Tuesday, February 27, 2024
HomeFunding London-based Lottie Secures €20 million Series A Round Funding

[Funding alert] London-based Lottie Secures €20 million Series A Round Funding

Lottie, a startup based in London, receives a €20 million Series A round of funding from Accel, with participation from General Catalyst, a previous investor. This raises the company's total funding raised to €30 million.
Co-Founder of Lottie – Will Donnelly

Lottie, a startup based in London, receives a €20 million Series A round of funding from Accel, with participation from General Catalyst, a previous investor. This raises the company’s total funding raised to €30 million.

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By making more investments in its range of digital tools that significantly enhance the experience of care seekers, Lottie will use the investment to tackle the escalating social care issue while enhancing the standard of later life. The company is going to expand its 50-person London-based staff with the goal to double its size by 2024.

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Will Donnelly, Co-Founder and Co-CEO of Lottie, said: “We set out to build Lottie after experiencing first-hand the fundamental issues in the UK social care sector: namely a lack of high-quality affordable care and an outdated, emotionally taxing process for individuals and families urgently looking to find care for their loved ones. Everyone deserves the best possible quality of life in their later years, and Lottie is helping to drive real change in the care search process, while supporting our provider partners in delivering better health outcomes for residents, improved operational efficiencies and huge cost savings via our software products.”

With a growing elderly population and stagnant state financing, the number of care homes in the UK has fallen to its worst point in more than a decade. According to current government data, England’s care home funding is short by £2.3 billion.

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In addition, seeking care is a difficult, demanding, and time-consuming procedure; consumers usually contact six services before locating one that meets their specific needs.

Most lack an accurate appraisal of what care should actually cost, have obsolete information about suppliers, and they get no support during what may be a trying period.

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Sonali De Rycker, Partner at Accel, commented: “Digital marketplaces have transformed our lives. We expect glossy, transparent, low-touch experiences when booking holidays, buying groceries and doing everything in between. For some reason, eldercare has been left behind. Will and Chris are on a mission to level up an industry stuck in the dark ages. Lottie offers consumers the modern discovery and booking experience they deserve when finding help for loved ones. In parallel, they offer care providers a suite of tools to shift online and upgrade their operations. Meeting Will and Chris is an experience you won’t forget: they’re an ambitious, high-integrity team chasing a significant and important opportunity. We’re excited to be part of their journey.”

Chris Bischoff, Managing Director at General Catalyst, added: “We believe the Lottie team has made great strides in their mission to provide transparency and support for families searching for quality care. They have demonstrated the ability to collaborate with care partners who share their commitment to modernising home care with sustainability, safety, and quality of life in mind. These values align with our Health Assurance thesis and we are excited to participate in their positive impact and continued growth.”

About Lottie

Will and Chris Donnelly, who had direct knowledge of the difficulties in locating affordable care for family members, created Lottie in 2021.

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The brothers developed Lottie with the goal of improving later life for older people, modernizing the method of seeking care, and making sure that care standards are raised throughout the industry. Locating the top care facilities and retirement communities in the UK is made easier by the free service Lottie.

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