Upwards: Revolutionizing Childcare Benefits
February 19, 2024, 12:59 pm
Location: United States, California, Los Angeles
Employees: 51-200
Founded date: 2017
Total raised: $33M
Upwards, a national childcare network and care benefits company, recently secured a $21 million Series B financing round, bringing its total funding to $43.3 million. This investment, led by Alpha Edison, highlights the company's commitment to transforming the childcare industry.
Upwards, formerly known as WeeCare, has experienced exponential growth since launching childcare benefits solutions in response to the pandemic's workforce challenges. The company has formed key partnerships with major employers like Chobani, JCPenney, and the U.S. Army Reserves, as well as over 520 other companies dedicated to supporting working families.
By streamlining the childcare experience for caregivers and families, Upwards ensures efficient subsidy distribution and removes barriers to quality care for families in need. Through its network of vetted caregivers, ranging from daycares to babysitters and nannies, Upwards empowers these caregivers with a tech platform to deliver exceptional care and build sustainable care businesses.
The $21 million funding will fuel Upwards' expansion efforts and enhance the customer experience for families, caregivers, and employer and government partners. The company plans to diversify its caregiver network to offer more care options that cater to the unique needs of families, fulfilling its mission of making quality care accessible to all families while supporting the caregivers who provide it.
With over half of working parents leaving their jobs due to childcare challenges, Upwards' innovative approach to childcare benefits is crucial. By providing data-driven insights that demonstrate the impact of childcare benefits on recruitment and retention, Upwards has helped reduce employee absenteeism by 30% and turnover by 5x among employees utilizing childcare assistance.
Through partnerships with governments, Upwards connects eligible employees with subsidies, making childcare affordable through employer, employee, and state contributions. The company's technology streamlines the caregiver matching process, eliminating waitlists for families, ensuring prompt payments to providers, and maximizing the efficiency of subsidy programs.
Upwards' CEO and Co-Founder, Jessica Chang, emphasizes the importance of leveraging technology to address the childcare crisis and create a powerful alliance between families, caregivers, employers, and governments. The company's ecosystem-based model and tailored care solutions are bridging the gap in the childcare system, making a tangible difference for millions of families across the country.
As Upwards continues to revolutionize childcare benefits and expand its reach, it is poised to become a category leader in the industry, bringing joy and relief to families in need of quality, affordable care. With the support of investors like Alpha Edison, Upwards is well-positioned to drive positive change and make a lasting impact on the childcare landscape.
Upwards, formerly known as WeeCare, has experienced exponential growth since launching childcare benefits solutions in response to the pandemic's workforce challenges. The company has formed key partnerships with major employers like Chobani, JCPenney, and the U.S. Army Reserves, as well as over 520 other companies dedicated to supporting working families.
By streamlining the childcare experience for caregivers and families, Upwards ensures efficient subsidy distribution and removes barriers to quality care for families in need. Through its network of vetted caregivers, ranging from daycares to babysitters and nannies, Upwards empowers these caregivers with a tech platform to deliver exceptional care and build sustainable care businesses.
The $21 million funding will fuel Upwards' expansion efforts and enhance the customer experience for families, caregivers, and employer and government partners. The company plans to diversify its caregiver network to offer more care options that cater to the unique needs of families, fulfilling its mission of making quality care accessible to all families while supporting the caregivers who provide it.
With over half of working parents leaving their jobs due to childcare challenges, Upwards' innovative approach to childcare benefits is crucial. By providing data-driven insights that demonstrate the impact of childcare benefits on recruitment and retention, Upwards has helped reduce employee absenteeism by 30% and turnover by 5x among employees utilizing childcare assistance.
Through partnerships with governments, Upwards connects eligible employees with subsidies, making childcare affordable through employer, employee, and state contributions. The company's technology streamlines the caregiver matching process, eliminating waitlists for families, ensuring prompt payments to providers, and maximizing the efficiency of subsidy programs.
Upwards' CEO and Co-Founder, Jessica Chang, emphasizes the importance of leveraging technology to address the childcare crisis and create a powerful alliance between families, caregivers, employers, and governments. The company's ecosystem-based model and tailored care solutions are bridging the gap in the childcare system, making a tangible difference for millions of families across the country.
As Upwards continues to revolutionize childcare benefits and expand its reach, it is poised to become a category leader in the industry, bringing joy and relief to families in need of quality, affordable care. With the support of investors like Alpha Edison, Upwards is well-positioned to drive positive change and make a lasting impact on the childcare landscape.