Originally published by EU-Startups on December 20, 2022
Turning 50 is regarded as a life milestone for many people and it’s generally associated with changes going on in life. Hitting 50 makes many people start to reflect on their life and take time to think about pensions, savings, relationships and so forth. 50 is also the 30, so they say, and so many find themselves wanting to get out and meet new people, try new jobs and pick up new hobbies.
The over 50s is a growing part of our societal makeup – and controls over 75% of all household wealth. Despite this, for this demographic, there generally haven’t been any tech solutions established that solely cater to their needs.
That’s what Rest Less wants to do. The Lonodn-based startup just secured new funding to scale its agetech solution.
- €6.8 million (£6 million) secured in a new funding round
- The funding was led by Moneta Venture Capital with additional new investment from Sony Financial Ventures/Global Brain and Exceptional Ventures.
- The round was boosted by strong demand from existing investors including QED Investors, Viola Fintech, Octopus Ventures, MTech Capital and 1818 Venture Capital.
Sara Stephens, Co-founder and CTO of Rest Less: “Historically the tech industry has ignored this large and growing section of society (for anything apart from later life care solutions). This is despite them being an enormous consumer market, controlling over 75% of all household wealth and being chronically underserved in many key dimensions. With an ageing society and all of the UK’s population growth coming from people over the age of 50, we’re pleased to be leading the way in bringing innovative technology solutions to help meet the needs of today’s digitally native midlifers.”
Helping people live life to the fullest
Founded in 2019, Rest Less was launched with a clear vision: to empower the over 50s to live their best lives. The platform started out life as a work and careers site matching age-inclusive employers with its member base but has rapidly expanded to offer thousands of tailored articles, guides and advice to support members as they navigate a wide range of midlife transitions including work, health, pensions, relationships and money.
Earlier this year, understanding the specific challenges faced by members regarding access to financial advice, Rest Less launched Rest Less Mortgages, a later-life lending advice platform offering fee-free advice and Rest Less Pensions, a pension platform designed to close the advice gap – showing its commitment to constantly adapt to changing needs of this demographic.
Stuart Lewis, Co-founder of Rest Less: “As a membership led organisation, we are focused on solving the problems that really matter to our community. From day one we have been outspoken advocates for our members, providing them with a platform and a voice, to help shine a light on both the joys and complexities faced by today’s generation of midlifers.” We see huge unmet needs from our members in the areas of work, health and financial services. With this latest funding, we are excited to be able to accelerate investment in our unique financial services offerings in the pensions and later life lending space.”
Today, over one million members are part of the community, including UK TV personality, Davina McCall. Back in 2020, the startup secured €2.6 million and has been growing since, leveraging that funding to extend and develop the platform.
Stuart Lewis, Co-founder of Rest Less: “We’re proud that Rest Less has become an essential and trusted resource for today’s digitally native midlifers. With a one million strong community, one in seventeen of all 50 to 70 year olds in the UK is now a Rest Less member.”
Now, with this new funding, the startup will expand its financial advice offering, giving older people better access to trusted and credible advice on pensions, lending and so forth.
Adoram Gaash, Co-Founder and Managing Partner at Moneta Venture Capital: “We are glad to join Rest Less’ journey of building a technology-driven services platform for the 50+ generation. We believe in that vision and shall support the addition of more and more Fintech capabilities to the product suite.”