GenWise raises $3.5 million in funding to target the elderly population
Post-COVID-19 pandemic, older family members have been compelled to embrace technology, but many existing applications fail to address their specific needs.
Recognizing this gap, Matrix Partners India has teamed up with India-based GenWise, a lifestyle app designed exclusively for the elderly, in a seed funding round of $3.5 million. The objective? To bridge generational gaps through GenWise's shared social platform.
The significance of this lies in the fact that it addresses the lack of technology solutions tailored to the needs of individuals aged 50 and above. For example, this age group possesses significant wealth and is leading the surge of online shoppers in India. With around 250 million people between the ages of 50 and 75, this demographic represents the fastest-growing age group in the country. But, their specific needs have been overlooked in existing technology solutions.
With the newly raised funds, GenWise aims to establish a team and launch its app that would empower the elderly, enabling them to leverage the potential of digital technology with ease and convenience and eliminate the digital divide among different age groups.
The app will offer a range of features focused on wellness, digital literacy, financial management, and social engagement including a personal digital assistant, a streamlined digital passbook, medication reminders, and interactive tools for socializing. GenWise will initially launch as an exclusive and invite-only community for early adopters, with plans to roll out a larger audience once it gains traction.
This funding round marks one of the early investments by Matrix Partners India after the closure of its fourth fund, totalling $550 million. Initially planning to raise $450 million, the fund is specifically dedicated to supporting early-stage startups in India, making it the largest India-focused fund in Matrix's history.
In addition to Matrix Partners India, notable investors such as DBR Ventures, the Family Office of Jagran Group, Climber Capital and other Angel investors participated in the funding round.
