Care firm Papa is shedding 15% of the workforce

Papa, a company that provides home care for older adults and their families, has laid off 15% of its workforce.

Its CEO, Andrew Parker, announced the news on LinkedIn late Wednesday.

“Today was a tough day for dad. Given the current environment and our long-term goals, I have made the difficult decision to downsize our team by 15%,” Parker wrote. “To everyone who brought their talents and passion to Dad, thank you for all you have done for our mission. … The mission, more important than ever, remains the same: to create a new way of care, built on human connection.”

The company achieved unicorn status last November after announcing a $150 million Series D. The funding round brought its total funding to $240 million since its inception in 2017. Its valuation at the time was estimated at $1.4 billion.

Papa quickly gained notoriety after its introduction and remains what many would describe as a very big player in home care. While not a traditional provider of home healthcare or home care, the company has carved a significant place for itself alongside those two sectors.

It contracts with Medicare Advantage (MA) plans, Medicaid, and other employer health plans to enable its services. The company sends “Papa Pals” to retirement homes to combat loneliness and help with meal prep, technology, and housework, among other things.

Within just four years of launch, Papa was able to expand its reach to all 50 states.

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