Caredoc

About Caredoc

Caredoc is a South Korean company operating within the senior care technology sector, positioning itself as a comprehensive platform for eldercare services. The company was established in April 2018 by its founder and CEO, Park Jae-byeong. Park's personal experiences with his aging parents and volunteer work with the elderly informed his decision to enter the senior care industry, aiming to address the market's challenges and opportunities. He holds a bachelor's degree in business from Pusan National University and a master's from KAIST. Before launching Caredoc, he spent four years on a global backpacking trip to understand different perspectives on life and problem-solving.

The company's business model has evolved from its initial focus on being a matching platform for nursing homes into a multifaceted service provider that covers the entire lifecycle of senior care. Caredoc operates an application-based platform that connects families with caregivers, including visiting nurses and care assistants, providing services from in-home care to post-hospitalization support. The company generates revenue by charging a commission of 4% to 15% on the fees for matching caregivers with clients. By November 2023, its cumulative transaction value had exceeded 150 billion KRW.

Caredoc's service portfolio is extensive, offering in-home care, visiting rehabilitation exercises, and companionship services. A significant part of its strategy involves developing and operating its own residential care facilities. These include 'Caredoc Care Homes,' which are positioned as mid-tier nursing homes, and 'Caredoc Stay,' which provides short-term residences for seniors undergoing medical treatments. The company aims to expand its residential footprint significantly, with plans to operate 30 'Care Homes' by the end of 2024 and to secure 20,000 residential units by 2030 through various partnerships, including joint ventures with companies like Lotte Hotel. Furthermore, Caredoc provides B2B solutions, including consulting for companies entering the senior market and SaaS solutions for facility management. The firm has also partnered with global asset manager Invesco to launch 'Careoperation,' a joint venture focused on developing and operating senior housing.

The company has secured substantial funding through multiple rounds, including a Series A round of 10.6 billion KRW and a Series B round of 17 billion KRW in November 2023, bringing its total accumulated investment to 31.5 billion KRW. Key investors include Murex Partners, SK D&D, IBK, and Hyundai Marine & Fire Insurance.