Daily Bulletin


Business News

  • Written by Fleur Townley


A young company is breaking the aged care mould, providing best practice care at home by combining cutting-edge technology and services centred on the person and their family.  Investors have doubled down on its early success.

 

In a clear display of confidence from investors, aged care industry newcomers Five Good Friends has leveraged its early success, securing an additional $5 million from repeat investors in a second capital-raising round that was oversubscribed. The company successfully raised $4 million in their first round.

 

Launched in 2016, Five Good Friends is the brainchild of Nathan Betteridge and Simon Lockyer, who previously worked together to found Everyday Hero, the world’s second largest charity crowd fundraising platform. Mr Lockyer was also a co-founder of Youngcare, a social enterprise focused on creating age-appropriate accommodations for young people with high care needs. With this social entrepreneurial experience behind them, the duo identified that the aged care industry was ripe for disruption and set about shaking up the outdated and inefficient home care sector.

 

“We know that what older people really want is to age well at home, where they feel safe and secure, where they already have a network, a sense of community. What we’re doing with Five Good Friends is enabling people to stay in their homes for longer, reducing the financial pressure on our economy, and improving health outcomes for our customers.”

 

The Federal Government is well aware of the savings made possible by reducing the numbers of elderly people in residential facilities, outlining a clear focus on keeping people in their homes for longer. In the May 2018 Federal Budget, 14,000 new high-level home care places were announced, at a cost of around $1.6 billion over four years. These places came on top of the 6,000 high-level places previously announced in December 2017.

 

“It’s great to see the government recognising the desire of people to grow old in their own homes, however the outdated services of existing providers has resulted in home care packages being used inefficiently,” explains Nathan Betteridge. “Our goal is to transform the category from ‘Home Care’ to ‘Caring Homes’, with our strategy based on a combination of high touch and high tech. While we’ve been described as a tech start-up by some commentators, what we are first and foremost is a human services business, powered by technology. Our customers are always at the forefront of everything we design in the business, which is what sets us apart from our competitors.”

 

The recently announced Royal Commission is seeking to identify "examples of good practice and innovative models in delivering aged care services” as well as inquiring into “how best to deliver aged care services in a sustainable way, including through innovative models of care, increased use of technology and investment in the aged care workforce and capital infrastructure”. These are all issues Five Good Friends are seeking to address through their innovative technology and services platform.

 

Five Good Friends’ success is also driven on its established partnerships, with the company partnering nationally with Stockland Retirement and APIA, Australia’s leading provider of insurance to the over 50s market.

 

“Partnering with both Stockland and APIA allow us to raise brand awareness and attract customers, as well as drive organic community referrals in a geographically-focused way,” explains Mr Lockyer.

 

Trevor Folsom from Investible, one of Five Good Friends’ repeat investors, is confident in the company’s ability to transform the home care industry, stating, “Five Good Friends is well on the way to achieving its targets via its Approved Provider status, channel partners and expansion of its community manager network. For all these reasons, we have come in on the second round of capital raising.”

 

The latest capital raised will be used to drive growth to profitability, enhance the Five Good Friends technology platform, and prepare the business for entry into new markets like the fragmented $22 billion NDIS market. It will also be used to drive referrals through partner channels, as well as invest in new channels such as General Practice and Allied Health.

 

About Five Food Friends

 

Five Good Friends provides a simple solution to a complex problem, using an app powered by sophisticated peer-to-peer technology to connect its network of qualified carers with older people who need extra assistance around the house. Customers and their families can see which carers are scheduled to visit and when, and have far greater choice and control in the services they book. Carers are carefully matched with customers based on personality, location and care requirements. While many aged care providers have been reluctant to embrace technology, Five Good Friends has found that the sense of connection provided by the custom app is what drives the satisfaction of both their customers and their network of carers.

 

“Having a different person come into your home every day to help you with intimate and personal activities can be a terrible experience,” explains Mr Betteridge. “Older people should be able to maintain their dignity and not be made to feel vulnerable, which is why we focus so much on matching our carers with our customers, and then nurturing that relationship for the long-term.”

 

With this focus on providing consistency of service, Five Good Friends has experienced strong growth to date, with 10% month on month growth in visits, a current customer acquisition rate of over one per day and industry leading Net Promoter Scores constantly over 65. Five Good Friends’ carers have delivered more than 105,000 hours of help to customers in their own homes, and the company has rapidly expanded to service the east coast of Australia and other locations (Hervey Bay, Bundaberg, Sunshine Coast, Brisbane, Gold Coast, Port Macquarie, Central Coast NSW, Sydney, Melbourne, Mornington Peninsula, Warrnambool, Adelaide and Victor Harbour).

Writers Wanted

Planning a road trip in a pandemic? 11 tips for before you leave, on the road and when you arrive

arrow_forward

Biden's cabinet picks are globally respected, but one obstacle remains for the US to 'lead the world' again

arrow_forward

Nisbets’ Collab with The Lobby is Showing the Sexy Side of Hospitality Supply

Hospitality supply services might not immediately make you think ‘sexy’. But when a barkeep in a moodily lit bar holds up the perfectly formed juniper gin balloon or catches the light in the edg...

The Atticism - avatar The Atticism

Buy Instagram Followers And Likes Now

Do you like to buy followers on Instagram? Just give a simple Google search on the internet, and there will be an abounding of seeking outcomes full of businesses offering such services. But, th...

News Co - avatar News Co

Cybersecurity data means nothing to business leaders without context

Top business leaders are starting to realise the widespread impact a cyberattack can have on a business. Unfortunately, according to a study by Forrester Consulting commissioned by Tenable, some...

Scott McKinnel, ANZ Country Manager, Tenable - avatar Scott McKinnel, ANZ Country Manager, Tenable

InteliCare triple winner at prestigious national technology awards

InteliCare triple winner at prestigious national technology awards Intelicare wins each nominated category and takes out overall category at national technology 2020 iAwards. Company wins overal...

Media Release - avatar Media Release

Arriba Group Founder, Marcella Romero, wins CEO Magazine’s Managing Director of the Year

Founder and Managing Director of the Arriba Group, Marcella Romero, has won Managing Director of the Year at last night’s The CEO Magazine’s Executive of the Year Awards. The CEO Magazine's Ex...

Lanham Media - avatar Lanham Media

5 Tips For A Successful Blog Layout

There’s far more that goes into making a blog successful than simply having a way with words. How you display your content will have a huge impact on how easy it is to read, and whether people a...

Wayne Burden - avatar Wayne Burden


The Conversation
INTERWEBS DIGITAL AGENCY

Politics

Prime Minister Interview with Ben Fordham, 2GB

BEN FORDHAM: Scott Morrison, good morning to you.    PRIME MINISTER: Good morning, Ben. How are you?    FORDHAM: Good. How many days have you got to go?   PRIME MINISTER: I've got another we...

Scott Morrison - avatar Scott Morrison

Prime Minister Interview with Kieran Gilbert, Sky News

KIERAN GILBERT: Kieran Gilbert here with you and the Prime Minister joins me. Prime Minister, thanks so much for your time.  PRIME MINISTER: G'day Kieran.  GILBERT: An assumption a vaccine is ...

Daily Bulletin - avatar Daily Bulletin

Did BLM Really Change the US Police Work?

The Black Lives Matter (BLM) movement has proven that the power of the state rests in the hands of the people it governs. Following the death of 46-year-old black American George Floyd in a case of ...

a Guest Writer - avatar a Guest Writer



News Co Media Group

Content & Technology Connecting Global Audiences

More Information - Less Opinion