Oversubscribed Seed Round of $2 Million Completed by Early Investors
Nearly eighteen million people currently have court-appointed guardians or a power of attorney in the United States alone. These decision-makers for elderly or incapacitated individuals are held accountable for maintaining detailed records of every action taken on behalf of the person. This includes financial records, budgets, medical records, and an inventory of the time spent on these duties. At the risk of personal liability, fines, and family discord, these records must be transparent and made available to the courts, nursing homes, and social security administrators, as well as family members.
Under the leadership of Nancy Meyers, a Pennsylvania attorney, the team at Advocord developed a mobile responsive, web-based software platform that is a compliance tool that effectively protects those who have a fiduciary/legal obligation to act on the behalf of another. Advocord features information/document storage, organization, report generation, time tracking, and information sharing, while also linking to the company’s compiled educational resources.
Most importantly, however, Advocord builds a record of information to better protect the person being cared for – some of our most vulnerable individuals. “It was very important to me that the system I created was always centered around what is best for the person in need of assistance”, said Nancy. Therefore, Advocord is designed to guide the advocate to gather a complete record of all information needed to make good decisions on the other person’s behalf.
These features have caused investors to take notice as well. To date, more than a dozen professionals have put up more than $2 million toward the development and commercialization of the product. Attorney Meyers, commented, “Through my work with guardianship and power of attorney clients for more than 17 years, I recognized the need for an easy-to-use, automated process that would remove the complications and risks associated with a paper or manual system of record keeping.”
One of the early investors, Ben Franklin Technology Partners of Central & Northern PA, has invested a total of $229,000. Joe Hackett, Regional Director/Portfolio Manager for this award-winning economic development program, commented, “When I first met Nancy, I was immediately impressed with her grasp of the target market’s needs. An important point is that the fastest-growing demographic in the United States is people aged 65+. A guardian’s failure to act properly for an elderly family member, even if unintentionally, can result in accusations of wrong-doing, time in court, fines, and family conflicts.”
Future plans for the company include the launch of a Series A round in 2023. For more information visit advocord.com
About Attorney Meyers: Nancy Meyers is a practicing attorney and founder/CEO of Advocord, a life-management platform for advocates, guardians, and conservators who are managing the care and finances of elderly or cognitively impaired individuals. Nancy’s community involvement includes service to the library, hospitals, and nursing homes. She has been a shareholder and chair of the Estates and Trusts Practice Group for Salzmann Hughes, P.C. since 2008. She is also a member of the Franklin County Bar Association, where she serves as treasurer, and is also a member of the Pennsylvania Bar Association. Attorney Meyers holds a B.A in Accounting from Immaculata College and a Juris Doctorate from Villanova University School of Law.