The Helper Bees: Why We Invested

By Sophia Friedman

There are over 46M adults over age 65 living in the US today, and that number is expected to grow to almost 90M by 2050. The global population is aging at unprecedented rates -- older people make up an increasing share of the world’s population. This phenomenon is more pronounced in the United States than anywhere else in the world. The U.S. Census Bureau projects that older adults (people over 65) are expected to outnumber children under the age of 18 by 2034. Given the speed with which the US population is aging, compounded by the COVID-19 pandemic which has highlighted health risks associated with institutionalization, there are increasing pressures to enable adults to age in place and keep older adults out of senior living facilities. 

Solution

The Helper Bees (THB) partners with Long-Term Care Insurance carriers and Medicare Advantage health plans to provide quality care and appropriate tools to keep older adults independent, healthy and living at home longer. The Helper Bees strives to help older adults age in place successfully and does so by addressing the ‘social determinants of aging’: the conditions in the environments where people age that affect a wide range of health outcomes. The Helper Bees has developed a complete regulatory and administrative platform that blends claims processing, provider recruitment, and provider credentialing with the member-facing aging-in-place marketplace, aggregating all in-home care and support services into one platform. The platform’s direct impact is increased member satisfaction, improved health outcomes, and reduced claims costs and institutionalization rates.

Why We Invested

By 2040, 80 million Americans will be over the age of 65. 40 million individuals will need long-term care, and 90% of these will want to remain at home as they age. Today’s demographic shifts are changing consumer demands and placing unique pressures on the payors of long-term care. These payors, including Medicare Advantage and Long-Term Care Insurers, will need to focus on improving the social determinants of aging in order to improve care delivery to older adults. The Helper Bees addresses this market opportunity by providing a comprehensive aging-in-place platform to allow payors to tap into provider networks that enable older adults to age at home more seamlessly and successfully, thus resulting in better health outcomes at lower costs.

The Helper Bees aggregates various solutions related to the aging process into one to provide a single point of entry through which patients or caregivers can manage their own care. While point solutions exist to address various fragmented portions of the aging process, The Helper Bees is unique in that it consolidates these solutions into one platform that manages both the services themselves as well as claims processing, thus removing friction from the aging process. The Helper Bees’ team has proven themselves to be a strong leaders and well versed in understanding the unique payor environment related to Long-Term Care Insurance and Medicare Advantage. The team has a clear focus on improving the aging process for older adults and understands the importance of making healthcare more equitable and accessible to improve healthcare for all older adults regardless of socioeconomic class or demographics.

Impact

We believe The Helper Bees has the ability to make a positive impact by providing a solution that improves the aging process for older adults by focusing on the social determinants of aging. The Helper Bees has already demonstrated a meaningful reduction in the institutionalization of seniors – its Care Concierge product has resulted in a significant reduction in institutionalization to date. Further, The Helper Bees improves the process of aging in older adults in two ways:

1. By enabling individuals to more easily understand and take advantage of their supplemental benefits

2. By managing payment and reimbursement for these services, which individuals might not have the cash flow to support, therefore making these services more accessible to aging individuals

The Helper Bees reaches customers in all 50 US states of varying socioeconomic classes, races and ethnicities. The Helper Bees is in the process of expanding into Medicare Advantage, launching with its first customer in 2022. Medicare Advantage plans are often focused on chronically ill populations, which includes patients that are also eligible for Medicaid coverage – these patients are dual eligible, meaning the beneficiaries quality for both Medicare and Medicaid benefits. We anticipate dual eligible members will be a critical area of focus for The Helper Bees as the Company expands to partner with more Medicare Advantage customers. As the company continues to scale and expand into Medicare Advantage, we are excited by The Helper Bee’s opportunity to expand access to underserved populations and to improve the aging process for all.

Slang: Why We Invested

By Ander Iruretagoyena and Tasha Seitz

In today’s society there are over 59 zettabytes of information. Despite its impressive size, the fact that this global knowledge base is primarily encoded in English (i.e., 90%+ of scientific research is published in English) means that the over 6.6B non-English speakers have limited access to technical know-how, innovation, and new developments that occur worldwide. For expanding businesses, young graduates, scientists, researchers, and immigrants, English proficiency is an essential gateway to economic opportunity as it broadens horizons, lowers barriers, and speeds information exchange. As more and more multinational companies like Airbus, Samsung, Daimler-Chrysler, etc., mandate English as the common corporate language, the incentives to learn English have never been greater, and the demand for talent with English proficiency far outpaces supply.  However, access to acquiring professionally relevant English skills has been persistently limited by a lack of tailored, flexible and affordable upskilling resources.

In the United States, which has always been a polyglot nation, low levels of English proficiency are the most significant risk factor for underemployment. In a recent study examining the costs of untapped talent, it was found that within the immigrant population, those who reported speaking English “not well” or “not at all” were five times more likely to be in low-skilled jobs than those who speak English natively. As another data point, the 20 million Americans with limited English proficiency who comprise over 10% of the working age population in the US, earn 25-40% less than their English proficient counterparts.

Although there are many English-learning solutions on the market, traditional curricula cannot address the professional knowledge gap because they typically only teach conversational English or generic “business” English. 

Solution

Slang provides an adaptive, digital, ML-driven language-learning platform focused on professional English. This groundbreaking software tailors language learning to specific roles and professional vocabulary (e.g., accounting, maintenance, customer service) each of which may require a different level of emphasis on writing, speaking, reading and listening skills. Its innovative, learner-centric approach encompasses every domain of specialized English and provides meaningful access to global knowledge. For prices as low as $6/month, a Slang subscription makes specialized English much more accessible to students and workers in low- to middle-income categories. Organizations that might, in the past, have reserved English training for those in top management due to the high costs of domain-specific in-person classes and tutoring, can now expand a catalytic benefit to all individuals. The company is currently targeting Latin American markets, specifically Colombia, Brazil and Mexico, with plans to expand to the US market.

