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Nationwide Invests in Caretech Firm

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The venture capital arm of Nationwide Mutual Insurance Company has helped create a $30 million pool of capital for a home caregiver support technology company, Vesta Healthcare.

Nationwide Venture contributed to a new round of funding for the company. Oak HC/FT and Deerfield Management Company led the round.

(Related: Nationwide to Invest $160 Million in Training Program)

Vesta Healthcare is a New York-based technology company that provides telehealth services, health analysis services, and other support services for family caregivers and paid caregivers.

Vesta raised $11 million from investors in 2015, and another $32 million from investors in 2016. About $5 million of the capital raised in 2016 came from Kaiser Permanente, a health insurer.

Nationwide Ventures is one of four companies joining Vesta’s investor team through the latest round of funding.

Vesta has been active in Massachusetts. The company plans to use the new capital to expand its market footprint, and to expand its product development, engineering, and sales and marketing operations, the company says.

Erik Ross, head of Nationwide’s venture capital team, said in a comment on the investment that Nationwide sees the investment as embodying the company’s mission of protecting people.

“Caregivers have a huge impact on a person’s ability to life comfortably in retirement,” Ross said.

— Read Long-Term Care Planning Is Still a Great Way to Connect With Clients: Kristi Rodriguez, on ThinkAdvisor.

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