Experts in healthcare and financial serviceshavesecured £2.5 million in seed funding to fund a startup geared towards providing health and wealth products for theover 60s.
The funding round in UK-based Lateral was led by UK fintech investorAugmenum with support fromTriple PointandTinyVC.
Lateral, which is a nine-strong team,believes it has spotted a gap in the market, namely the over 14m people who areover 60 in the UK who are in need of healthcare and financial wellness guidance.
The funding will be used to support the rollout of Lateral’s first product, the Lateral Health Plan, whichcombinesfinancialcoverfor private healthcare, care navigation, and “stay-healthy benefits” in one policy.
Lateral sayscentral to the plan is a nurse-lednavigation servicedesigned to help users make informed decisions and get the mostfromtheir healthcare, including NHS and private options.
Run by qualified case-management nurses, the service includes NHS and private care, and offers personalised support to help members understand their diagnosis and explore the best treatment pathways, the startup says.
Its founders say one of the plan’s key attractions is that it will focusonsimpleand transparent pricing.
The startup was founded byLaura Ashforth, former managingdirector,insurtech unicorn Zego, andSteven Mendel, co-founder andex-CEOof pet health unicorn ManyPets.
Ashforth said:“We’re on a mission to empower over 60s to live well for longer, helping them navigate the complicated world of retirement by offering them an affordable range of products expertly created just for them.
“Many people find the health system increasingly hard to navigate as they get older. Lateral is designed to help members understand their options and make informed choices about care, while also embedding evidence-based preventative approaches, such as an annual health check, to support proactive engagement with their health.”
Mendel, executive chair, Lateral, added:“People are living longer and with more active lives, yet the systems designed to support them haven’t kept up. For far too long, insurers have viewed people over 60 as old, immobile, and liable to injury.
“The reality is that many people in their 60s and 70s are fitter and more active than ever. For them, retirement is a chance to do more, not less.”
IMAGE: Lateral