Two brothers are now rising to the challenge of elderly care market crisis. In a round led by early stage venture capital firm Kindred, Chris Donnelly and Will Donnelly from UK-based Lottie have now raised £2.5 million investment. The round saw the participation of angel investor and Zoopla executive, David Wascha as well as former Airbnb and Facebook director, Caroline Hudack. Monzo’s Tom Blomfield and Lendable co-founder Victoria van Lennep also reinvested.
The startup has raised £3 million to date with a £27.5 million valuation. The fresh capital will be used to supercharge its marketplace expansion and care concierge services across the UK, as well as extending the company’s offering to the independent living sector - a market forecast to grow due to the rising demand for age-fit accommodation from the 55+ population.
The UK elderly care sector comprises 12,500 care homes with a combined total of 480,000 registered beds. A rapidly ageing population means the category is currently forecast to be unsustainable beyond 2028 without increased investment and new technology innovation.
Exasperated by their own experience of searching for a care home for their grandma, entrepreneur Chris and healthcare expert brother Will, launched the startup in July 2021. The free digital healthcare marketplace is now helping families minimise the time, stress, and cost of finding quality compassionate care homes.
“Social care is at a crisis point, and this has only been exacerbated by the effects of COVID-19 on the sector. There has never been a more important time to breathe some new life into the sector and help improve the quality of life for families and their elderly loved ones,” said Chris Donnelly, co-founder of Lottie.
Maria Palma, general partner at Kindred said: “Sorting care for aging family members is one of the most crucial decisions you make, and yet the current process of finding a home or knowing your options is broken, fragmented, and leaves little peace of mind about the quality of care your loved one will actually receive.”