Kare Technologies
Healthcare Staffing Marketplace for Senior Care · Houston, TX
GSV INVESTMENT
$2,915,193
Total deployed since 2019
PRE-MONEY VAL
$35.0M
Series A — Aug 2021
CARTA VALUE
$10,583,370
As of Sep 2025
BLENDED MOIC
7.52x
Growth + Revenue blend
GSV FD OWNERSHIP
14.7%
Preferred + Common units
FINANCIAL ASSESSMENT
Revenue Trajectory & Performance (USD)
Source: GS Value Tracker — F1 GB (MRR/ARR), F1 RB, Dec 2022 P&L, Monthly KPIs
| METRIC | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Annual Revenue (ARR) | $5.3M | $49.3M | $133.8M | $161.0M | $118.0M | $86.7M |
| Dec MRR | $787K | $6.2M | $12.9M | $13.5M | $9.3M | $7.4M |
| YoY Growth | — | +823% | +171% | +20% | -27% | -27% |
| Gross Margin | ~21% | ~21% | ~21% | ~21% | ~21% | ~21% |
| VALUATION METRIC | CURRENT | |
|---|---|---|
| LQ ARR | $86,742,490 | |
| Net Revenue (21% GM) | $18,215,923 | |
| Revenue Multiple | 10x Net Revenue | |
| FD % Stake | 14.7% | |
| GSV Revenue-Based Value | $26,777,407 | |
ANNUAL REVENUE TREND (USD MILLIONS)
PEAK ARR
$163.6M
Reached mid-2023
GROSS MARGIN
21%
Marketplace take rate
STATUS
Thriving
Health: Green
PROFITABLE
Yes
Cash flow positive
INVESTMENT STRUCTURE
Deal Terms & Cap Table
Source: Kare Capitalization_FINAL_8-7-21, GSV Fund I 25-09-30 (Carta), Preferred Unit Purchase Agreement
SERIES A PREFERRED — AUG 2021
SecurityPreferred Units
Pre-Money Valuation$35,000,000
Round Size$3,500,000
Post-Money (ish)$41,272,441
Share Price$32.13
Preferred Dividend8% Cumulative
Liquidation Preference1x Participating
GSV POSITION
GSV Preferred Units215,484
GSV Common Units22,565
Total Deployed$2,915,193
Carta FMV$10,583,370
Cost/Share (Pref)$10.16
FMV/Share (Pref)$44.46
Gain/Loss+$7,668,177
CAP TABLE — POST SERIES A
| HOLDER | CLASS | UNITS | FD % |
|---|---|---|---|
| Charles Turner | Common + Pref | 644,241 | 38.23% |
| ShaDaySha LLC | Common + Pref | 234,361 | 13.91% |
| GSV Investors I, LP | Common + Pref | 238,049 | 14.13% |
| Bridget Kaselak | Common | 142,219 | 8.44% |
| Golden Section Ventures | Common | 149,106 | 8.85% |
| Bridge Seniors Housing | Preferred | 62,691 | 3.72% |
| Bridge Group | Common | 34,450 | 2.04% |
| SPV II (GSV Master II) | Preferred | 26,144 | 1.55% |
| Other Investors | Various | 78,821 | 4.68% |
| Incentive Pool | Incentive | 75,000 | 4.45% |
| Total FD | 1,685,082 | 100% |
PRODUCT & COMPANY
Healthcare Staffing Marketplace
Source: Kare Partner Preferred Deal Memo GSV, Kare One Pager, Press Kit
Kare Technologies operates a two-sided marketplace connecting licensed senior care professionals ("Heroes") with skilled nursing facilities, assisted living communities, and other senior care operators. Founded in 2019 by Charles Turner — a veteran of the senior living industry — the platform addresses chronic staffing shortages and excessive overtime costs in an industry that employs millions of caregivers.
The platform allows caregivers to pick up extra shifts while keeping their full-time jobs, differentiating Kare from traditional staffing agencies. For facility operators, Kare eliminates overtime spending at roughly the same cost as a fully burdened employee — significantly cheaper than staffing agencies. Network effects accelerate growth: once an owner sees results at one facility, they push adoption across their portfolio.
Kare's marketplace model yields a ~21% gross margin on a roughly $40 take rate per shift. The company achieved profitability and has been generating cash, a rarity among marketplace companies at this stage. The US healthcare staffing market is a $19B+ industry with over 5,000 staffing companies, and senior care specifically employs 5.2M+ frontline workers across 1.1B annual shifts.
