On the back of a €2.98 million raise in February this year, London-based Lottie has now raised €7 million for its platform to find elderly care for loved ones. The new round, led by General Catalyst, takes the company’s valuation to over €52 million.
With the new funding, the marketplace will look at expanding in the U.K., adding new care partners and bringing its software tools.
Founded in 2021 by Chris Donnelly and Will Donnelly, the free-to-use digital healthcare marketplace and concierge service allows care and retirement seekers to locate and compare the U.K.’s best later-life living options at a fair price.
Talking about the new funding, Chris Donnelly, co-founder said: “The first few months of 2022 have been hugely successful for us, so we decided to bring General Catalyst on by extending the seed round to further support our growth in the industry.”
Demand for elderly care services is continuing to grow in Europe. Across the continent, the population is ageing and care provisions are under pressure. As people live longer, families increasingly need to find quality solutions for taking care of elderly relatives, while juggling other commitments such as childcare and work. It means the market for elderly care is also growing, reported to be worth trillions by 2029.
The London-based marketplace is having a huge impact in the U.K. – supporting families across the country to choose better care options for their loved ones. Betting big on the trend, Lottie has now expanded beyond care homes into retirement living, giving retirees specialist support and expertise in finding alternative housing options for those who want to maintain their independence in later life.
According to the company, customers and enquiry numbers were up 115% in the three months to the end of June, compared with the previous three-month period between December 2021 and March 2022.
Will Donnelly, co-founder added: “COVID-19 has supercharged the move of the later living industry from offline to online, from the initial search process and how care seekers engage with later living communities, through to the adoption of digital care plans and new operational technologies. As well as assisting families and retirees in making important life decisions, Lottie is now helping our partner communities, both care and retirement, transition to the post COVID-19 digital world.”
Chris Bischoff, managing director at General Catalyst added: “Blending smart technology with a dedicated team of care experts, the platform is proving itself to be an indispensable ally in helping families and retirees make easy informed choices about elderly care. Lottie’s mission to ‘elevate elder care’ aligns with General Catalyst’s Health Assurance thesis to drive more digitally enabled, decentralised, preventative, and equitable healthcare.”