Dealflow | July 31, 2019

Seniovo raises €2 million to help seniors age in place

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, July 31 – By next year, a quarter of Europe’s population will be over 60. Worldwide, there are about a billion 60+ year olds, many of whom need or will need long-term care. Berlin-based Seniovo is a property tech startup that wants to make it easier for seniors to age in their homes (rather than in long-term care facilities) by helping them secure funding for home renovations.

Seniovo’s online platform helps seniors connect to grants and state funding schemes and get matched with a contractor to execute home changes. The company has 500 clients in Germany and says it has secured subsidies for 95% of them, according to EU Startups.

Seniovo has raised a €2 million ($2.2 million) Series A round backed by PropTech1 Ventures and German venture capital firm IBB Beteiligungsgesellschaft. Both investors invested in the company’s seed round last October.

PropTech1 cited the company’s “important social contribution” as a basis for its investment, but also the role it plays in reducing healthcare costs, because it minimizes seniors’ likelihood for home accidents.