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Introducing Lottie A Solution to the Care Home Dilemma
Lottie, is an online marketplace, founded in 2021 by brothers Will and Chris Donnelly, Lottie assists individuals in finding the best care homes and services tailored to their needs. The platform also extends its services to home-care. With a user base of approximately 500,000 monthly users, Lottie has witnessed a staggering 300% growth in the past year.
Lottie’s Recent Funding Milestone
Building on its previous $7 million funding round, Lottie recently announced a $21 million Series A funding round. This investment was spearheaded by the renowned U.S. venture capital firm, Accel, and saw participation from another existing investor, General Catalyst.
Digital Transformation in the Social Care Sector
Historically, the social care sector has remained relatively untouched by the digital wave. Families often had to directly engage with local care services or rely on directories and websites that might not provide comprehensive information. Lottie’s acquisition of the care home software company, Found, has been a game-changer. Many care homes utilized Found for managing occupancy and CRM. With this integration, Lottie now showcases real-time service availability, ensuring listings only display care homes with actual vacancies. This feature is particularly beneficial for families needing to secure a care home swiftly.
Lottie’s Business Model and Future Aspirations
Lottie’s monetization strategy is multifaceted. Through its primary marketplace, care providers are charged for lead generations on a pay-per-query basis. However, with the integration of Found, Lottie will soon transition to a marketplace model, taking a percentage fee from each residency booked via its platform. Additionally, as a SaaS entity, Lottie will charge care providers for using its software, starting at £150 per month.
While Lottie’s current focus remains on the UK care home market, its association with major U.S. VC firms hints at broader global ambitions. The company’s international expansion is on the horizon, with the U.S. market being a potential first step due to its similar market characteristics.
Lottie’s innovative approach to addressing the challenges in the UK care home sector, combined with its recent funding success, positions it as a significant player in the industry. With plans to expand its team and further develop its tech, Lottie is poised to redefine the care home experience for many families.
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