Curam, a technology provider to the UK care sector, has launched a Series A funding round in which it is seeking to raise £4 million.
Since launching in 2018, Curam has raised £3.6 million from high-net-worth-individuals and angel investors.
The firm is now turning to institutional investors to fund the future development of its platform and further expansion.
Over the past 12 months, Curam’s revenues have grown 350%, the firm said in a press release, “despite the huge impact of coronavirus across the [care] sector”.
Curam says its technology is the largest source of self-employed carers in the UK. Clients, case managers and discharge nurses who use the platform are able to post their care requirements and connect with carers whose profile matches their needs, and then interview whoever they feel is best suited to the person they’re arranging care for, before deciding to hire them.
Patrick Wallace, co-founder of Curamcare, says: “At the moment around half of funding for home care goes to the care assistant – who ends up with barely the minimum wage. The rest gets swallowed by care agency administrative costs.
“To date, tech (despite much hype) has made barely any inroads into homecare but our app-based platform – essentially a tailor-made, scalable solution that connects families with suitable carers — means that 85% of funding reaches the carer, who then receive on average over 150% of the minimum wage.
“Better-paid carers, who can accept offers of work as they wish, provide better quality care, and are likely to continue training and stay in the industry. Continuity is very important in this space, particularly for clients living with dementia or autism.
Date published: June 17, 2021