Publisher:
CIT
Publish Date:
August 13, 2009
CIT GAP Fund Invests in Senior Living.Net
Company helps clients find senior care options
August 13, 2009 (HERNDON, Va.) – The Center for Innovative Technology announced today that its GAP Tech Fund has invested in SeniorLiving.Net, which offers online search tools, content and reviews to assist families researching their senior care options.
In making the announcement, CIT President and CEO Pete Jobse said that the CIT GAP Funds invested $100,000 and attracted an additional $1 million in private capital as a result of its due diligence process.
“SeniorLiving.Net is the kind of innovative company that the CIT GAP Funds pursues in order to create high potential and high value economic opportunities that create jobs and wealth in the Commonwealth,” said Jobse.
Based in Vienna, Va., SeniorLiving.Net is a referral-based service for the senior care industry, similar to apartments.com, or hotels.com. Facilities get free leads in exchange for agreeing to pay a finder’s fee when the resident moves in, which is less expensive than advertising or other customer acquisition costs. Families get access to a search engine that includes more than 50,000 facilities, and a Care Advisor that provides a free consultation, saving them both time and money.
Todd Walrath, CEO of SeniorLiving.Net, said, “This investment will allow us to expand our service and product offerings that help both families and senior care communities through an often complicated and difficult process in a growing market.”
According to Tom Weithman, CIT GAP Funds Managing Director, the investment increases the GAP Fund portfolio to 35 new companies, which have been able to attract an additional $40 million of private equity. “Even in the current economy, we continue to find great investment opportunities,” said Weithman.
About the Center for Innovative Technology, www.cit.org
CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers.
CIT is now listed on the GSA MOBIS Schedule, Special Item Numbers (SINs) SIN 874-1 for Consulting Services and SIN 894-2 for Facilitation Services. Its CAGE Code is 1UP71.
About SeniorLiving.Net, www.seniorliving.net
SeniorLiving.Net is referral network that provides tools and advice for families seeking recommendations for Senior Care Communities. Through their Care Advisor Network, SeniorLiving.Net makes experienced healthcare professionals available to families for free. Senior Care Communities receive qualified prospects in exchange for agreeing to pay a referral fee when a resident moves in. SeniorLiving.Net provides search tools, checklists and information on more than 50,000 communities nationwide. Contact: Shelley Laurell, Director of Marketing 866-761-7602
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