Mycare raises $3.5-million, readies for growth

Media release

1 December 2016

Mycare raises $3.5-million, readies for growth

A platform which is set to revolutionise homecare in New Zealand by providing workers with higher wages and clients with direct access to better care is set for growth after successfully raising $3.5-million from private investors.

Mycare is an online marketplace for homecare services which connects clients directly with care workers. The system is well proven, having operated for one year, during which time it has undergone substantial development to provide a simple, convenient and effective method to connect care workers and clients. With over 2000 care workers registered on Mycare, the capital raised will be used to grow the reach of the platform in the local market.

Founder and Managing Director Mark Jeffries says the market responded enthusiastically to the call for investment. “We have spent considerable time and funds in proving the platform, including the introduction of a wide range of features such as mobile service records, automated payments, tax deductions and worker insurances, and a service which enables clients and care workers to rapidly identify, choose and rate the people they prefer to work with. As a result, we have a mature solution which works well, with an attractive value proposition for users and funders.”

The call for investment, now closed, was oversubscribed, says Jeffries, and Mycare has sufficient funding for its immediate future.

Explaining how Mycare works, Jeffries says the care environment in New Zealand is increasingly corporatised, but aged and disability care is a personal and human offering. “We’re using the power of the internet and mobile technology to connect and build communities in line with the way homecare was done historically but with far more transparency and service support.”

Carers register with Mycare and undergo identity and criminal checking. The carers can publish their profiles listing qualifications, experience and other background information. People needing care, or their family, join, too, and list a job indicating their requirements and preferences. A public review system allows clients to rate the services provided, equipping the community to choose who, when and how care is provided.

The site allows care workers to charge themselves out at their own rate, with qualifications and experience contributing to the opportunity for higher rates; the market is open, so rates can be negotiated and agreed between the parties. As a result, carers – who, under the corporate system are some of the country’s lowest paid professionals – are equipped to earn more, to choose their jobs, build relationships with clients and enjoy flexibility in how much or how little they choose to work.

Jeffries says Mycare addresses an issue which, with an ageing population, is likely to become more prevalent. “People need care. The home is the best place to provide that care and it is also the lowest cost centre. Mycare provides a frictionless way to connect people using a hyperlocal business model which makes it more affordable for the client and family, and more profitable for the care worker.”

He says Mycare puts up to 90 per cent of the costs of providing care into the hands of the care worker. “We provide the tools for end-to-end homecare service, payment, support and reporting. The online marketplace model is recognised by investors as the future of delivering this kind of service. We’re looking forward to using the funds raised to further accelerate Mycare into the market by boosting visibility, continuing to work with government agencies and going direct to the consumers who need care and the care workers who provide it.”

ENDS

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