An app that connects vulnerable older adults with home carers is eyeing its next round of investment as it looks to make £1 billion in sales.
Elder, an East-London based company which matches self-employed carers to families, has raised £10 million since it was founded in 2015 and is now in talks with investors about another round.
“We’re loss-making at the moment, like many start-ups, but we’re targeting £1 billion of sales,” chief executive and founder Pete Dowds told the Press Association.
“Elderly care is a £19 billion market and it’s growing, helped by an ageing demographic and care-home closures.”
Elder charges a flat fee of £795 per week for personal care, 80% of which goes to the carer.
In 2015, Elder secured £1 million in funding from Hummingbird Ventures and then £9 million from MMC two years later.
