Ada Ventures Investment in Mirthy
In a round led by our friends at Ascension Ventures, Ada has invested in the pre-seed financing of Mirthy, an interactive community for over 55 year olds. Via the Mirthy platform, users can lead or participate in a huge array of live-streamed activities from cooking to pilates and history lectures.
We were first introduced to Alex and Dhruv, by one of our Birmingham-based Scouts, Daniel Evans. Alex has a background in the care sector and previously ran the Care Workers Charity. He is complemented by Dhruv who has founded several successful startups. They both experienced the problem that Mirthy is solving first hand with their parents’ needs not being met in retirement, and so they came together to build a solution.
Why does Mirthy fit the Ada thesis and what got us excited?
- (Massive) underserved market. Like it or not, our population is aging — there are now over 13 million 60–80 years just in the UK! By 2035, 1 in 4 people in the UK will be over 65. However, the older consumer is not well-served by technology today. This is a huge missed opportunity as this demographic is tech-savvy and prepared to invest in digital experiences, particularly those that alleviate loneliness.
- This older demographic is digitally native. Internet usage among 60–80 year olds in the UK was 52% in 2011, and 83% in 2019. By 2040, 63p in every £ will be spent by the over 60s (including me!!!!). It’s baffling why more tech companies haven’t built product to serve this clearly attractive consumer group, and Mirthy is stepping up to fill that gap.
- Live-streamed content is going to be huge(r). Whether its shopping (Hello Lisa), Travel (Heygo), or Gaming (take your pick!), consumers of all ages are enjoying the beauty of live experiences. Mirthy provides the older consumer with the ability to connect, live, with others with shared interests, from the comfort and safety of their own home.
- Early growth is impressive. In their short time in business, Mirthy has grown to over 30,000 users and all key metrics (revenues, event and host registrations, B2B sales) have grown at over 20% m-o-m. The capital injection provided by this round will hopefully pour fuel on this already-burning fire!
Going Forward
This pre-seed round was led by Emma at Ascension. As well as Ada, other investors included Redrice and True, so Mirthy is well capitalised and already has PMF. The next 6 months are all about growth — product and team. Mirthy is hiring so if this inspirational company sounds exciting, keep an eye on their social channels.
