Edinburgh company Time for You Care (TFY Care) has completed a £350,000 funding round led by early stage tech investor ESM.
TFY Care provides services managed by its pioneering software platform and smartphone app that help monitor the movements of care staff and the needs of those in their care.
It tailors care plans to individuals in their own homes and says the technology-driven approach frees up its staff from time-consuming administration and financial resources to offer them better pay.
The new backing is TFY Care’s first external funding.
ESM Investments chairman Steven Morris 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.”
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.”
Stirling-based ESM was advised by law firm Harper Macleod on the investment.
Harper Macleod partner Jo Nisbet 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.”
