Better Caring has entered into an equity funding arrangement with News Corp, which will see it receive advertising support from the media giant across its numerous channels.
The provider of aged and disability home care services is the first recipient of the dedicated media for equity fund, Scaleup.
The media for equity fund was set up last August to provide advertising and marketing support to start-up businesses that show strong signs of growth and are seeking to become household brands, according to an article published in The Australian.
Scaleup works directly with businesses and venture capital by providing advertising inventory, advertising campaign executions, and real-time reporting from its owners and investors, which include News Corp, Fox Sports Australia, Nova Entertainment and Network Ten.
In return for its advertising support, Scaleup receives equity in the business.
The funding round for the company was led by Ellerston Capital, whose investment director is also the Chair of Better Caring, David Leslie.
Better Caring was founded in 2014 by former Bankers Trust partner Peter Scutt and former investment banker Tony Charara.
It draws on advice and support from industry advisors including former ACSA ACT NSW CEO Jill Pretty, COTA CEO Ian Yates and disability and mental health strategic advisor, Arahni Sont.
The company works as an online peer to peer marketplace, connecting qualified carers with people who need assistance.
It uses a 13-step vetting process to ensure suitability and has more than 7000 qualified carers signed up and 3000 patients requiring care.
Scaleup said Better Caring was an attractive investment for it as the company has experienced significant growth in a market driven by regulatory reforms and the rollout of the National Disability Insurance Scheme.
“Scaleup offers full planning, strategy and execution capability across each of its partner media platforms,” Mr Leslie told The Australian.
“It typically wants to invest in firms at a Series A and Series B stage in venture capital financing rounds. Companies are assessed based on their potential to scale, current customer base, and whether a product or service is solving a real problem.”
Other partners of Better Caring include Carers Victoria, Zurich Insurance and Gow-Gates insurance.