BoomersPlus.com, a Halifax-based job-matching platform for retirees, has raised financing led by Canadian venture capital firm Innovacorp.
No financial terms were disclosed; however, Entrevestor reported the round’s value at $1.05 million.
Founded in 2013 by CEO Rick Emberley, BoomersPlus.com’s online service matches retirees with executive-level experience and business organizations in need of skilled labour. The company reports doubling its revenue in 2017 on a year-over-year basis.
BoomersPlus.com said it will use the funds raised to expand into Newfoundland and Labrador, Prince Edward Island and Ontario.
BoomersPlus.com secures venture capital investment
October 2, 2018 (Halifax, NS) – Local start-up BoomersPlus.com recently secured a venture capital investment with Innovacorp as the lead investor. At a time when 37 per cent of Canadian business owners identify a shortage of skilled labour as a growing business constraint, baby boomers are seen as providing a solution, particularly at the senior and executive level.
“By providing access to a unique source of high end talent that is otherwise not available, the BoomersPlus platform is already delivering value to its customers,” said Andrew Ray, Innovacorp’s new vice president of investment. “The quality of this talent is clearly evident in the BoomersPlus team itself and we’re excited to be a part of scaling their proven model across North America.”
More and more employers are turning to BoomersPlus to access this critical talent pool. BoomersPlus.com is a tech start-up founded in 2013 by serial entrepreneur Rick Emberley, a boomer himself, to match retirees with executive level experience and organizations in need of their knowledge and experience. The start-up has doubled its workforce and revenues in 2017 over the previous year. With a combination of public and private capital investors in place, Emberley now has his sights on a major expansion to Newfoundland, Prince Edward Island and across Ontario.
More than 30,000 Canadians retire each month, creating growing talent gaps across multiple sectors, particularly at the senior level. “In talking to my peers, I found there were many boomers like me, who were closing off accomplished careers but weren’t yet ready for full time retirement,” said Emberley. “The more people I talked to the more I realized that this growing network could be of significant interest to employers.”
Emberley says he’s pleased with the investment response to date because it validates the effective solution they’re addressing in an emerging and bourgeoning market with an effective solution. BoomerPlus.com has more than 4,100 professional boomers in its database and upwards of 130 employers using the service, including Discovery Centre, Omista Credit Union, Devonian Coast, WBLI Accounting, Pacrim Hospitality and NB Power.
BoomersPlus.com recently signed a Memorandum of Understanding (MOU) with the Centre for Entrepreneurship, Education and Development (CEED) to match boomers to consult, advise and mentor early stage businesses, encourage more senior-preneurs, and connect potential angel investors for local start-ups.
“We’ve taken a specific and serious interest in seniors and entrepreneurship because they are the fastest growing cohort of entrepreneurs and they tend to be more successful because they bring their own liquidity along with a lifetime of experience,” said Craig MacMullin, CEO of CEED. “Our relationship with BoomersPlus is something we see as helping us support the needs of entrepreneurs and the business community because of the ease they provide in accessing this incredible pool of prequalified experts.”
According to SHIFT – Nova Scotia’s Action Plan for an Aging Population, the 50+ age group is the fastest growing segment of the start-up market. Entrepreneurship represents an opportunity for older adults to tap into and build on years of experience and networks, while having the flexibility and control they might not have had in a traditional workplace. A recent global summit on the experienced economy has also shown that five years after business start-up, 70 per cent of businesses started by older entrepreneurs were still operating, compared to 28 per cent started by younger people.
Based on feedback from its network, BoomersPlus.com has expanded to provide lifestyle content to keep boomers up to date with trends and topics of interest relevant to this stage of their lives. The Lifestyle platform now includes a radio and podcast series interviewing high-profile boomers, which recently featured former Prime Minister Brian Mulroney. Articles and commentary are curated by boomers and corporate partners and cover such topics such as financial services, travel, health, etc., and a weekly email newsletter called The Pulse. The growth of the Lifestyle Platform has attracted several partners including companies in the travel, education and wellness sectors.
BoomersPlus.com was founded in 2013 by Rick Emberley, a seasoned entrepreneur who led the marketing firm Bristol Group, and Group M5, a PR firm with 300 employees. BoomersPlus.com connects experienced professional boomers with opportunities (from part-time to full-time work to volunteer and advisory roles) that fit their lifestyle, while reducing the time-to-hire and cost-to-hire for employers looking to tap into experience.
Innovacorp is Nova Scotia’s early stage venture capital organization. It works to find, fund and foster innovative Nova Scotia start-ups that strive to change the world. Early stage investment is at the core of Innovacorp’s business model. It also gives entrepreneurs access to world-class incubation facilities, expert advice and other support to help them accelerate their companies. Target industries include information technology, life sciences, clean technology and ocean technology.
Robyn McIsaac [email protected]
Michaela Meltzer Gardner
Marketing & Communications Specialist Innovacorp