The UK care economy is worth £158bn but is suffering a vast skills crisis.
Currently 11% of jobs are unfilled and staff turnover in the sector stands at around 36% per year. This equates to 520,000 UK care jobs currently unfilled, with 26% more jobs needed by 2035 to keep up with demand of an aging population.
On top of this, employed workers outside the sector find themselves needing to leave work to become carers themselves due to staff shortages and cost of care, further slowing overall productivity.
As stated by Jeremy Hunt, Chair, Health Select Committee:
“The social care sector needs to recruit and retain the right number of staff, with the right skills, with support and recognition.” -
The role of EdTech and opportunities for investment
Investment in EdTech is critical to support adults in gaining the training they need to begin working in social care, and for workers to flourish in their careers through continuing professional development.
Experience gained through Ufi's grant funding for social care projects demonstrates how critical this training is, and the impact quality vocational technology - delivered well- can have on adult learners.
But while over £14bn in private capital has been invested into the sector in Europe since 2017, most of this funding has benefitted service-based companies. Investment into digital innovation within the sector is still relatively nascent.
Ufi Ventures: focus on social care
So for the next six weeks, closing on 15 April, Ufi Ventures is focussing on the opportunities for investment in social care; speaking to investors and innovators and raising awareness of the opportunities and potential for the sector.
During this period we'll be focussing our research and outreach on social care, and giving priority to discussions with founders and investors working in the sector.
We're also running a webinar (see below) to explore the challenges and being faced by founders and hearing from start-ups active in the space.
Contact the team
To find out more about our work in the sector, including our early-stage EdTech investments, please get in touch.