Legal & General Retirement Retail back healthcare startup to tackle UK ‘bed-blocking’ crisis
27 Jul 2018
Care Sourcer, the care comparison and matching site, announces that it has raised an £8.5m funding round from two investors, Legal & General and ADV. This investment will enable Care Sourcer to expand its care matching technology UK-wide, helping to tackle the crisis in care that costs NHS England £8m every day.
Care Sourcer is the first UK comparison and matching site for older people care - the innovative service enables anyone to make a simple enquiry via www.caresourcer.com and receive offers from care providers who have immediate availability. Care Sourcer charges the care provider a small fee for the matching service, and there is no charge to the person making the request. Care Sourcer can be used by private individuals, GPs, social workers, or anyone else who needs to find care for an older person.
With this investment, Care Sourcer aims to directly tackle the NHS’s ‘bed-blocking’ crisis, a major issue the organisation faces 70 years on from its creation. NHS England alone reported over 150,000 Delayed Transfer of Care days in 2017-18, which is the number of days that someone who is medically fit for discharge is still occupying a bed1. These delays, also known as “delayed discharge”, cost NHS England £3bn annually, or £8m per day, and also force the NHS to cancel operations and increase waiting times in A&E2. Care Sourcer’s care matching technology can address nearly half (47%) of these delayed discharge cases by matching people with care homes or care at home providers within 48 hours — a staggering potential saving to the NHS.
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... 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 of Legal & General Retirement Retail
Notes to editors
- Care Sourcer is the UK’s first care and comparison matching site. Anyone can request care for older people at www.caresourcer.com and will receive bespoke offers from local care providers within 48 hours.
- Care Sourcer was founded in Edinburgh in 2016 by Andrew McGinley, CEO and Andrew Parfery, CCO. Both founders ran successful care businesses and decided to create Care Sourcer after seeing firsthand the growing unmet need for care.
- Care Sourcer is currently available in London, Edinburgh and Gloucester and will roll out nationwide throughout the year as they expand their network of providers, invest in their technology platform and expand their team of care experts and technologists.
- In 2017, Care Sourcer completed its first external seed investment round, raising £500,000 from UK venture capital firms Accelerated Digital Ventures and BGF Ventures. It was the first investment in a Scottish company by both investors.
- In 2017, Care Sourcer won a nationwide Small Business Research Initiative contract worth £100,000 to tackle delayed discharge with NHS England. After a successful trial, NHS England awarded a further £757,000 to Care Sourcer to expand their work with NHS bodies across the country.