Funding profile · In-home care and social support
Papa
Five Form D filings cover $199.2 million of the $240 million Papa says it has raised, and nothing has been filed since November 2021.
$240.0MTotal raised, company-reported since Nov 2021
$199.2MSold across Papa’s own Form D filings, 2017 to 2021
$107.5MSold of the $150M Series D at the filing date
$515KRaised by a single-company SPV, 8 investors, Jan 2022
Data as of September 22, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Jun 2017 to 2019 | Notes and equity, Papa Technologies then Papa, Inc. | $852,794 sold | 23 investors | Form D/A |
| 2018 | Y Combinator Summer 2018, then seed | $2.4M reported | Y Combinator; Alexis Ohanian of Initialized led the seed | Independent |
| Oct 2019 | Series A | $10M announced; $12,643,797 sold at filing | Canaan led; Pivotal Ventures, Initialized, Y Combinator, Sound Ventures | Form D and release |
| Sep 2020 | Series B | $18M announced; $18,244,958 sold | Comcast Ventures led | Form D and release |
| Apr 2021 | Series C | $60M announced; $59,999,881 sold | Tiger Global led; Comcast Ventures, Canaan, Initialized, Sound Ventures, Pivotal with Magnify | Form D and release |
| Nov 2021 | Series D, $1.4B valuation | $150M announced; $107,499,804 sold at filing | SoftBank Vision Fund 2 led; TCG, Tiger Global, Canaan, Initialized, Seven Seven Six | Form D and release |
| Jan 2022 | SPV: HC Operators Papa Series D | $515,000 | 8 investors; manager Halac Horowitz Management Allocations LLC | Form D |
| 2022 to 2026 | No new Regulation D offering filed | None on record | None disclosed | Not found |
What the filings show
Papa, Inc. · Form D · filed Nov 5, 2021
- First sale
- Oct 13, 2021
- Offered
- $150,000,000 equity and options
- Sold
- $107,499,804 · $42,500,196 remaining
- Investors
- 9 · average about $11.9 million
- Exemption
- Rule 506(b)
- Related persons
- Andrew Parker and Alfredo Vaamonde (executive officers, directors); Byron Ling and Fatima Husain (directors); Charles Hector (executive officer)
- Filing
- SEC EDGAR, CIK 0001709747
Papa, Inc. · Form D · filed May 12, 2021
- First sale
- Apr 8, 2021
- Offered
- $59,999,881 equity and options
- Sold
- $59,999,881 · nothing remaining
- Investors
- 15 · average about $4.0 million
- Exemption
- Rule 506(b)
- Related persons
- Parker, Vaamonde, Ling, Hector, Husain
- Filing
- SEC EDGAR, CIK 0001709747
Papa, Inc. · Form D · filed Oct 28, 2020
- First sale
- Aug 27, 2020
- Offered
- $18,244,958 equity
- Sold
- $18,244,958 · nothing remaining
- Investors
- 19 · average about $960,000
- Exemption
- Rule 506(b)
- Related persons
- Parker, Vaamonde, Ling, Hector
- Filing
- SEC EDGAR, CIK 0001709747
HC Operators Papa Series D, a series of HC Operators VC LLC · Form D · filed Feb 3, 2022
- First sale
- Jan 20, 2022
- Type
- Pooled investment fund, venture capital, single-company series
- Sold
- $515,000 of $515,000 · $5,000 minimum
- Investors
- 8 · average $64,375
- Exemptions
- Rule 506(b); Investment Company Act 3(c)(1)
- Related persons
- Halac Horowitz Management Allocations LLC (promoter); Ezequiel Halac (executive officer). $8,000 of proceeds to the manager
- Filing
- SEC EDGAR, CIK 0001908532
Reading the filings
- The Series D was announced whole and filed short.Papa announced $150 million on November 4, 2021. The Form D filed the next day reports $107,499,804 sold against a $150,000,000 offering, leaving $42,500,196 open. Nine investors averaged about $11.9 million each. No amendment was ever filed.
- The company total only works if that balance closed.Papa has said $240 million since November 2021. Its five filings add to $199,241,234. The gap is $40,758,766, slightly less than the $42,500,196 the Series D left open. Add the two and you get $241.7 million.
- The Series A filing is larger than the press release.The October 2019 release announced a “$10 million Series A round led by Canaan”. The Form D filed November 6, 2019 reports $12,643,797 sold from 13 investors, about $972,600 each, 26 percent above the announced figure.
- An angel vehicle came in after the round.HC Operators Papa Series D raised $515,000 from 8 investors, about $64,375 each, with a $5,000 minimum. Its first sale was January 20, 2022, 99 days after the Series D first sale. That is the usual shape of a syndicate buying allocation left on the table.
- The lead investor’s partner is not on the filing.The November 2021 release quotes Lydia Jett as “a partner at SoftBank Investment Advisers and Papa director”. The Form D filed the next day names five related persons and she is not among them.
- Papa files late.Form D is due 15 days after the first sale. Series A took 68 days, Series B 62, Series C 34, Series D 23. The 2018 seed round, reported at $2.4 million, has no Form D at all.
- Nothing since November 2021.Almost five years without a Regulation D filing, through a period in which Papa lost major contracts and launched two new business lines. That is consistent with no new priced round, but not proof: a company can raise under Section 4(a)(2) and file nothing.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Buyers | Medicare Advantage, Medicaid and employer plans. 65 plans claimed in 2021; more than 40 in 2025. | Company-stated |
| Contract losses | Humana, Aetna, Molina, Cigna, several Blue Cross plans and Albertsons declined to renew for 2024. Bloomberg counted nearly three dozen in all. | Independent |
| Volume | 1 million visits in 2023; 2.6 million cumulative across 7,300 cities (2024); 3 million across more than 10,000 cities (2026). | Company-stated |
| Product | Papa Plus, Mar 2026: quality programs with fees at risk against a guaranteed return. | Company-stated |
| Consumer channel | Relaunched Aug 2026 at $30 an hour across 10 states, reported growing about 30 percent week over week. | Company-stated |
| Labor supply | About 100,000 onboarded Pals, roughly 10,000 active at a time (2026), against 25,000 claimed in 2022. | Company-stated |
| Headcount | 240 employees as of Dec 2025. The Y Combinator company profile still lists 500. | Claims differ |
| Litigation | Pardo v. Papa, Inc., N.D. Cal. 21-cv-06326: Rule 23 class certification denied Dec 31, 2024 on arbitration grounds. | Public record |
What to watch
- A Form D for any financing after November 2021.
- An amendment reporting the Series D balance of $42.5 million.
- Whether the $1.4 billion mark from 2021 survives a new round.
- Named plan clients and a renewal count, neither disclosed.
- Medicare Advantage supplemental benefit budgets for 2027, which size Papa’s main market.
The Papa story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordForm D filings, Papa, Inc. and Papa Technologies, LLC, CIK 0001709747
- Public recordForm D, HC Operators Papa Series D, CIK 0001908532
- Public recordPardo v. Papa, Inc., order denying class certification
- CompanyPapa announces $10 million Series A round
- CompanyPapa announces $60 million Series C led by Tiger Global
- IndependentPapa raises $150M, reaches unicorn status
- IndependentEldercare startup Papa loses contracts with major health insurers
- IndependentNearly 3 dozen payers drop senior companionship company
- InterviewPapa unveils direct-to-consumer companionship model
- CompanyPapa unveils Papa Plus
Compiled from SEC and other public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in Papa. This page is not an offer to sell or a recommendation to buy any security.