A healthcare platform which helps pensioners to continue living in their own homes has secured a £20m funding boost as it seeks to expand its services.
Sky News understands that Elder, which has 4,000 professional carers registered on its platform, has struck a deal worth up to €24m in debt and equity financing.
Elder, which was founded by Peter Dowds in 2015, connects carers, older people and their families, and says it has helped deliver more than 10 million hours of care across the UK since its launch.
The new funding, which will be announced later this week, is being provided by IPF Partners, a Luxembourg-based healthcare-focused investor.
Existing shareholders in Elder include Acton Capital, Bolero and MMC Ventures, a leading venture investor which has invested in companies including Bloom & Wild, the digital florist, and Gousto, the meal-kit delivery platform.
Mr Dowds said IPF Partners’ backing would be “invaluable in scaling our pioneering care-tech platform, and providing a genuine solution to the UK’s social care crisis”.
“As it stands, traditional care solutions can’t keep up with the needs of our ageing population.
“We want to help as many people as possible remain independent and supported in their own homes, rather than feeling residential care is the only option.”
Alongside its new funding, Elder has hired Andy Britcliffe, a former Purplebricks, Holiday Extras and Sporting Index executive, as chief product and technology officer.
Elder’s last major funding round was in 2020.
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