Curam, the carer platform that uses technology to positively disrupt the social care sector, has launched its Series A round of fundraising.
And the firm is looking to raise £4 million from institutional investors to fund the development of its platform and the continued growth of carer and client numbers.
Since it was set up in 2018, Curam has raised £3.6 million from high net worth and angel investors, and has rolled out its Curamcare platform and app across all the UK’s 124 postcode areas.
Despite the huge impact of coronavirus across the sector, its revenues grew c.350 per cent over the last year and that pace of growth is accelerating as the UK emerges from lockdown.
Curam has its headquarters in London, but its recruitment, finance and client services are based Dumfries. It also has sites in Ireland and India.
It was created with a radical objective: to lead the way in socially conscious care provision by building a better care community online that pays carers what they deserve.
Curam’s innovative technology is the largest source of self-employed carers in the UK. The clients, case managers and discharge nurses who use the platform are able to post their care requirements and connect with carers whose profile matches their needs, and then interview whoever they feel is best suited to the person they’re arranging care for, before deciding to hire them.
Co-founder Patrick Wallace said: “At the moment around half of funding for home care goes to the care assistant – who ends up with barely the minimum wage. The rest gets swallowed by care agency administrative costs.
“Our app-based platform – essentially a tailor-made, scalable solution that connects families with suitable carers – means that 85 per cent of funding reaches the carer, who then receive on average over 150 per cent of the minimum wage.
“Better paid carers, who can accept offers of work as they wish, provide better quality care, and are likely to continue training and stay in the industry.”