Elderly Care Tech Startup Raises $11.5m in Fresh VC Funding | #insurance | #seniors | #elderly
- London-based care tech startup Birdie has raised $11.5 million in fresh funding.
- The startup, founded in 2017, was incubated by AXA-backed Kamet Ventures and now has funding from Index Ventures.
- The social care market in the UK is growing dramatically as the number of elderly people increases.
- See more stories on Insider’s business page.
London-based care tech startup Birdie has raised $11.5 million in fresh funding as it looks to scale its offering.
The startup was founded in 2017 with the goal of partnering with care agencies to revolutionize the underfunded and inefficient care sector. By digitizing largely paper-based systems and collecting patient data through its app Birdie says it provides more personalized and effective at-home care so that care providers can pick up on early signs of illness and reduce hospital admissions.
The UK’s care system is under strain. The number of people over 65 in Britain will double by 2050, while 25% of the UK’s home care providers are on the brink of bankruptcy and local authorities in England will face a £4.4 billion funding gap by 2023.
“Care tech is the new healthtech,” Max Parmentier, founder of Birdie told Insider in an interview. “The social care market is growing exponentially at the moment and will continue to grow because of demographic changes. We don’t see ourselves just as a tech provider, we are also a partner with care organisations.”
The company was founded following Parmentier’s own experiences watching his grandfather go through the care system and was incubated as part of Kamet Ventures, a startup building scheme backed by French insurance giant AXA.
Birdie previously raised $8.3 million in funding from AXA in 2019, having previously netted a $3 million seed round from AXA’s startup studio Kamet Ventures. In the past 12 months Birdie claims to have seen six times growth in the number of older people it supports and more than 3,000 family members now turn to Birdie each week for peace of mind about their loved ones.
“We’ve seen a massive acceleration in adoption, in part to do with COVID-19,” Parmentier added. “There has been a shift in mindset from our partners who have seen how automation can help them and now the industry is moving towards innovation.”
Birdie has around 70 employees as it stands but will use the funding to move towards 100 staff within the next 12 months. Hiring will focus on product engineering and marketing, alongside other roles, as the startup looks to further scale its product.
“Social care is a huge problem due to the sheer numbers involved and is one of the key issues for society going forward,” Stephane Kurgan, partner at Index Ventures, told Insider. “This is historically an area that is underserved by technology so Birdie’s solutions can have a major impact for care recipients and lead to people leading longer, happier, and healthier lives.”
Check out Birdie’s pitch deck below: