US-based senior care technology developer K4Connect closed a series B round featuring insurance group Axa, semiconductor technology producer Intel and reinsurance provider Reinsurance Group of America (RGA) at $21m yesterday.
Venture capital firm Forte Ventures led a $7.7m tranche to close the round and increase the company’s overall funding to $31m. It also named Ziegler Link-Age Fund, a joint venture between senior services provider Link-Age and investment firm Ziegler, as a new backer.
Axa subsidiary Axa Venture Partners led the $12m first close in late 2018, investing with Intel unit Intel Capital and RGA’s VC arm, RGAx, as well as Revolution Ventures’ Rise of the Rest Seed Fund, Sierra Ventures, Topmark Partners (then Stonehenge Growth Equity Partners), Better Ventures and Traverse Venture Partners.
K4Connect produces technology intended to help elderly residents of care homes and users with physical disabilities. Its lead product, K4Community, is a software platform that enables senior living facilities to be run more efficiently.
Sierra Ventures, Traverse Venture Partners, Better Ventures and Topmark Partners had provided $1.9m in seed funding for the company in 2015 and returned for an $8m series A led by Intel Capital that included RGAx and home improvement retail chain Lowe’s in 2016.
Scott Moody, co-founder and chief executive of K4Connect, said: “We are incredibly fortunate in our investor relationships in that they not only believe in our vision but equally value our mission.
“Forte Ventures is a prime example of that relationship and we’re proud to welcome them to the bench of our valued investors. With their support, and all of our investors, we are continuing to accelerate to serve as many older adults through technology as possible.”