CATEGORY
Healthcare Tech
Senior care staffing
BUSINESS MODEL
Marketplace
~$40 per shift take rate
TAM
$19B+
US healthcare staffing
ANNUAL SHIFTS
1.1B
Frontline caregivers, US
MONTHLY MRR TRAJECTORY (USD)
INVESTMENT HISTORY
GSV Investment Timeline
Source: GS Value Tracker — F1 GB (Investment Row), GSV Fund I 25-09-30 (Carta), Note Register
Jun 2019
Seed Round — Convertible Note 1
GSV Investors I, LP initial note — $250K at 8% interest, 20% discount, $5M cap
$250,000
Dec 2019
Additional Seed Notes
Syndicate round including Bridge Seniors Housing, YSMLC, Third Act VC, and others
$9,753 (GSV portion of round)
Jan – Apr 2020
Follow-on Convertible Notes
Three additional notes: $100K (Jan), $70K (Apr), $90K (Apr) at 8% interest
$260,000
May – Jul 2020
Bridge Round — Convertible Note 2
$1.5M round at 8% interest, 20% discount, $7.5M cap. GSV: $250K ($100K May, $150K Jul)
$250,000
Jan 2021
Additional Bridge Note
GSV Investors I, LP follow-on bridge note
$50,000
Aug 15–16, 2021
Series A Preferred — $3.5M Round
$35M pre-money. All convertible notes converted to preferred at discount. GSV: $1,275K direct preferred + $725K secondary common purchase + note conversions. Fully executed Preferred Unit Purchase Agreement.
$2,000,000 (new capital)
Oct 2021
Second Close Allocation
GSV second tranche investment in Series A
$300,000
Dec 2021
Final Deployment
Additional follow-on to complete GSV Fund I allocation to Kare
$370,440
CUMULATIVE DEPLOYMENT
NOTE CONVERSION SUMMARY
| ROUND | PRINCIPAL | INTEREST | CONVERTED | PREF SHARES |
|---|---|---|---|---|
| Seed (Note 1) | $1,000,000 | $139,593 | $1,139,593 | 251,547 |
| Bridge (Note 2) | $1,500,000 | $117,841 | $1,617,841 | 235,152 |
| Total | $2,500,000 | $257,434 | $2,757,434 | 486,699 |
INVESTMENT THESIS
Why Kare Technologies
Source: Kare Partner Preferred Deal Memo GSV, LP Presentation Fund I
Exceptional Capital Efficiency. Kare generated $18.9M run-rate revenue off just $2.5M in prior capital — creating $7.6 in revenue for every $1 invested. This capital efficiency is extremely rare among marketplace companies.
Powerful Network Effects. When facility owners see results at one location, they push operators at their other facilities to adopt Kare, creating organic expansion without additional sales headcount.
Attractive Entry Valuation. The $35M pre-money represents <2x run-rate gross revenue and ~8x net revenue — conservative multiples for a high-growth healthcare marketplace.
Deep Domain Moat. Healthcare staffing requires state-level credentialing, background checks, and compliance — creating significant barriers to entry for generic gig-economy platforms.
Secular Tailwind. America's aging population drives ever-increasing demand for senior care workers. The $19B+ healthcare staffing market is highly fragmented with 5,000+ agencies — prime for digital disruption.
Profitability Achieved. Kare is profitable and cash-flow positive — a rare achievement for a marketplace at this scale. The 21% gross margin on marketplace revenue provides sustainable unit economics.
RISK ASSESSMENT
Key Risk Factors
Source: Kare Partner Preferred Deal Memo GSV, GS Value Tracker, Monthly Reporting
HIGH
Revenue Decline. ARR has fallen from a peak of $163.6M (mid-2023) to $86.7M (Dec 2025), a -47% decline. YoY growth turned negative (-27%) in both 2024 and 2025. The post-COVID normalization in healthcare staffing demand may be structural rather than cyclical.
HIGH
Working Capital Risk. Kare pays contractors the day after shifts but invoices clients bi-weekly with net 15-30 day terms. This cash conversion cycle creates significant working capital requirements as volume scales. Adequate credit facilities are essential.
MEDIUM
Competitive Landscape. The healthcare staffing market has 5,000+ agencies. While fragmented, larger players could build similar marketplace platforms. Kare's geographic expansion and owner-operator network effects provide some protection.
MEDIUM
Margin Compression. At 21% gross margin, Kare operates with thin margins relative to SaaS peers. Competitive pressure from staffing agencies or other platforms could pressure take rates and further compress margins.
