Overlooked Ventures invests in Blooming Health, an Agetech service that connects aging service providers with older adults
Nearly 22% of the U.S. population was born between 1946–1964, making the Baby Boomer generation the second-largest generational group in U.S. history behind Millennials. As this large group of the population ages, many are beginning to rely on community-based organizations (CBOs) for their health care needs. CBOs, such as social service agencies or senior centers, provides older adults with health programs and connect them to care services. It’s clear that community-based organizations are critical to the aging population with 11 million U.S. adults being served monthly.
The world is going through an unprecedented demographic shift. We’ve never had so many people entering old age at once. This massive market is growing by the day, and CBOs play a large role. Many older adults prefer to “age in place,” instead of being placed in a nursing home, which creates a challenge for CBOs to reach their target market, especially with current technology geared towards this market lacking. Many community-based organizations use outdated tech or CRM systems, or even worse, making it difficult to communicate or engage with their members. A large gap existed until Blooming Health, an engagement platform to seamlessly connect older adults with service providers, entered the market.
Overlooked Ventures is proud to announce our investment in Blooming Health, which serves the $575B aging-in-place market by helping older adults live longer, healthier, and happier while bringing more operational efficiencies to aging-in-place providers.
Blooming Health is a solution for senior care organizations to increase their remote engagement with older adults using low-tech solutions such as SMS, voice calls, and emails. Their system allows providers to take advantage of automation to communicate with their hundreds or thousands of members via one-click broadcasts, wellness check-ins, gamified engagement, interest-based program reminders, and more. In addition to improving the lives of older adults, Blooming Health offers CBOs a self-service web application that delivers data and insights in an intuitive dashboard.
Blooming Health is building to be the single touchpoint for all aging in-place needs, supporting older adults to live at the comfort of their home and community independently, healthily, and happily.
The AgeTech market is booming. In fact, AARP describes the longevity economy as all economic activity serving the aging market. By 2030 they’re expected to spend over $200B annually in tech solutions. To that point, older adults are adopting technology at a rapid pace. A lot of people could be overlooking the AgeTech market right now because of the typical slow technology adoption rate by older adults. That’s changing according to a recent AARP survey, which found that adults 50+ are adopting technology at almost the same rate as adults ages 18–49. Blooming Health is adapting to the technology preferences of the aging population by providing a bridge between CBOs and older adults. Their starting target population is older adults in the higher age range or lower socioeconomic status; a segment of the population that are at the highest risk levels of adverse health outcomes as a result of the Social Determinants of Health (e.g. healthy meals, social engagement, transportation, etc.) gaps they suffer from. By empowering the caregiving for these segments of the population proactively in their communities, we are aiming to reduce the cost of unnecessary healthcare utilization and catastrophic health outcomes.
Blooming Health was founded by Nima Roohi, Ph.D., Kavitha Gnanasambandan, Ph.D., and Naman Gupta. Each of Blooming Health’s co-founders has a strong background in science, technology, and the health care industry, and just as importantly, are passionate about their mission to improve the quality of life of the aging population. Nima, Kavitha, and Naman have all experienced the issues that older adults face while aging in place and saw first-hand the isolation, sadness, and loneliness that their relatives went through. Their strong purpose and drive to solve this problem is part of what makes Blooming Health a company leading the way in the AgeTech market.
Overlooked Ventures is so excited to welcome Blooming Health and its three co-founders to our portfolio. These founders, all of which emigrated from another country to the United States (Nima Roohi from Iran, Kavitha Gnanasambandan, and Naman Gupta from India), are truly providing a unique solution that serves the aging population, an overlooked and underserved market.
Blooming Health is a startup you don’t want to miss out on! If you’re an investor and want to get in on their fundraising round, reach out to firstname.lastname@example.org
And if you’re interested in learning more about Blooming Health for your organization, visit their website.