Lottie, a London-based digital elderly care platform, has grabbed £6.1M at a valuation of £45M in a round led by General Catalyst, US venture capital firms, and a former Airbnb backer.
The most recent financial infusion is an expansion of a £2.5M seed round, sponsored by early-stage venture capital firm Kindred, that originally closed in January 2022. The most recent investment increases the company’s funding to £9M.
With the fresh funds, Lottie will be able to grow nationally, bring its marketplace and software tools to more companies and individuals across the UK, and add more care partners.
The company will create administrative tools to aid owners of retirement communities and care facilities in providing better day-to-day resident care.
A portion of the money raised will be used to expand the group of expert care advisers who will be able to manage every aspect of the search for a care facility, including facility research, facility discussions, residency fee negotiations, and legal oversight.
As part of the investment, General Catalyst’s head of healthcare investments, Chris Bischoff, will become a board member of Lottie.
Chris Donnelly, a fellow co-founder, says: “After closing with Kindred in January, we saw unheard-of interest from investors. We decided to bring General Catalyst on by extending the seed round because the first few months of 2022 have been incredibly successful for us and will help our industry develop even more.
The announcement coincides with an increase in demand for senior care services. According to market analysis by Data Bridge, the size of the global aged care market is anticipated to reach $2.4 trillion (£2 trillion) by 2029.
In July 2021, Chris Donnelly and his brother, a healthcare expert, launched Lottie in response to their own negative experience of looking for a nursing home for their grandfather.
Families may find great care homes with the least amount of time, stress, and expense by using Lottie, a free online healthcare marketplace.
Based on their care quality, home culture, and ethical methods, Lottie’s team of care professionals handpicks and vets the care homes listed on the platform.
According to the corporation, as compared to the three months prior, which were between December 2021 and March 2022, the number of consumers and inquiries increased by 115%.
Will Donnelly, a co-founder of Lottie, states that “hundreds of the UK’s most innovative later living providers are already using Lottie’s operational technology, which has been fundamental in allowing an improved customer experience, as well as delivering better health outcomes for residents, and, in the long-term, will help deliver a sustainable industry that can meet the care needs of our rapidly aging population.”
In addition to care facilities, the company has lately entered the retirement living market, offering seniors specialized assistance and knowledge in locating alternative housing options for people who want to keep their freedom in later life.
The experience of care seekers today is broken, there is a shortage of high-quality, reasonably priced facilities, and the operating climate is becoming more difficult. Lottie is a distinctive combination of a comparative website, care property expert, and matchmaker. The platform is proven to be an invaluable ally in assisting families and retirees in making simple, informed decisions about aged care, according to Chris Bischoff, Managing Director of General Catalyst.
Image Credit: Lottie
