Durham Startup Roobrik Raises $1.42M in Private Offering

9/14/18

By Bronson Boucher, NC Biz News

Roobrik Inc., a Durham-based senior-living, decision-making startup, raised $1.42 million in a private equity offering, according to a filing with the Securities and Exchange Commission.

Founder and CEO Nate O’Keefe said these funds are intended to spur growth of the company’s software, following the hire of a full-time head of sales and marketing.

“We’re hitting the gas on a model that has been well-validated over the past year,” said O’Keefe. “We have a lot to talk about from our data and our performance metrics. Now we want to get that story out into the market.”

O’Keefe was also a cofounder of Modality.

Roobrik offers software to health care providers and allows users — potential customers of these providers — to answer questions about long-term care for aging family members — specifically, how best to address family needs and how to finance the solution.

Roobrik is in a market poised to grow in the near future. By 2030, the U.S. Census Bureau projects the American population over 65 of age to outnumber children (described as any persons under 18). The below graph showcases this demographic shift.

“One in five residents will be retirement age [by 2030],” says the Bureau’s report, first published in March. That 20 percent is a far cry from the less than 15 percent of U.S. residents currently over 65.

According to Triangle startup news outlet GrepBeat, Roobrik’s toolkit is currently used by over 200 senior living communities, as well as AARP, formerly known as the American Association of Retired Persons.

Private firms such as Roobrik relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

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