Upwards raises $21m to revolutionize childcare benefits and support working families

Upwards (formerly known as WeeCare), the preeminent national childcare network and care benefits company, has successfully closed a $21 million Series B financing round, a significant stride in the childcare sector. The round was led by Alpha Edison, with continuing support from M13 and Fika Ventures, elevating the company’s total funding to an impressive $43.3 million. This latest financial injection positions Upwards as a pivotal player in the childcare industry, spotlighting the growing investor interest in innovative childcare solutions.

Addressing Childcare Challenges with Technology

In the wake of the pandemic’s impact on the workforce, Upwards has experienced exponential growth, expanding its offerings eightfold. The company has established vital partnerships with over 520 companies, including notable names like Chobani, JCPenney, Trane Technologies, and the U.S. Army Reserves. These collaborations underscore the urgent need for robust care support systems for working families, a need that Upwards meets by integrating technology to streamline childcare services. The company’s platform connects nearly 3 million families with a network of vetted caregivers, from daycares to babysitters and nannies, enhancing the quality and accessibility of care.

Upwards Secures $21 Million Series B to Transform Childcare Benefits Landscape

A Mission to Make Quality Care Accessible

Jessica Chang, CEO and Co-Founder of Upwards, emphasizes the company’s mission to bridge the gap in the childcare system. Despite substantial public and private investments in childcare, many families still face challenges in finding affordable, quality care. Upwards’ ecosystem-based model and bespoke care solutions are designed to address these challenges head-on, proving to be a game-changer for employers, governments, and families alike.

The Series B funding will fuel Upwards’ ambitious expansion plans, improving the customer experience for families and caregivers and deepening partnerships with employers and government agencies. By broadening its caregiver network, Upwards aims to offer a wider range of care options to meet diverse family needs, driving forward its vision of universal access to quality childcare.

Innovative Solutions for a Persistent Challenge

Childcare remains a critical issue for many families, with more than half of working parents affected by the high costs and scarcity of childcare options. Upwards is pioneering a path forward, offering data-driven insights to companies on the impact of childcare benefits on recruitment and retention. The company’s approach has already shown promising results, significantly reducing employee absenteeism and turnover rates among those utilizing childcare assistance.

Nate Redmond, Managing Partner at Alpha Edison and soon-to-be board member of Upwards, praised the company’s innovative business model and its capacity to make trusted, convenient care affordable for a broader audience. Upwards’ technology-driven platform not only matches families with qualified caregivers swiftly but also facilitates efficient subsidy distribution, eliminating waitlists and ensuring timely payments to providers.