London startup that aims to solve elderly residential care crisis raises 8.2m
Elder, a rapidly-growing startup that provides a technology-enabled live-in care service for the elderly, has raised another £8.2m funding round.
The care home alternative's total funding raised now stands at £16.5 million, and since 2016, it has already 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 bespoke, personalised care match, Elder is hoping to provide a solution to the growing social care crisis.
With the number of over-85s in the UK set to nearly double to three million by 2043, one of the main concerns is that the residential care sector will fail to meet rising demand.
To combat this, Elder is delivering capacity rapidly and at scale. This latest investment from Acton Capital and MMC Ventures is set to speed this further, with a host of planned developments in technology driving efficiency in every aspect of care delivery – from 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 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, reflected on the fund’s investment in Elder: "With life expectancy increasing fast, we need to rethink how to deliver care and to prevent a looming ageing crisis.
"A vast majority of an ageing population would prefer not to move to a nursing home, if they become incapable of caring for themselves. As home care is becoming more of a need than an option for many, we are convinced that Elder has the potential to really enhance their lives."
For Elder customer, Dulcie from Wiltshire (102 years old), being able to maintain her routine and autonomy has been the most important aspect of receiving care at home.
"I like to be independent and I’ve always been able to be independent," Dulcie said. "I prefer to be able to do my own things, have what I want. Whereas if you go to a care home, you’ve got to eat what they produce. It’s not the same I shouldn’t think."