Elder has raised £8.2m worth of funding, bringing its total to £16.5m since it launched in 2016.
It plans to use the money to develop its technology to help drive efficiency in care delivery – from better communication between carer and family to in-home monitoring.
To date, Elder has delivered more than 350,000 days of care in over 300 towns and cities across the UK.
Speaking to CM, Elder co-founder and chief executive Peter Dowds, said: ‘The UK is a huge focus for us and even though we’ve brought on a German investor we really want to make sure we build a world class service for those in the UK.
‘Live-in care is not for everyone because it’s a lifestyle and it’s one-to-one. We have had 45,000 applications in the past year and a lot of people are interested in the opportunity.’
Dowds wants live-in care to be seen as a long-term solution to the issues facing the social care sector. The number of over-85s in the UK is set to nearly double to 3 million by 2043.
Sebastian Wossagk, Acton Capital managing partner, said: ‘With life expectancy increasing fast, we need to rethink how to deliver care and to prevent a looming ageing crisis. A vast majority of an ageing population would prefer not to move to a nursing home, if they become incapable of caring for themselves. As home care is becoming more of a need than an option for many, we are convinced that Elder has the potential to really enhance their lives.
‘Elderly care is a significant part of the future of healthcare, but it’s a segment with a high degree of sensitivity. The business model and especially Elder’s team convinced us, as investors, to support the company to take on the responsible task of enhancing the overall quality of care.’