Almost a billion people worldwide are 60 years and older, and this number is set to double by 2050. About 50% of these people will need some type of long-term care.
Berlin-based proptech startup Seniovo is dedicated to helping seniors in need of care to reform their apartments and houses, allowing them to live better and independently. The startup works with seniors to secure grant and state funding for reforms, and with specialized contractors throughout Germany to carry them out.
Founded in 2016, the startup has raised €2 million in a Series A financing round following a seed round October 2018, from the same investors.
The startup offers advice through its platform, and digitizes the entire application and reconstruction process. In many cases, people in need of care don’t have to make any private payment; Seniovo’s success rate in applying for subsidies for people in need of long-term care is 95%. Seniovo has already helped more than 500 people successfully reconstruct their homes.
Due to Seniovo’s recent growth in revenue of over 250% (from Q1 2018 to Q1 2019) – all existing lead investors of its seed round, including PropTech1 Ventures, IBB Beteiligungsgesellschaft, and the German Media Pool, are participating again in this round. Other real estate entrepreneurs with expertise in the care sector have joined as new investors.
“We want to enter new geographical regions as well as launch new products using the freshly raised growth capital,” said Jonathan Kohl, CEO & founder of Seniovo. “Above all, further digitalization of our processes and expanding our B2B business will increase our growth trajectory and efficiency.”