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Monzo founder Tom Blomfield invests in UK startup transforming elderly care sector

The UK elderly care sector comprises 12,500 care homes with a combined total of 480,000 registered beds. A rapidly ageing population means the elderly care sector will be unsustainable by 2028 without increased investment, improved transparency and new technology.

Attempting to tackle this issue is newly launched UK-based Lottie, which has now received an investment of £500,000 with a valuation of £5 million in pre-seed funding.

Impressive backing

The investment round was led by Tom Blomfield (Founder and CEO of Monzo), Victoria van Lennep (Founder of Lendable), Accel (backed other early-stage businesses inc. Deliveroo, Fiver, Monzo), Jacob Haddad (Founder of AccuRx), Dominic McGregor (Founder of Social Chain and Government Adviser).

Revolutionising elderly care sector

Care Homes are notoriously expensive, with fees running into many thousands of pounds per month. On average, savings for the company’s customers are expected to be £2,000 annually.

Lottie will be the world’s first live booking service in the care sector. The website – which is designed to be engaging and user friendly – allows care seekers and care providers to digitally communicate and negotiate/sign a resident agreement online. Care seekers can add and remove additional extras for their loved ones, from meditation and book clubs to outdoor activities, with the cost bar changing accordingly per click to create a bespoke package. It also allows family members to book day trips and activities with their loved ones that they can share together.

Data insight is also key for the company. It has garnered interest from hundreds of the UK’s best care homes, eager to learn exactly what people now expect from residencies as the world emerges from Covid.

Enhancing care standards

Lottie is currently a team of three including its two co-founders, Chris and Will Donnelly, and a head of product. The company’s Cofounder Chris Donnelly, 31, who also built Verb Brands 10 years ago, explained: “Our data insights will revolutionise the elderly care sector by increasing market transparency, improving data availability and enhancing care standards. Lottie will be the industry’s most advanced technology platform, designed by conducting detailed research and surveys with care seekers and care providers. Designed for the care seeker of tomorrow, post-covid.”

Co-founder Will Donnelly, 26, who has years of high-level background in care, explained: “Through our personal experience of finding care for a dear family member, we realised the sector is woefully inadequate. In fact, it is archaic. The food is terrible, residents often feel neglected, are not mentally stimulated and in some case genuinely feel they have gone there to die. It is tragic and wholly unnecessary. This about not just dignity and respect for the elderly, but the fact going into care is the next chapter of life, not the final one.”

The Donnelly brothers see 2021 as a trial run and  learn what today’s modern care seeker wants from tomorrow’s care home experience. To date, the company has taken a lean approach and worked with several 3rd party partners including Greenbox Designs (Branding & Design), Powered by Coffee (Development) and Verb Brands (Marketing).

Designed for care seeker of tomorrow

Unlike existing comparison websites, the company only partners with the UK’s best care operators who provide outstanding care, a thriving home environment and an ethical service. From cinemas and salons to day trips and fitness classes, the startup will list properties that offer enhanced care and home experience and culture like no other.

Chris said: “Elderly people and relatives are given the freedom to design their dream care package, while care partners benefit from higher resident admissions, increased revenue and a streamlined booking process. Lottie will be the industry’s most advanced technology platform, optimised to simplify, streamline and super- charge the care home search process. Lottie’s tech platform has been built with both care seekers and care providers in mind.”

The care giving startup will use the funding to invest further into product development and technology, increase its marketing spend ahead of the MVP launch and make several key hires including a CTO and Head of Care Quality.

Simplifying process of finding care home

The startup currently has 250 highest rated care homes in the South East in its portfolio. All the 250 facilities approached have the green ‘good’ rating with the Care Quality Commission. Any facility falling short of the startup’s high standards will be removed from its website. 

The post Monzo founder Tom Blomfield invests in UK startup transforming elderly care sector appeared first on UKTN (UK Tech News).

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