RF Investment Partners, a provider of structured growth capital, is pleased to announce its platform investment in Covr and the subsequent acquisition of Data IQ. Covr, a leading workforce management platform for post-acute care providers, recently acquired Data IQ, a leading provider of business intelligence solutions to skilled nursing facilities, to create a best-in-class labor management platform for the long-term and post-acute care industry. RF has partnered as a co-investor alongside Greenridge Growth Partners on this strategic investment.
Founded in 2016 in Utah, Covr’s SaaS-based workforce management platform helps skilled nursing facilities streamline scheduling workflows, ensure regulatory compliance, and facilitate employee communication. Dallas-based Data IQ will bring complementary business intelligence and analytics capabilities to the platform, enabling facility operators to synthesize multiple data sources to benchmark enterprise-wide performance and identify areas for operational enhancement.
“RF has been a fantastic partner to Greenridge throughout our history of investing together,” said Greenridge Co-Founder and Partner Jack Cardwell. “RF played an important role as a highly flexible and value-added partner to Covr and Data IQ, offering a less dilutive, customized solution that fit the needs of the company perfectly for the situation at hand. We have had great success in partnership with RF in the past and look forward to working together as we grow the Covr platform in the years to come.”
Covr and Data IQ underscore RF’s focus and expertise in partnering with founder-led software businesses, marking the firm’s 13th investment in the space. This strategic investment is RF’s third partnership with Greenridge, including prior software platforms GrowthZone and NetVendor. Successfully exited in May 2023, GrowthZone is a leading cloud-based association management software provider, delivering comprehensive membership management solutions. RF is actively invested in the SaaS-based vendor management platform NetVendor, proudly supporting the company’s organic growth and M&A expansion.
“The combination of Covr and Data IQ will empower hundreds of skilled nursing facilities to surface, and take action on, opportunities for operational enhancement that can drive improved care for residents, along with better performance for operators,” shared RF Director Jacob Gordon. “RF is excited to partner with the Greenridge, Covr, and Data IQ teams to create value through strategic insights, a deep relationship network, and expansion capital.”
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