25 JULY 2022, LONDON: Two brothers intent on improving the quality of life of families and their loved ones by establishing the first comparison site for residential care and independent living just a year ago raised the company’s rating to £ 45 millionafter raising more than £ 6 million in its latest funding round.
After experiencing first hand the stress of finding the right care for the elderly for her grandmother, a businesswoman Chris Donnelly (31) and social work expert Will Donnelly (27) launched Lots in July 2021 – a free digital health market and concierge service that allows care and retirement seekers to find and compare the UK’s best future life options at a fair price.
Led by one of the largest US venture capital firms and a former supporter of Airbnb, General Catalyst, Lots he lifted £ 6.125 million to enhance the nationwide expansion of the platform, invest in new digital tools for healthcare professionals, make further progress in the burgeoning retirement life sector, and enhance the growth of Elders assistancethe employee benefits portal of the company’s aged care.
This latest capital injection is an extension of a £ 2.5m seed round that initially closed in January 2022, led by an early stage venture capital firm Relative.
Having turned up £ 9.025 million to date (pre-seed and seed), the company is transforming the confusing and complicated social care landscape in an effort to help families minimize the time, stress and costs to find quality compassionate residential care , is now worth £ 45 million and employs ten times more staff than in November 2021, with 40 team members enrolled.
The news comes as the demand for aged care services continues to grow. As people live longer, families increasingly need to find quality solutions to care for elderly relatives, while juggling other commitments such as childcare and work. The value of the global aged care market is expected to reach $ 2.4 trillion (£ 2 trillion) by 2029according to market research from Data Bridge.
Older people and their loved ones have the freedom to design their ideal care package. Lots then distills millions of data points on the 2000 high quality care facilities e 300 independent retirement properties in England on site to help people find the perfect home that meets their needs, wants and budget.
Customers and inquiry numbers were up to 115% in the three months up to the end of June, compared to the previous quarter between December 2021 and March 2022.
LotsThe growth has reflected this growing need. Alongside the nursing homes, the company has recently expanded Retired lifeproviding retirees with specialist support and expertise in finding alternative housing options for those wishing to maintain their independence in old age.
With the UK’s rapidly growing elderly population and the nursing home industry’s sleeping capacity expected to reach maximum capacity by 2028, the alternative to retirement life is set to become a crucial part of the puzzle of the elders assistance. The market was valued at £ 3.2 billion in 2021, up from £ 2.1 billion in 2017, [according to LaingBuisson].
Establishing himself as one of the UK’s leading social care consultants, Lottie’s co-founder Will Donnelly spent 5 years at CBRE, advising on £ 2.5 billion of healthcare transactions, supporting the NHS during COVID-19.
“COVID-19 has boosted the industry’s shift in later years from offline to online, from the initial research process and how care seekers interact with older communities, to the adoption of plans of digital assistance and new operating technologies” Donnelly explains.
“In addition to assisting families and retirees in making important life decisions, Lottie is now helping our partner communities, both care and retirement, transition to the post-COVID-19 digital world.
“Lottie’s operating technology is already used by hundreds of the UK’s most forward-thinking future life service providers, which has been instrumental in enabling a better customer experience, but also in delivering better health outcomes for residents and In the long term, it will help provide a sustainable industry that can meet the care needs of our rapidly aging population. ”
Fellow co-founder and alumni 30 under 30 of Forbes Europe, Chris Donnelly He says: “After closing with Kindred in January, we encountered unprecedented demand for funds. The first months of 2022 were a huge success for us, so we decided to involve General Catalyst by extending the seed round to further support our growth in the industry. “
General Catalyst, a US-based company, is known for its ability to nurture fast-growing companies to reach their full potential. His other investments include Airbnb, Deliveroo and Bloom & Wild.
Lots it has also previously received support from the likes of the founder of Monzo Tom Blomfield and Lendable co-founder Victoria van Lennep.
