Legal & General (L&G) has announced a £6m grant fund for businesses focused on helping people to age in a healthy way.
An additional £6m is available through the role the firm has in The Industrial Strategy Challenge Fund from Innovate UK.
Eligible businesses that support products and services for people as they age can apply from today (11 June). The grants total between £50,000 and £1.5m.
Legal & General will work with Innovate UK, part of UK Research and Innovation, to divide the grants in a way that they see fit. Their aim is partner and invest in businesses which are focused on the themes below:
- Sustaining physical activity
- Maintaining health at work
- Designing age-friendly homes
- Creating healthy, active places
- Supporting social connections
- Living well with cognitive impairment
- Managing common complaints of ageing
This initiative targets ‘scale up’ businesses who are looking for the next stage of their growth and into profitability.
Your company should have an existing top-tier management team, R&D investment, defensible intellectual property and customer traction in the form of meaningful revenue.
Successful applicants could benefit from potential further investment when the business continues to perform. On top of helping businesses scale with capital, successful applicants will benefit from the group’s expansive distribution channels, a broad network and a recognised brand.
Legal & General has until 31 March 2022 to allocate the funding but they urge anybody interesting in applying to get in touch as soon as possible.
Jess McCreadie, investment director at Legal & General Retail Retirement, said: “With the application process in full swing, we are on the lookout for businesses rising to the challenge of helping people live longer, happier and healthier lives.
“We want to hear from companies who are looking for a partner who can help them scale up their business in the near-term and move onto the next stage of their growth journey. If this sounds like you, this could be an opportunity to access the funding you need to take your business to the next level.”