Rent Less, a social enterprise start-up offering jobs, volunteering and guidance for the over 50s, today announces that it has raised £3 million in seed funding.
Rest Less launched in December 2018 as an online platform, specifically targeted at the growing population of over 50s. It offers fulfilling opportunities to work, volunteer or find a new career path.
Since launch, Rest Less has been on a mission to raise awareness of the challenges faced by this demographic in the workplace – where on average they are more likely to be made redundant, are more likely to be in long term unemployment and are less likely to receive workplace training than their younger counterparts.
Over the course of its first year, Rest Less has amassed more than 100,000 members in the UK who have an average age of 55.
The investment round was led by QED Investors, a leading boutique venture capital firm based in the US, whose UK investments include Clearscore, Wagestream, and Fidel. There was also participation from 1818 Venture Capital alongside a number of angel investors. Early investors in Rest Less include Octopus Ventures.
The investment will be used to continue to build and enhance the Rest Less platform and expand quality services to its users.
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Stuart Lewis, Founder and Chief Executive Officer at Rest Less, commented: “We are excited to improve and grow the Rest Less platform so we can help more over 50s in the workplace, but also in other areas of their lives. Since launch, we have worked hard to raise awareness of the challenges our audience face, as well as highlighting the many positives they can bring to the workplace and wider society.
“We want to help this under-served, and under-represented group of individuals navigate the challenging and ever changing employment landscape – as well as helping them to find broader mental and financial well being as a result.”
Yusuf Ozdalga, Partner at QED Investors, commented: “Society is ageing and the employment and financial services landscape for the over 50s is changing with it.
“Rest Less stood out to QED as a business squarely focussed on championing the needs of its audience and raising awareness of the issues they face. With demographic trends on its side, Rest Less offers that perfect intersection of an exciting business opportunity with a strong social purpose at its core.”