Chris Bischoff, healthcare investment leader for general catalyst, will join Lottie’s board as part of the investment.
Bischoff brings with it a large track record of investments in the United States and Europe, participating, among others, in raising funds for the Babylon digital health service.
“Today, aged care is characterized by an interrupted care seeker experience, limited supply of high quality affordable homes, and an increasingly challenging operating environment.
“Lottie is this unique hybrid of matchmaker, comparison website and care property specialist. By combining smart technology with a dedicated team of care experts, the platform is proving to be an indispensable ally in helping families and retirees make informed and easy choices about aged care.
“Lottie’s mission to ‘elevate aged care’ is in line with General Catalyst’s health insurance thesis to promote more digital-enabled, decentralized, preventative and equitable health care.
“We are motivated to partner with Chris, Will and the entire Lottie team to help build a better future for those in old age.” He says Chris Bischoff, CEO of General Catalyst.
With the new funding, Lottie is set to expand nationwide, adding new service partners and bringing its market and software tools to more businesses and people across the UK.
Further investments will also be made in developing Lottie’s technology offering to help nursing homes in all aspects of their business, for example Lottie will develop operational tools to help nursing homes and pension operators improve residents’ daily service. .
It will also be used to strengthen the team of specialist health consultants who can manage the entire nursing home search process, from research facilities, to discussing care facilities, negotiating residency fees, and overseeing the legal process. .
From exceptional care ratings and 5 * customer reviews to luxury facilities and thriving family experiences, Lottie partners with the UK’s best care homes that deliver an enhanced resident experience and home culture like no other.
“Even though we are expanding rapidly, we are still so focused on Lottie’s core values. I’m at the center of everything the team does ”. He says Chris Donnelly
“The nursing homes listed on Lottie are carefully selected and have been audited by Lottie’s team of care experts based on quality of care, home culture and ethical practices.
“We are more committed than ever to finding the right homes for care seekers and ensuring that families feel safe and happy with their decision.
“The market is just the beginning of our vision for the future life industry, we see it as a stepping stone to improve the global industry as a whole: from consumer transparency, to technological inefficiencies and a lack of high quality data. “.
As part of her mission to lead change, Lottie also intends to keep growing Lottie’s elderly carethe UK’s only aged care solution for companies looking to support employees seeking care or helping an elderly loved one.
Unhappy with their experience finding a nursing home for their grandmother, siblings Chris and Will Donnelly launched Lottie in July 2021, a digital aged care platform that connects care seekers at the UK’s best care homes to a fair price.
By combining intelligent technology with market-leading human experience, Lottie makes the search for the perfect nursing home for you or a loved one less stressful, faster and more convenient.
The nursing homes listed on Lottie are carefully selected and have been vetted by Lottie’s team of care experts based on quality of care, home culture and ethical practices. From exceptional care ratings and 5 * customer reviews to luxury facilities and thriving family experiences, Lottie partners with the UK’s best care homes that deliver an enhanced resident experience and home culture like no other.
Chris Donnelly, Forbes Europe 30 under 30 alumni, previously founded and successfully sold the luxury digital agency Verb Brands while Will Donnelly spent 5 years at CBRE, advising on £ 2.5 billion in healthcare transactions and established himself as one of Europe’s leading M&A consultants in the health and social care markets.
The company’s pre-launch backers included Tom Blomfield (founder of Monzo), Victoria van Lennep (founder of Lendable), Jacob Haddad (founder of AccuRx), Jamie Bolding (founder of Jungle Creations) and Dominic McGregor (founder of Social Chain / Fearless Initiatives).
The digital marketplace is driving the global transformation towards a modern and sustainable care sector, where nursing home life is designed to support people in their later years to live happier, healthier and more fulfilled lives.
Choose a Lottie Nursing Home today via: lottoe.org
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Lottie Organization Secures £ 6m Seed Follow On Investment Led by General Catalyst – UK Technology Investment News
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