Legal & General has been selected by UK Research and Innovation as the recipient of a £6 million fund that it can distribute to early-stage companies focusing on the healthy ageing market.
The grant has been awarded by the Industrial Strategy Challenge Fund as part of its Healthy Ageing Investment Accelerator initiative.
It will see Legal & General work in partnership with Innovate UK, part of UK Research and Innovation, to distribute grants to small and medium-sized enterprises and social enterprises that are delivering innovations in ‘health-tech’.
Furthermore, Legal & General will top up the grant funding with at least £6 million of its own capital, with the potential for further investment when the businesses continue to perform.
The Healthy Ageing Investment Accelerator is a five-year initiative, with investors allocating the grant funding within the first two years.
Legal & General will invest and deploy the grant money in up to six dynamic health-tech businesses.
Chris Knight, chief executive officer, Legal & General Retail Retirement: “The partnership we are forging with UKRI is a fantastic public and private sector collaboration to support dynamic businesses in a market with lots of potential.
“We are seeing abundant opportunities emerge in ‘age-tech’ as businesses rise to the challenge of helping people live longer, happier and healthier lives – a mission we fully support.
“We look forward to putting the grant funding, alongside our own capital, to work to enhance our society and create meaningful solutions for an ageing demographic”.