Despite a challenging year for markets in 2022, BPI takes stock of the positive results in the latest ESG report: The report shows an improvement for BPI portfolio companies compared to previous years.
BurdaPrincipal Investments (BPI), the growth capital arm of Hubert Burda Media, joined the financing round of Patronus and thereby the largest-ever Series A in European elderly care. The Berlin-based startup develops digital tools to make ageing more delightful and dignified. Less than one year after their seed round, Patronus has now raised 27 million euros. BPI participated in the round led by the investors Singular and Adjacent.
Society is getting older and at the same time, older generations are becoming increasingly tech savvy as they strive for independence. This makes the elderly care industry ripe for digitisation, and this is where Patronus comes in: The startup offers a software that turns smartwatches into digital watches for the elderly providing them with easy and 24/7 access to emergency care which has access to the user’s health records and caregiver contacts. The watch can be used both at home and on the move. With their solution, Patronus tackles one of the most pressing problems of many elderly people: They spend the majority of their time by themselves and fear ending up in an emergency situation and not getting any help. Elderly people can live independently for longer, while remaining safe and closely connected to their families and caregivers.
With the new funding, Patronus plans to expand its product range. The first step will be to roll out a mobile app that connects to the smartwatch and offers relatives and caregivers the opportunity to check in on the person that is wearing it.
“The team’s excessive product focus and strong execution over the past year has led to extraordinary growth and adoption rates unprecedented in this demographic. We are convinced that the Patronus team is building a platform with the potential for global category leadership in the massive market for elderly care and communication. We are looking forward to helping fuel their success by leveraging our extensive know-how around building leading European consumer brands.”
Julian von Eckartsberg, Managing Director Europe at BPI
“A funding round of this size in the current market environment is not something to be taken for granted. It demonstrates the relevance and urgency that demographic change entails – and the conviction that tech can significantly contribute to addressing the challenges that come with it. The new funding allows us to relentlessly follow our vision. And we are thrilled to have such strong investors join us in our mission.”
Ben Staudt, co-founder of Patronus
Ben Staudt and Tim Wagner co-founded the company in Berlin in 2021. Since then, Patronus has grown extremely fast. For the founders, usability as well as design has been crucial when developing their product. This makes Patronus’ product stand out in the market and gains traction among the target group. In the current Series A, next to BPI, the existing investors Cavalry Ventures and UVC Partners joined the funding round.