Elder, a UK healthcare alternative for seniors, has raised £8.2 million (€10 million) in Series B funding, led by Munich-based Acton Capital with participation from existing investors such as MMC Ventures.
With aging populations in many countries around the world, Elder is looking for a solution to what it deems a “social care crisis.” The London-based startup wants to provide a personalised and genuine approach to senior care that can also scale.
“The UK urgently needs solutions to the demands of an aging population that expects high-quality late-life care but the cost of building and operating traditional care homes to the level required means that demand cannot be met by existing systems. Elder provides a solution,” explained Bruce McFarlane of MMC, who has backed the startup for the last three years.
Thus far the solution is live-in carers, who are matched based on individual needs and personality. Customers remain in their own home, and the care is assisted with elements of Elder technology, such as communication tools between carer and the family, as well as in-home monitoring. Carers are self-employed contractors, who have access to a job platform where they can choose from potential matches.
Elder can dispatch a carer, matched based on individual needs and personality, to any location in the UK within 48 hours. The agency has reached 300 towns and cities since its founding in 2016 — and, of course, it plans to grow.
Co-founder and CEO Peter Dowds 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 further improve our live-in care experience 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.”
Sebastian Wossagk, Managing Partner at Acton Capital, commented: “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.”