Lifespark Lands $20M in Series B Financing
St. Louis Park-based Lifespark has closed on $20 million of Series B financing. The new money will help fund advancements to the company’s proprietary technology platform. Lifespark offers personalized, proactive care for seniors and touts a goal of keeping patients off of the “health care rollercoaster.”
“We also know there is tremendous waste in healthcare with more than $75 billion alone spent on overtreatment and low-value care,” said Joel Theisen, Lifespark’s founder and CEO, in a statement. “Understanding where that waste exists and how to prevent it is something our tech operating system focuses heavily on. It’s a blending of everything a person needs in a complete system offering seamless fulfillment of a person’s life plan.”
The new partnership with UCare was announced yesterday. UCare strategically invested in Lifespark’s technology platform to help serve Minnesota seniors holistically.
“Aging well is a major focus of ours as we work to provide our members with a path to the best health for their lives at all stages of their lives,” said Mark Traynor, president and CEO of UCare, in a statement “We believe in the power of Lifespark’s holistic services, support and technology to enable our growing Medicare membership to enjoy better health. Lifespark’s technology platform provides a window into our members’ whole life, not just their medical history, allowing us to understand what matters to them and adapt our services and supports. We think Lifespark’s holistic services will have significant impact in helping our most vulnerable members manage their care and avoid hospitalizations. This is an exciting opportunity to be able to serve seniors fully.”
The company is not exactly a startup. It was founded back in 2004 as Age Well, before changing its name to Lifesprk and ultimately Lifespark.
In March 2020, the company secured $16.1 million in Series A financing. That round was also led by Virgo.
In May Lifespark acquired Bloomington-based Tealwood Senior Living and now manages Tealwood’s 35 senior communities in Minnesota and Wisconsin. Tealwood – now Lifespark Senior Living – had approximately 2,400 employees and annual revenue of about $200 million.
This year, Lifespark founder Theisen was a finalist in Ernst & Young’s annual “Entrepreneur of the Year” competition. The company previously went by the name “LifeSprk.”