Scottish care tech company Time for You Care has secured a £350,000 investment led by ESM, the Stirling-based early-stage tech investment group. The cash injection comes as innovation in the care sector become increasingly vital as more people require support in their own home.
Time for You Care uses a sophisticated software platform and smartphone application to monitor the movements of staff and the needs of those requiring care, replacing inefficient back office systems freeing up its workforce to concentrate on caring for people. The benefits of the technology also allow the business to pay care practitioners at a level that better reflects their responsibility and the commitment they make.
The new investment will be used to improve the technology leading to service level improvement and operational efficiencies.
Steven Morris, Chairman of ESM Investments, who were advised by Harper Macleod on the investment, said: "We look for businesses who have found a gap in the market that requires to be filled and need capital to scale up. We saw this investment as a really positive step even before Coronavirus was on our horizon, however the change in circumstances from when we began the investment process to now has made us realise even more just how important an area this is to people.
"Care tech is a growing sector and what Time for You Care is doing is delivering 1-2-1 care to people who can't leave their homes. The company pitched to us at one of our regular members events early in the new year and we were impressed by them, their experience and their professionalism."
Jo Nisbet, Partner at Harper Macleod, said: "We were delighted to help get this investment completed despite the current restrictions. Now more than ever it is important to see investments such as this take place, so innovative Scottish businesses can continue to grow – particularly where there is clearly a need for the services they provide. It was encouraging that all parties were willing to adapt to the new environment and work together to get the deal done."Scotland’s only all-female business angel group Investing Women also backed the round. CEO Jackie Waring, said: “We’re delighted to be backing Time for You Care; particularly given this company created by talented female founder Melissa Singh is addressing such a clear need in the care sector extending well beyond the current crisis.
"The positive impact this company will have on people’s lives and the value placed on caring as a career is heartening. We are equally thrilled to be investing alongside ESM and look forward to much ongoing collaboration with Steven and the team working with great entrepreneurs.”