Fort Lauderdale-based UpsideHōM, which provides fully managed rooms and apartments to older adults, announced today that it has raised $2.25 million in seed funding. The funding round was co-led by Triple Impact Capital and Freestyle Capital, with participation from Techstars.
The startup gives people aged 55 and older an alternative to traditional senior living facilities. UpsideHōM does not build properties, but rather creates communities for seniors in close proximity.
Jake Rothstein, UpsideHōM’s co-founder and CEO, explained in a statement that the startup has seen “exponential growth and interest in [their] mission and services” since re-launching in January 2021 after collecting consumer feedback. The company reports more than 1,000% growth in revenue and bookings in the first half of 2021 thus far.
The co-founders plan to leverage this funding to support their rapid development. That includes building new technology that provides residents with access to resources like healthcare, transportation, roommate finders, and local experiences such as restaurants and events.
UpsideHōM co-founder and COO Peter Badgley said, “The launch of our customer-facing technology will take us one step further in our development and allow us to truly engage with our members in a brand new way.”
He continued, “Our goal is to consistently offer a seamless and comfortable experience for our members, from day one when they inquire about our services to move-in day and beyond. With the support of our investors, we have been given the opportunity to do just that while continuing to work toward our mission to positively impact and better people’s lives – particularly as they age.”
The company aims to provide high-quality units and high-touch concierge service to residents. It streamlines all payments into one bill including everything from electric and cable to transportation, grocery delivery, and fitness programming. UpsideHōM’s approach to senior living results in units that cost up to 70% less than comparable independent senior living communities. This price savings is critical considering that 64% of Americans expect to retire with less than $10,000 in savings.
In South Florida, UpsideHōM currently has available homes in Miami-Dade, Broward and Palm Beach counties, starting around $1,200 per month for a shared room. The startup also has properties in Tampa, Jacksonville, Atlanta, and Raleigh.
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