Seniovo, a German company that renovates homes to allow for free, safe movement for the elderly, has raised 2.5 million euros in growth financing from previous backers PropTech1 and IBB Beteiligungsgesellschaft, as well as some new investors.
On the tech side, Senovio is essentially an online platform that, through a five-step questionnaire on its home page, puts together a customised offer for renovating a user’s bathroom. The company also applies for subsidies on behalf of elderly residents who require long-term care.
The Berlin-based startup is one of the first to receive governmental funds from some of Germany’s coronavirus relief aid for startups that show “extraordinary growth potential”. IBB announced the second round of aid at the end of July.
The fresh capital will help expand the B2B arm of the business. For example, the startup has recently partnered with residential property group Vonovia, with the plan to modernise “age-appropriate” and barrier-free bathrooms for the group’s tenants. Tenants don’t have to pay a cent, thanks to Senovio’s partnership with long-term care insurance funds that cover up to €4,000.
Founded in 2016 and bolstered by a €2 million Series A last year, the proptech startup has completed around 1,000 renovations on the B2C side.