AARP, a membership-based non-profit lobbying group for people aged 50 and older, has joined forces with financial services firm JP Morgan to set up a $40m fund.
AARP Innovation Fund will invest in startups developing products for users aged 50 and above, and will target both early-stage and late-stage companies.
JP Morgan is acting as an advisor for the fund through its endowments and foundations, and private equity divisions. AARP is the sole external investor and will make direct investments through the fund.
AARP is particularly focusing on startups working on technologies and services that enable users to stay in their own homes for longer, such as mobility assistance, hearing and vision health, or home sensors that track activity.
The fund will also invest in healthcare IT products such as telemedicine and consumer diagnostics. Finally, AARP will seek to identify technologies that provide help with health issues such as diabetes or which support an active lifestyle through offerings such as fitness apps.
AARP will also select some startups for access to its distribution channels and other support.
Jo Ann Jenkins, chief executive of AARP, said: “AARP has a strong history of leading innovation by changing the marketplace. Our members are disrupting aging in a variety of ways and so is AARP.
“The AARP Innovation Fund is the next evolution of our ability to fulfil our social mission by making sure that the needs and interests of those 50-plus are well represented by products and companies.”