(Bloomberg) -- A Place for Mom, a private company that helps families find resources to care for senior citizens, has raised $175 million in its latest funding round led by Insight Partners, according to a statement reviewed by Bloomberg News.

Existing backers General Atlantic and Silver Lake have also participated in the round, which values the company at more than $1 billion, according to a person familiar with the matter, who asked not to be identified discussing confidential information. The company declined to comment on valuation.

Insight Partners now owns a minority stake as part of the capital raise, with General Atlantic and Silver Lake remaining equal parts holders. It’s unclear how much the company was worth when General Atlantic and Silver Lake acquired it from Warburg Pincus in 2017. 

Founded in 2000, A Place for Mom provides a technology platform designed to connect families in need of senior care services. Its offerings include a range of assisted living and memory care assistance to independent living and home-care help. The service is free to use by families and paid for by the senior living communities and care providers on its platform.

The business, which employs roughly 600 customer-facing workers, plans to spend a portion of the new capital on marketing and technology, it said.

Larry Kutscher, chief executive officer at A Place for Mom, said the company could at some point seek tuck-in deals. “Our plan is not dependent on acquisitions but we’d love to find some complementary companies and bring them into our fold,” he said in an interview with Bloomberg News.

A Place for Mom is banking on the growing demographic of senior citizens. According to the company, the percentage of Americans aged 85 or more is projected to double over the next 20 years.

“Our business grew by 30% in 2021, and we are still in the early stages of our transformation,” Kutscher said. He added that the Covid-19 pandemic only reinforced how valuable its service can be in finding senior housing.

Eion Duane, a managing director at Insight Partners, will join the board as part of the investment. He said in a statement that the company’s “technology helps caregivers make informed decisions about loved ones during tough times.”

General Atlantic’s co-president Anton Levy added that the team has made significant progress in positioning the business for continued growth. 

The investment validates how the company is using technology and data to transform how families find the right senior care, according to Silver Lake managing director Adam Karol.  

“We are excited to have Insight join us and General Atlantic in working with Larry and his management team to accelerate the company’s strong growth trajectory as they continue to innovate,” Karol said. 

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