Just over a year ago we announced our seed investment into Care Sourcer alongside BGF Ventures. Today the startup has announced its Series A round, £8.5m lead by Legal & General with participation from us
Caring for older adults in need is a major responsibility facing societies throughout the world. Average life expectancy in the UK has now reached 82, and data suggests a continuing rise across parts of the developed world.
The efficiency with which we identify and allocate scarce care services for older adults is paramount. Anyone with an elderly family member seeking care knows only too well how difficult it is to find the right provider. Care Sourcer is on a mission to match those seeking care with quality, publicly scored providers within hours, not days or weeks.
Since raising £500,000 seed investment last year the Care Sourcer team has grown rapidly and began expansion across the UK. One of the biggest moments in the last twelve months was a large contract and partnership secured with NHS England after a successful trial.
Users of Care Sourcer are often going through acutely stressful times and the impact on their lives can be invaluable, as demonstrated by Nikki Blackborrow (a teacher from London).
“The service avoids hours and hours of searching/researching online and fruitless phone calls to care homes that were either full or could not meet their needs but also the process of filling in my relatives details online was so quick and straightforward, then when the offers start coming through.”
Nikki was able to quickly find care for three relatives: a 96 year old grandmother needing home care, an 82 year old step-father suffering from Alzheimer’s, and her 74 year old mother in need of respite care.
The next phase of the company’s growth is to expand its offering UK-wide and help solve a problem which costs the NHS £8m per day through delayed patient discharge (nearly £3bn annually).
In 2017 NHS England reported more than 150,000 days on which a bed was occupied by someone who is medically fit for discharge. Care Sourcer’s platform can address nearly half (47%) of these cases by matching people with care homes or care at home providers within 48 hours.
With success already in London, Edinburgh and Gloucester, nationwide expansion will be accelerated throughout this year.
The Care Sourcer team is a great mixture of two co-founders with deep and long term experience of the care sector, augmented with recent global startup experience from both Skyscanner and FanDuel in the team.
Edinburgh’s tech ecosystem has benefited immeasurably from the success of Skyscanner, Fanduel and FreeAgent to name a few. The brain power, experience and capital which has come from the city’s shining lights is creating a powerful cauldron of opportunity.
To accelerate Care Sourcer’s UK growth we are pleased to welcome one of our investors – Legal & General – in to support driving forward the company’s growth and re-define the care sector for the better.
Taking on investment from one of the UK’s largest financial institutions brings into sharp focus the importance of thinking about life post retirement as older adults.
This is a significant moment for ADV as not only are we following-on in Care Sourcer after a little more than 12 months, but one of our investors is joining us in supporting this mission and backing a startup that was only born two years ago.
We support companies with patient venture investment over the long term and connect them to larger, growth investors at scale. If you are building a generation-defining company please share your vision with our team.