Cera Care, a UK-based elderly care provider backed by retirement home operator Auriens, has secured $70m in an equity and debt round led by company builder Kairos, The Telegraph reported on Wednesday.
Evergreen fund manager Yabeo and asset manager Guiness Asset Management also took part in the round. The company did not specify how much of the round consisted of equity financing and how much was provided in the form of debt.
Founded in 2016, Cera provides on-demand, home care services ranging from private nursing and live-in care to dementia and palliative care, using its software to match users to the most suitable carer.
Readings taken by carers are fed into a central database, enabling Cera to use artificial intelligence to detect any deterioration in health at an early stage and intervene before a hospital stay is required.
The funding will drive domestic and international expansion efforts, with Germany a key target. The company will also explore acquisitions to grow its footprint, having already purchased home care services provider Mears Care for $39m earlier this month.
Ben Maruthappu, co-founder and chief executive of Cera, said: “The investment marks an exciting milestone for us, demonstrating faith in our company’s ability to revolutionise the social care sector as we bring modern, digital-first services to families across the UK.
“We definitely want to be nationwide across the UK and we want to expand in Europe. We have had a long-term interest in Germany, and it is the right time for an expansion because we rolled out a new wave of tech last year and investing more in that.”
Cera had previously collected $17m in a mid-2018 series A round featuring Guinness Asset Management’s EIS fund, Yabeo, Kairos and a range of undisclosed existing shareholders, and which included an undisclosed amount of debt financing.
Auriens supplied $650,000 in funding for the company August 2017, four months after Credo Ventures had led a $1.8m seed round that also featured Kima Ventures. Cera had already secured $1.6m in funding from assorted angel investors the year before.