Why We Invested

English language learning is a $15B market in the Americas and $98B worldwide. In Slang, we saw a large opportunity, a company armed with a unique and defensible competitive advantage, and a mission-oriented team led by Diego Villegas. Diego is a non-native English speaker from Colombia. Prior to founding Slang, he was the founder and CEO of MASA, a Colombia-based technical services business that grew to 5,000 employees and $200M in revenues and was acquired by a European based-multinational. In the post-acquisition integration, Diego saw many of his employees get laid off because of their lack of English proficiency, which motivated him and Kamran Khan, an MIT-trained AI expert, to found Slang.

The focus on professional English differentiates Slang from the myriad of general language solutions in the market. Slang is architected and designed to rapidly deploy new knowledge domains and languages.  While the initial curriculum was designed to teach English to Spanish speakers, the company was, in a matter of weeks, able to quickly add support for Portuguese speakers in order to launch in the Brazilian market. Additionally, the team is focused on user experience and committed to positively impacting the economic well-being of workers, which has driven outsized NPS scores relative to industry averages. 

Impact

We believe that Slang has the ability to remove the barriers preventing many low-  moderate-income workers from accessing career opportunities within the knowledge economy. Slang’s professional English solution should drive increased upward mobility and higher employability, along with higher productivity and career-related knowledge in three main ways:

1. Expansion of access to knowledge: as workers’ English proficiency improves, they are able to access a wider range of high-quality content, including training and professional development courses, technical and reference manuals, and scientific research. 

2. Leveling the playing field for a global workforce: as English has become the lingua franca for business, improving the professional English skills of workers enables businesses of all sizes to participate more effectively in the global economy and drive better economic outcomes for workers, businesses, and countries.

3. Narrowing the knowledge gap between employee classes at the companies they serve: the affordability, flexibility, and specificity of Slang’s solution results in more training options even for blue-collar or nonexecutive roles, which traditionally don’t have access to English training.

Better Money Better World Podcast interviews Jessica Droste Yagan

Impact Engine's CEO Jessica Droste Yagan was recently interviewed on the Better Money Better World podcast by Impact Capital Managers.

She shared with host Daniel Pianko how leading sustainable sourcing strategies while working at McDonalds helped shape her investment philosophy: "Anything can be broken down into its component humans and component parts, and made better."

Plus, Jessica offers advice for next year's business school grads and anyone else who want to make a real impact.

Listen to the episode below, or on iTunes.

Workit Health: Why We Invested

By: Priya Parrish, Ander Iruretagoyena

There are an estimated 48M Americans that are addicts across Alcohol Use Disorder (“AUD”, 19M), Opioid Use Disorder (“OUD”, 3M), and Substance Abuse Disorder (“SUD”, 26M). This ongoing epidemic has caused drug overdose deaths to triple since 1990 with a 600% increase in opioid-related overdose deaths in the last decade alone. Today 1 in 4 deaths is attributable to these problems and it costs the U.S. economy over $600 billion every year. Perhaps most tragically, due to the high costs, social stigmas and embarrassment, only 4% or 2M of those suffering from an abuse disorder actually seek treatment. Typical options for treatment include traditional inpatient and outpatient treatments that are costly and inaccessible. On the other hand, most digital solutions lack the comprehensive treatment steps necessary to achieve results for patients.

Solution

Workit Health (“Workit”) offers an on-demand, end-to-end virtual solution for addiction treatment that includes all the key components of evidence-based care: intake / consultations, tele-counseling, tele-nursing, home drug testing, tele-group work, courses, prescriptions, and content. The company’s user-centric design and scalable technology successfully intervenes and changes members’ behaviors before a crisis results, while avoiding the high costs, stigmas and embarrassment that prevents patients from seeking treatment. Workit’s model has proven effective for patients with a 90% retention and adherence rate compared to a 39% industry average. The program is also accessible, with traditional inpatient and outpatient treatments costing ~7x and ~34x more than Workit.

Why We Invested

Workit’s industry leader status is driven by its intentionally accessible and evidence-based treatment that attracts commercial health plans and Medicare/Medicaid. The company’s retention & adherence rates and high customer satisfaction rates (68 NPS) are driving impressive growth in revenue per member, patient membership, and high LTV/CAC ratios. Workit is currently in 10 states and plans to use this capital raise to facilitate national expansion while remaining independent. In the 5+ years we have known Workit (IE Ventures I initially invested in Workit in 2016), this female-led executive team (Robin McIntosh & Lisa Mclaughlin) have more than proven themselves and brings prior entrepreneurial experience, expertise in healthcare, personal experiences with addiction and have successfully built the company with an impact-driven competitive moat. Since inception, their core focus has been on outcomes and to provide a user experience in-tune with patients’ needs.

Impact

With Workit, we believe that a platform that provides dynamic tailored content plus access to on demand coaching & medical care, will lead to a reduction in use of narcotics or alcohol for individuals who have addictive behaviors, leading to better health outcomes and a lower overall cost of healthcare. A 2019 longitudinal study showed that 67% of Workit patients reported reduction in usage and 87.6% an increased quality of life. Workit’s app is highly rated with a 4.7 rating with 500+ reviews and 9 out of every 10 customers would recommend Workit to a friend. As the company undergoes national expansion, we are excited that the company will have increased access to more real-time retention data and that retention is directly tied to revenues, marrying financial and impact returns.