Angel Funders Report 2021 - Flipbook - Page 16
CANDOO TECH LEVERAGES
PANDEMIC PIVOT capitalize
on $56 Billion Market
Candoo Tech, launched as an in-person service in 2019, provides tech
support and training to help older adults more easily use personal
technology. Founder Liz Hamburg, a serial technology entrepreneur,
was inspired by watching her aging father go from tech lover to
someone struggling to use technology independently .
Hamburg’s original business model was face-to-face interaction with
consumer customers. A key differentiator was help desk support experts,
including former Apple Geniuses, as “Tech Concierges” and training
them to address the needs of older adults using geriatric doctors, vision
and hearing impairment specialists, and enrichment therapists.
Candoo Tech was able to raise some investment by early 2020. It
was a challenge because in-person services are hard to scale.
Then, the pandemic forced client interactions online, total disrupting their
model. Hamburg saw this as a major opportunity, pivoting to remote services
enabling nationwide expansion. They could reduce costs, expand customer
reach, and concierges to work remotely from anywhere in the US.
The pandemic also revealed how critical using technology was to
combatting senior social isolation. Senior living facilities, Area Agencies
on Aging (AAAs) and other social service agencies needed help in getting
their clients ˮconnected.” Candoo Tech had what they needed.
After a March 2020 New York Times article, Candoo Tech was flooded with calls.
Liz leveraged her prior senior services connections and the expertise of her team
to pivot to a B2B model providing a tech-enabled service platform on a national
basis. The main business became multi-user contracts ,providing remote oneone support and group lessons, as well as setting up and managing devices
According to Hamburg, “as terrible as the Pandemic has been, it’s given
us the tailwinds to scale significantly. The need for older adults to be able
to use technology to stay safe, connected and engaged has become even
14 | Investing by the Numbers
As terrible as the Pandemic
has been, it’s given us
the tailwinds to scale
clearer and Candoo has become the leading
expert in understanding the needs of older
adults to get comfortable with their technology.”
Candoo Tech was part of the inaugural Techstars’
Future of Longevity cohort. and has been
featured by AARP and others. Vodia Ventures
were the first investors, followed by Techstars,
Rockie Venture Club (RVC) and others including AAA of Washington.
According to Doug Mandic, who led the investment team at RVC, “The
opportunity to invest in Liz was a key factor for us. As angel investors,
it’s rare to have the chance to invest in a founder with the experience,
maturity and pedigree that Liz brings to the mission. Helping the aging
community be less fearful of technology is also a problem we want to
solve, an important dimension for impact-oriented investors.”
Through the end of 2020, Candoo Tech raised a series seed of $750K
and booked $150K in revenue. In 2021, the company is on track to
$500K in revenue, with their client base doubling with thousands of users
today, across 32 states. Candoo Tech is winning contracts against major
players in the space and attracting the attention of more investors.
In the long term, Hamburg envisions using the data they collect to
provide feedback to technology manufacturers on how to better equip
their products for aging populations. And now, health plans are also
recognizing need for payors to support tech-enabled solutions for their
clients and reaching out to Candoo Tech. This story has just begun.
Angel Funders Report 2021 | 15