Venture capital firm initially invested £150,000 from its SEIS fund in the care delivery and management app in March 2016.
Jenson Funding Partners, the early-stage venture capital firm, has successfully exited OneTouch, a digital health platform that allows home care providers to manage care delivery from a centralised app.
OneTouch aims to significantly reduce the administrative burden on care workers with its intuitive platform. With the support of Jenson’s funding OneTouch have grown the quantity of care hours delivered by care workers to over 2 million hours of care each month.
The exit has been facilitated by a significant investment from August Equity, a private equity firm that specialises in service-oriented companies in high-growth sectors such as healthcare, education, business services and technology.
At the time of Jenson’s initial investment, OneTouch had developed its cloud-based software platform but had not secured a significant amount of market share. Today, the firm is the market leader in Ireland and one of the top providers in the UK.
Dermot Clancy, CEO of OneTouch, said: “We’ve been on a fantastic journey with the Jenson team over the past few years. We’ve benefitted enormously from their support and guidance, and we’re proud of what we’ve been able to achieve together. Looking ahead, August Equity is the ideal partner for us as we continue our growth journey. The team’s experience rapidly scaling businesses in this sector is second to none.”
Sarah Barber, CEO of Jenson Funding Partners, said: “Carers of elderly and vulnerable people have such a difficult job, and unfortunately, for a long time, the sector has been untouched by technological innovation. OneTouch is such a smart and intuitive solution that’s easy for caregivers to use – regardless of how tech-savvy they are. The company has already reached a strong level of market share, and their future looks very bright indeed.”
The investment from August Equity will be used by the firm to bolster growth, both organic and through the acquisition of complementary businesses. OneTouch recently completed its first acquisition, Tri.X, a company that provides online social care procedures for adults and children.
Christian Dubé, Partner at August Equity, commented: “We are delighted to have invested in OneTouch and tri.x, bringing together two unique and valuable businesses in the care sector, at a time when digitisation and technology is at the forefront of care delivery. At August, we have a long history of investing in social care businesses and understand the challenges faced by the sector and the benefit that a truly end-to-end care management platform and compliance platform can bring to care providers. We look forward to working with Dermot and the team to continue the strong growth of the business to date.”