PropTech1 Ventures and IBB Beteiligungsgesellschaft invest in Seniovo, Germany’s first one-stop solution for barrier-free reconstruction
Berlin, 1 October 2018 – PropTech1 Ventures, Germany's first venture capital fund focusing on European PropTech startups, invests in Berlin startup Seniovo together with IBB Beteiligungsgesellschaft. German Media Pool with its print media partners was won as a further investor in the seven-digit seed financing round. Launched this year, the VC fund PropTech1, led by managing partners Nikolas Samios and Anja Rath, which brings together 15 real estate companies and entrepreneurs across the entire value chain, is already announcing its third investment, all of which were made during the last month.
The PropTech startup Seniovo enables people in need of care to stay at home by offering age-appropriate and barrier-free reconstruction measures – in many cases without additional payment of private funds.
The issue of home care is affecting more and more people: Demographic change is leading to an aging society. The number of people in need of care in Germany today is just under 3 million. This number will increase by at least 500,000 in the next ten years. At the same time, there is a lack of nursing staff and homes. Furthermore, 90% of senior citizens in need of care prefer to live at home, but just 2% of all homes and apartments are barrier-free. Thus, there is an enormous need. Although health and long-term care insurance companies usually cover the costs of barrier-free reconstruction and accompanying measures in order to save the persons in need of care from moving to a nursing home, these funds are often not retrieved because the persons concerned lack the knowledge or are overwhelmed by the non-transparent market of handymen.
Seniovo acts as a one-stop solution, offers targeted advice, and digitalizes the application and execution process completely up to the implementation of the measures on site with their own handymen or certified partners. Thanks to Seniovo, health insurance companies benefit from a reduction of administrative burden. At the same time, the costs for ambulatory care services are also reduced in barrier-free apartments. Up to now, Seniovo has been offering reconstruction measures for the bathroom throughout Germany and will offer more products in the future.
Anja Rath, Managing Partner of PropTech1 Ventures, comments on the investment decision, "Seniovo offers a service with an urgent and growing demand. The business model is attractive and scalable. On top of that, we are very happy to support a company that makes an important social contribution and that makes barrier-free reconstruction much easier for people who are already working to capacity by caring for relatives or patients."
Christian Seegers, Senior Investment Manager of IBB Beteiligungsgesellschaft, adds, "Seniovo is a prime example of the companies we are looking for: The Berlin-based team around Jonathan Kohl and Justus Klocke has founded a fast-growing startup, convinced private capital of their business model, and also provides an important social added value. The care market offers excellent growth opportunities for innovative startups, and we are pleased to support Seniovo with our expertise in the care market."
Jonathan Kohl, CEO & co-founder of Seniovo, describes the added value of the VC investment, "The investor consortium has proven to be very valuable from day one. With PropTech1, we have gained our desired investor, whose partners contribute countless years of experience as entrepreneurs themselves and, in addition to capital, provide us with accelerated access to a broad network in the real estate industry. IBB Beteiligungsgesellschaft has already made several successful investments in the care market and contributes deep knowledge of the market, from which we can profit."
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