Insurtech Yurtle, based in London, has raised £1.37m in seed funding to grow its team and combat caregiver burnout as the world’s first digital care ally.
Yurtle wants a world where everyone has the choice to live independently as they are and will do so via informal social care networks.
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Its B2B solution prevents caregiver burnout by helping them build a resilient care team around them, as well as a financial safety net when health breaks down.
Paid for by employers, the solution is being sold to firms committed to the wellbeing of their employees.
Yurtle’s app helps employees reflect on the care load they carry – often overlooked by caregivers eager to prioritise the needs of a child/parent/grandparent/spouse, receive personalised advice on becoming more effective caregivers, and shows them how to mobilise their existing network to share caring responsibilities.
Two specialist investors were co-leads for this round; Insurtech Gateway – with insurance and regulatory expertise and Mustard Seed Maze – with its impact investment expertise and network.
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By GlobalData“We believe there is no single systemic challenge more pressing or fascinating to solve for than our ageing population. We are thrilled to have secured funding that allows us to continue building the tools families need to meet their obligations of care for loved ones without sacrificing their health. With the formal announcement of Jose Ribeiro as Chairman of Yurtle, this is truly a mission to give others what we wish our family had access to in its time of need,” said Antonio Ribeiro, founder.
“Caregiving is the single largest driver of underrepresentation of women in the senior leadership, it is behind the gender pension and pay gaps, and the lower participation of women in paid work. Yurtle’s product takes a direct approach to tackle this inequality, offering caregivers the community support and financial security necessary to look after their own health and career, while providing high-quality care to loved ones. We are proud to support Yurtle as they expand their product across the UK and beyond,” stated Richard Chattock, CEO at Insurtech Gateway
“For MSM, tackling the challenge of a growing elderly population has always been an area of interest, considering the size of the problem and the impact potential. However, it was only clear to us after meeting Yurtle that a scalable business model could be found in the space. The combo of a solution that solves the financial (insurance) and non-financial (platform) issues linked to caregiving, together with a business model that splits the responsibility between employees and employers, makes this possible. António and the team he built around Yurtle couldn’t be a better fit to tackle this problem, with a combination of business, insurance, behavioral science and on-the ground experience working with caregivers,” added Sofia Queiroz, investment principal at MSM.
