional model of health care is siloed, broken, and confused in payment reform,” said Lifespark CEO Joel Theisen in a statement. “Now is the time to capitalize on immediate market opportunities for true disruption.”
Read on for the full story in the Minneapolis/St. Paul Business Journal…