Based out of London, Elder is the UK’s leading live-in care specialists, providing the alternative to the care home. Founded by Pete Dowds, and Tom Brooks in 2015, the company has raised another £8.2 million (approx €9.6 million) funding, bringing the total raised to £16.5m (approx €19.3 million).
The round was led by Acton Capital, a leading growth venture capital investor from Munich, Germany, and participated by existing investors.
For the uninitiated, Elder is one of the UK’s fastest-growing startups and has delivered more than 350,000 days of care in more than 300 towns and cities across the UK.
By allowing the customer to stay in their own home and providing a personalised care match, this platform is proving to be the first genuine solution to the growing social care crisis. Around 2043, the number of people over 85 is expected to nearly double to 3 million, there’s a huge looming capacity black hole, as the indebted and fragmented residential care sector, fails to meet rising demand.
The UK company is planning to use this funding to speed this further, with a host of planned developments in technology driving efficiency in every aspect of care delivery – better communication between carer and family to in-home monitoring.
Elder Co-Founder and CEO, Peter Dowds, who previously saw success with the home services marketplace, Mopp, said:
‘This is an exciting time for Elder customers and families everywhere who are looking for vital support and care. This new funding will be used to improve our live-in care experience further so even more people up and down the UK can make sure their loved ones get to remain happy, independent, and supported in their own home rather than being forced out of it and into a care home.
‘It is great to have the continued backing of MMC Ventures and to welcome Acton Capital on board. Their shared experience will be invaluable as we continue on our journey. I look forward to working with them.’
Sebastian Wossagk, the Managing Partner at Acton Capital, one of Europe’s leading growth venture capital investors, reflected on the investment decision:
‘With life expectancy increasing fast, we need to rethink how to deliver care and to prevent a looming aging crisis. A vast majority of an aging population would prefer not to move to a nursing home if they become incapable of caring for themselves. As home care is becomingmore of a need than an option for many, we are convinced that Elder has the potential to enhance their lives.’
‘Elderly care is a significant part of the future of healthcare, but it’s a segment with a high degree of sensitivity. The business model and especially Elder’s team convinced us, as investors, to support the company to take on the responsible task of enhancing the overall quality of care.’
Main image credits: Elder
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