Member News | 10.08.2017
A Glasgow-based health tech start-up that has been dubbed the “Facebook for care” is to open an office in Silicon Valley after catching the eye of US venture capitalists.
StoriiCare, founded in 2014 by Cameron Graham, is also seeking to raise up to £5 million next year to support its product development and ramp up sales and marketing, having already launched a crowdfunding campaign on Seedrs.
The firm has developed a social network that allows care staff to record their activity and help families keep in touch with their loved ones.
Graham, the start-up’s chief executive, travelled to California in April, where he pitched a range of venture capitalists including Sequoia Capital chairman Sir Michael Moritz, who has previously backed Edinburgh-founded travel search giant Skyscanner.
“We were thrilled to get the chance to pitch to Michael Moritz and it was massively encouraging that he was so supportive of what we’re trying to do at StoriiCare and that Sequoia would be interested in investing on the back of a bit more traction in the business,” Graham said.
He added: “The US is the largest healthcare market on the planet and we’re now winning our first contracts stateside which is a massive boost on top of the business we’re already doing in the UK.
“There are 20,000 care homes in the UK and around 60,000 in the US. The US market alone is $1 billion market for us. The sector has been slow to embrace technology, relying on paper-based systems as technology advances in other sectors worldwide. In the past two years, large care groups and healthcare providers have installed wifi. As a result, our experience is that providers are looking at technology to evidence care for the first time.”
StoriiCare has also attracted investment from care homes entrepreneur Robert Kilgour, founder of Four Seasons Health Care and Musselburgh-based Renaissance Care.
Kilgour said: “I believe StoriiCare and the team behind it are onto something big. I look forward to supporting the team and to an exciting and productive future.”
Source: The Scotsman
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