LVP closes $30 million fund and will focus on silvertech that increases longevity, healthspan and quality of life.
Longevity Venture Partners (LVP), a Baltimore-based VC focused on investing in companies that develop technologies and solutions to support the aging population, has announced the closing of its $30 million fund. The fund is backed by high net worth individuals and families who share LVP’s commitment to support aging technologies and advance the longevity field.
LVP will use the funds to invest in early-stage silvertech companies that are focused on developing innovative products and services that support the aging population, increase longevity and improve quality of life and independence for older adults.
Longevity.Technology: Silvertech – or agetech – is a rapidly growing field that focuses on the development of technology solutions to meet the needs of the aging population. And it’s needed – according to the World Health Organization, the global population aged 60 and over is expected to double by 2050, reaching a whopping 2 billion people . In the US alone, the 65 and over age group is projected to increase from 52 million in 2018 to 95 million by 2060 .
Silvertech not only taps into aging well and aging independently, but a increase in money flowing into products and services in this area as we extend lifespan and healthspan; those aged 50 and over are projected to hold 70% of disposable income by 2025, for example . In addition, delayed retirement age is becoming more common, with 30% of adults aged 65-69 and 9% of adults aged 70 and over remaining in the workforce in 2018 .
READ MORE: Aging in place – technologies to live long and independently
The desire for aging-in-place technology to support independent living and maximize longevity and healthspan is also on the rise, with our recent survey finding that 90% of older adults nationwide want to remain living in their own homes if possible – a desire that needs appropriate equipment and logistics. With the aging population representing a significant and growing demographic, the development of silvertech solutions is becoming increasingly important in order to meet the needs of this population and enable them to maintain their independence and quality of life as they age.
“Longevity is one of the biggest global challenges of our time, and we are thrilled to be investing in innovative solutions that can help people live longer, healthier, and more independent lives,” said Raissa Hacohen, Managing Partner of Longevity Venture Partners. “We believe that our fund will help drive innovation in the longevity space, and we look forward to working with our portfolio companies to support mission-driven entrepreneurs who aim to change the way we live and age .”
Longevity Venture Partners was founded in 2020 by Steve Rosedale, Ronnie Wilheim, Howard Friedman, Dr Jonathan Ringo, and Raissa Hacohen. The firm has already made several investments in promising early-stage companies, including Behavidence, Carefull, OutSense, FertilAI, and Voxela.
“The aging population is growing rapidly, and we need to find ways to help people age more healthily and live longer, more productive lives,” said Dr Jonathan Ringo, General Partner at LVP. “We are excited to partner with companies to support their efforts to develop innovative solutions to address this important challenge .”
The new fund builds on LVP’s existing portfolio of investments and will help the firm build out its commitment to advancing the field of longevity.