Startup raises £8.2m to support growth of tech-enabled care service

A startup specialising in technology-enabled live-in care services has secured £8.2m in a new funding round.

Elder has raised the multi-million pound funding in a round led by Acton Capital and MMC Ventures.

Founded in 2016, Elder aims to provide an alternative to care homes with its bespoke technological introductory service which matches care providers to users.

Elder co-founder and CEO, Peter Dowds, commented: “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, explained: “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.’

Bruce Mcfarlane, from investor MMC, said: “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.”

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