Software specialist Carebeans has secured a significant six-figure equity Investment for their leading social care management software from Liverpool-based lender MSIF and the Development Bank of Wales.
The co-investment includes the trade and assets acquisition of the software business of Standex Systems and onboarding of five new staff who move to Carebeans from Standex UK.
The funds will be used to grow the business with the further development of the functionality of the software and the opening of the new office in Monmouth.
New jobs are expected to be created in both Merseyside, where Carebeans has an office at Sci-Tech Daresbury, and the South Wales regions.
Carebeans was established by chief executive Nick Lawford in 2019. Providing unique benefits and functionalities for different users, Carebeans has a cloud-based system for residential and nursing care homes and the full spectrum of supported living including domiciliary care, disability, and mental health services.
“This investment is providing a step change in our ability to bring on new customers and accelerate R&D in areas we know will have a big impact across large areas of social care provision in the near future,” said Lawford (pictured, right).
“My goal has always been to use great technology to help people live their lives where they want to be with dignity whilst helping care givers provide consistently high-quality support unencumbered by onerous, often disconnected, systems and processes,” he added.
“The funding from MSIF and the Development Bank of Wales now accelerates our growth in the social care sectors with the opening of our second office and the recruitment of a highly specialist and skilled team.”
Oliver Wheatley, investment executive in the technology ventures team at the Development Bank of Wales, said: “The digital transformation for the care home and domiciliary care sector provides an opportunity for operators to generate significant operational efficiencies and provide better person-centred care than is achievable with historical paper-based systems.
“It’s a really exciting time for the sector which is why we’re pleased to support Carebeans with the development of their competitively priced, end-to-end solution. They have a real understanding of the needs of the sector with a market-leading and scalable offering.”
Legal support was provided by Brabners for MSIF and Blake Morgan advised the Development Bank of Wales. Financial modelling was performed by George Wright of the LCR Finance Hub.
