London-based care platform valued at £45m after £6m funding round

Two brothers intent on improving the quality of life for families and their loved ones by setting up the first comparison website for residential care and independent living just one year ago have grown the company’s valuation to £45m, after raising more than £6m in its latest funding round.

Led by one of the largest US venture capital firms and former Airbnb backer, General Catalyst, Lottie has raised £6.125m to power national expansion of the platform, invest in new digital tools for care providers, make further inroads into the thriving retirement living sector and supercharge the growth of Seniorcare, the company’s eldercare employee benefit portal.

Having raised £9.025m to date (pre-seed and seed), the company is ‘transforming’ the confusing and complicated landscape of social care in an effort to help families minimise the time, stress and cost of finding quality compassionate residential care, is now worth £45m, and employs ten times as many staff as it did in November 2021, with 40 team members on the books.

The news comes as demand for elderly care services continues to boom. As people live longer, families increasingly need to find quality solutions for taking care of elderly relatives, while juggling other commitments such childcare and work. The value of the global elderly care market is expected to reach $2.4tn (£2tn) by 2029, according to market research from Data Bridge.

Customers and enquiry numbers were up 115 per cent in the three months to the end of June, compared with the previous three-month period between December 2021 and March 2022.

With the UK’s elderly population growing fast and the care home industry’s bed capacity expected to be at maximum capacity by 2028, the alternative of retirement living is set to become a crucial part of the elderly care puzzle. The market was valued at £3.2bn in 2021, up from £2.1bn in 2017, [according to LaingBuisson].

Establishing himself as one of the UK’s leading social care advisers, Lottie’s co-founder Will Donnelly spent 5 years at CBRE, where he advised on £2.5bn of healthcare transactions, while supporting the NHS during COVID-19.

Lottie has also previously received backing from the likes of Monzo founder Tom Blomfield and Lendable co-founder Victoria van Lennep. With the new funding, Lottie is set to expand nationally, adding new care partners and bringing its marketplace and software tools to more businesses and people around the UK.

Further investment will also be made in developing Lottie’s technology offering to help care homes with all aspects of their business, for example Lottie will be developing operational tools to help care homes and retirement operators to improve their day to day servicing of residents.

As part of its mission to drive change, Lottie is also planning to continue growing Seniorcare by Lottie, the UK’s only elder care benefit solution for businesses looking to support employees who are searching for care or helping an elderly loved one.

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