Care Sourcer raises £8.5m in Series A funding from Legal & General and ADV to expand its care matching technology.
The Series A round was led by Legal & General with participation from ADV.
Care Sourcer operates an online comparison and matching site designed to address social care challenges. The healthtech firm is based in Edinburgh.
Care Sourcer has secured £8.5m in Series A funding to roll out its care matching technology across the United Kingdom. Legal & General Retirement Retail led the financing with £6m, while previous backer ADV contributed a £2.5m follow-on investment.
The capital will support the company as it seeks to alleviate the NHS bed-blocking crisis, which results in significant daily expenditure and operational delays. By connecting individuals with available care providers within a short window, the firm intends to address a substantial portion of delayed discharge cases nationwide.
From the founder
"Right now, too many people are waiting weeks or even months for care – this causes incredible stress for people and their families, and it’s also a huge expense to our health system. People deserve better than this broken status quo and we know that our technology can help."
Andrew McGinley
Co-founder at Care Sourcer
Investor perspective
"Our investment in Care Sourcer will not only directly improve the lives of many of our customers – both recipients of care, and family and other carers trying to find a care solution for loved ones – but it also contributes to our long term purpose of building a better society. By addressing Delayed Transfer of Care, a key issue in the UK’s care provision and a huge cost to the NHS England budget, not only have Care Sourcer devised a strong business concept but it is an innovative solution that brings choice and transparency to the UK care market. We are looking forward to working more with the Care Sourcer team who share our commitment to resolving issues in UK care provision."
Chris Knight
CEO, Legal & General Retail Retirement, Legal & General
Use of funds
- 01Expand into international markets
Investors
Categories
About the company
Care Sourcer
Care Sourcer provides a comparison and matching platform for older people care.