Social Tech Trust and UKRI will jointly fund healthy ageing innovators
Social Tech Trust has joined as an investment partner for UKRI’s Healthy Ageing Challenge, to provide funding for tech-based products and services from social ventures.
UKRI’s Healthy Ageing Investment Partnerships combine government funding and private investment for research and development led by businesses, including social ventures, to produce products and services for healthy ageing that can be adopted at scale.
Over the past decade Social Tech Trust has supported almost 800 socially motivated tech initiatives in the UK, with more than £30M in funding. Importantly it adds to the financial support it provides by working closely with its portfolio, enabling their growth, scaling their social impact and preparing them to take on further investment.
The government contribution, from UKRI, de-risks the private sector investment, allowing cutting edge innovation to prosper.
Social Tech Trust’s involvement brings the total funding available under the programme to £25M, which includes £12.5M in grant funding.
Social ventures and small and medium-sized enterprises can apply through one of a number of investor partners. In addition to Social Tech Trust, these now include:
- 24 Haymarket
- Northstar Ventures
- Prostate Cancer Research
Edward Evans, CEO, at Social Tech Trust, said:
We are delighted to be partnering with UKRI as we invest in the next generation of companies providing products and services that enable us all to age more healthily. Technology presents us with powerful new tools for addressing entrenched and emerging challenges. As an investor who is focused on tech companies that are building sustainable solutions, UKRI’s grant will help to supercharge our investments and build long term impact.
George MacGinnis, Healthy Ageing Challenge Director at UKRI added:
Social Tech Trust brings a new dimension to the investment partners programme with its mission to invest specifically in social ventures that create technology enabled solutions designed to support all of us in ageing healthily – mentally and physically and in terms of social connectivity.
This will broaden the opportunities available to support business growth. Vitally, Social Tech Trust brings extensive experience of supporting social entrepreneurs to develop sustainable businesses that address some of the toughest challenges faced by an ageing society.
If you would like to contact a health investor, or to find out more about the scheme, contact Karen Wilkinson from Innovate UK KTN’s Health team.
Healthy Ageing Challenge Community of Practice
The Healthy Ageing Challenge Community of Practice is a collaborative learning community for businesses, social ventures, researchers, investors and policymakers to connect and share knowledge and insights in relation to healthy ageing.