Acton Capital leads Series B funding round in tech-enabled care agency from UK
London/Munich, January 2020: Elder Ltd, a leading care home alternative, has raised another £8.2m funding round as its technology-enabled live-in care service gains nationwide popularity, bringing the total raised to £16.5m. The round was led by Acton Capital, a leading growth venture capital investor from Munich, Germany and participated by existing investors.
Elder is one of the UK’s fastest-growing startups and has delivered more than 350,000 days of care in more than 300 towns and cities across the UK since 2016.
By allowing the customer to stay in their own home and providing a bespoke, personalised care match, Elder is proving to be the first genuine solution to the growing social care crisis.
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.
‘It is great to have the continued backing of MMC Ventures and to welcome Acton Capital on board. Their shared experience will be invaluable as we continue on our journey. I look forward to working with them.’
Sebastian Wossagk, Managing Partner at Acton Capital, one of Europe’s leading growth venture capital investors reflected on the investment decision:
‘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.’
‘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.’
With the number of over-85s in the UK set to nearly double to 3 million by 2043, there’s a huge looming capacity black hole, as the indebted and fragmented residential care sector fails to meet rising demand.
Meanwhile, 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.
Bruce McFarlane, from long-term investors, MMC, explained their decision to back the company over the last three years:
‘The UK urgently needs solutions to the demands of an ageing 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. By allowing customers to stay in their own homes and be matched with carers who provide the companionship they desire, Elder is delivering a more efficient, cost-effective and better experience for those needing care and their concerned families.
‘The team at Elder have consistently executed on their vision to provide better, tech-enabled social care and we’re excited to continue supporting the team at Elder in its next stage of growth.’
About Elder Ltd.
Elder is a technology-enabled care agency, and one of the fastest-growing companies in the UK. It helps provide live-in care – an alternative to the care home that allows elderly loved ones to get the full-time, specialist support they need in the place they belong, their own home, by matching self-employed live-in carers to families in need. Using proprietary logistical and matching technology, Elder can get a carer matched on individual needs and personality to any location in the UK within 48 hours.
About Acton Capital
Acton Capital is a leading growth venture capital investor in Europe. Since 1999, the Acton team supports digital startups in the fields of marketplaces, e-commerce, SaaS, FinTech or Future of Work on their way to market leadership. Acton Capital invests worldwide with strong focus on Europe and North America. and in sectors like Future of Work, fintech, ecommerce and SaaS. With two decades of investment experience and a deep understanding of digital business models, the team has invested over EUR 500 million across five fund generations in over 80 companies, including AlphaSights, Etsy, HomeToGo or iwoca. Read more in the Acton newsroom.
Image © elder
Further Information: Acton newsroom