MEDIUM
Regulatory Risk. Healthcare staffing is subject to state-level credentialing, labor regulations, and evolving gig-economy legislation. Changes to worker classification rules could impact Kare's contractor model.
LOW
Key Person Risk. Founder Charles Turner is deeply embedded in the senior care industry and is central to Kare's strategy and relationships. However, the company now has a broader leadership team and established customer base.
EXIT ANALYSIS
Return Scenarios & Exit Pathways
Source: GS Value Tracker — F1 Blend, F1 DPI, LP Presentation Fund I
| SCENARIO | EV MULTIPLE | IMPLIED EV | GSV VALUE | MOIC |
|---|---|---|---|---|
| Wipeout | — | $0 | $0 | 0.0x |
| Downside (3x Net Rev) | 3x | $54.6M | $8.0M | 2.8x |
| Base Case (5x Net Rev) | 5x | $91.1M | $13.4M | 4.6x |
| Growth-Based | — | — | $75.8M | 26.0x |
| Blended (GP Adj.) | — | — | $21.9M | 7.52x |
EXIT STRATEGY
Current strategy: Nurture. Kare is classified as an active, green-tier portfolio company. The GP-adjusted blended value of $21.9M reflects a conservative weighting between the growth-based ($75.8M) and revenue-based ($26.8M) methodologies. Implied full enterprise value at current metrics is $149.1M.
EXIT SCENARIO — GSV VALUE (USD MILLIONS)
LEADERSHIP & TEAM
Key People
Source: Kare Partner Preferred Deal Memo GSV, Cap Table, Closing Documents
CT
Charles Turner
CEO & FOUNDER
Deep domain expertise in senior living and skilled nursing facility operations. Founded Kare in 2019 in partnership with Golden Section Technology. Largest individual shareholder (38.23% FD). Built Kare from $0 to $160M+ peak ARR.
BK
Bridget Kaselak
CO-FOUNDER
Co-founder with background in senior care operations. Holds 8.44% FD ownership. Instrumental in Kare's early growth and operations, particularly in establishing market presence across multiple states.
AS
Andrew Smith
GSV — DEAL LEAD
Co-authored the Kare Partner Preferred Deal Memo and led the GSV investment thesis. Principal at Golden Section responsible for deal evaluation, structuring, and ongoing portfolio management.
OK
Oscar Kutch
GSV — DEAL SUPPORT
Co-authored the deal memo alongside Andrew Smith. Contributed to financial analysis, market assessment, and due diligence for the Kare Series A investment.
DC
Dougal Cameron
GS TECHNOLOGY
Golden Section Technology partner who co-developed the initial Kare marketplace platform.
IS
Isaac Shi
GS TECHNOLOGY
Golden Section Technology partner who helped build the first iteration of the Kare marketplace.
SD
ShaDaySha LLC
STRATEGIC INVESTOR
Major co-investor holding 13.91% FD. Participated across bridge and Series A rounds with $2M total deployment.
GP RECOMMENDATION
Verdict: MONITOR
Kare Technologies remains GSV Fund I's highest-performing investment by MOIC (7.52x blended) and the largest position at 46.3% of fund value. The company achieved remarkable scale — growing from $0 to $160M+ peak ARR in just four years off $2.9M deployed capital. Kare is profitable, cash-flow positive, and classified as "Thriving" with green health status. However, the sustained revenue decline from peak (-47% from mid-2023 to Dec 2025) warrants close monitoring. The current strategy is Nurture — supporting the management team as they navigate the post-COVID normalization in healthcare staffing demand. The GP-adjusted blended value of $21.9M reflects realistic expectations, and the underlying business fundamentals (profitability, market position, domain expertise) remain strong. Kare's path to stabilization and potential re-acceleration will be the key value driver for Fund I returns.
BLENDED MOIC
7.52x
On $2.9M deployed
CARTA VALUE
$10,583,370
As of Sep 2025
% OF FUND
46.3%
Largest Fund I position
DPI STRATEGY
Nurture
Support team through normalization
KEY MILESTONE
Revenue Stabilization
Arrest ARR decline, return to growth
KEY CONCERN
Revenue Trajectory
-27% YoY for consecutive years
Prepared by Derek · March 2026 · Sources: GSV Fund I 25-09-30 (Carta), GS Value Tracker — December 2025, Kare Partner Preferred Deal Memo GSV, Kare Capitalization_FINAL_8-7-21, Monthly KPIs, Dec 2022 P&L, Note Register, Closing Documents