UK-based agetech Mirthy plans to build a go-to platform for people over 60 post $1.1M funding
One of the reasons why us humans are so successful as a species is because of our amazing capacity to learn throughout our lives. One can pick up a subject to learn all about it, but it becomes a bit difficult as we age. However, seniors over 60 years old can learn and participate in activities via the UK-based startup Mirthy’s online interactive community. The startup has also raised around $1.1 million (£800,000 approx) in its latest funding round.
Growth, new membership service and more
With the latest investment, Mirthy intends to step on the gas and focus on growth. In a conversation with UKTN, the startups’ co-founder and CEO Alex Ramamurthy, says, “With more than double the amount of pre-seed funding we had initially planned to raise, it’s time to step on the gas. The next 6 months are all about growth — product and team. We’re hiring in marketing, product and sales roles.”
The latest funding round for the startup was led by Ascension’s Fair By Design fund. Ada Ventures, Redrice Ventures and True also participated. The company also plans to launch a membership subscription service by October this year. This will apparently enable its users to take advantage of numerous events and activities for free, for a monthly fee that’s said to cost around a few cups of coffee. Furthermore, Mirthy says it is testing new community features on its platform that may roll out soon, and it is also working towards its international expansion.
Emma Steele, Investment Director at Ascension comments, “we love the team’s vision to leverage tech that promotes social inclusion and opens up the world for people in their 60s, rather than make it smaller. We truly believe the recipe for successful impact investing at scale lies with backing the right founders and mindset. And we are so excited to have found this with Alex and Dhruv.”
The Mirthy team currently consists of 7 members and is on the lookout to hire fresh talent in its marketing, social media, product and sales division.
An exclusive experience
Mirthy is an interactive community for people over 60 year old and it offers a variety of live-streamed activities from fitness classes to cooking demonstrations, and history lectures to book clubs. The startups’ goal is to eventually become a “go-to platform for all over 60s’ social, physical and financial needs.” Currently, the startup claims to have over 30,000 users on its platform, in just under 18 months after its launch during the pandemic.
Mirthy faces competition from University of the Third Age (U3A) and TheJoyClub with the two having garnered 450,000 and 3,000 users respectively. However, Ramamurthy notes that unlike U3A, Mirthy offers a digital first approach, which allows their users to access ‘best-in-class’ vetted hosts or content creators at an affordable price from the comfort of their homes. He further notes that JoyClub works prominently with third parties to deliver its products and services while Mirthy says it ” keeps all user journeys on site.”
The next go-to platform for the young-old?
The number of People aged over 65 will rise sharply over the next 30 years. As per Mirthy, this demographic consists of a generation of people with considerable time and spending power. Referred to as the ‘young-old,’ they are internet savvy and ready to embrace new technologies. The startup intends to become a go-to platform for this age group.
With the goal to grow by over 150,000 over the next 12 months, Mirthy will use its tech to offer new experiences to its users. In early 2022, the company plans to trial new features, which are touted to enable its members to connect with others offline, over shared interest.
“Beyond this, we plan to test new products and services for members such as a savings club, supporting you to thrive in retirement,” Ramamurthy reveals.