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Primetime Partners and First Longevity Publish First Comprehensive "Aging in Place" StudyPrimetime Partners, the top venture capital firm that focuses on seed and early-stage investments in products, services, technologies and experiences for the trillion-dollar aging sector, has teamed-up with the think tank First Longevity, to publish the first-ever comprehensive "Aging in Place" study. This holistic report predicts the dramatic impact of the exponential growth of the aging population over the next few decades. By 2050, people over 80 are set to exceed four million in the U.S. and people over 65 will make up more than 30% of the population. Despite a renewed societal focus on caring for the elderly due to the COVID-19 pandemic, the needs of the aging population continue to be underserved by the private sector. New technologies, particularly around aging in place, will help tackle these challenges. "It's great to have investors like Primetime Partners so active in this space, not only to support research reports like this, but also to fuel the entrepreneurs who are creating new solutions in the aging in place sector. There are so many exciting start-ups innovating their way to commercial deployment in both professional and family-based care infrastructures," said Phil Newman, CEO of First Longevity. The report shows that 90% of Older Adults nationwide want to remain living in their homes if possible. However, U.S. census data shows that U.S. homes are not appropriately equipped to enable this. This highlights the impending need to remodel and equip homes to allow individuals to live independently with technology. And, as more individuals age at home, staying connected and managing cognitive impairment are essential to remaining independent, among other factors. Loneliness and social isolation affect approximately 7-17% of Older Adults today. Tools like digital communication apps and devices, wearables, smart speakers, digital assistants and even robotics for companionship are becoming increasingly popular, helping to combat isolation. "People wrongly assume Older Adults are not tech-savvy. In this study, we found that internet usage among many segments of seniors significantly increased during the pandemic to combat isolation and loneliness," said Abby Miller Levy, Managing Partner and co-founder of Primetime Partners. "At Primetime, we've invested in companies that actively address this, including GetSeUp, which provides a digital hub for over 4M seniors with hundreds of class offerings that range from staying fit to learning tech skills or hobbies. GetSetUp has proven that technology can enable meaningful human connections, if designed the right way to engage Older Adults," she said. The report also highlights seven companies trailblazing aging in place technology, including Carewell, a Primetime portfolio company. Carewell is a family-founded eCommerce company that supports caregivers and their loved ones. Carewell's 6500+ products cover a range of care dependency areas, including incontinence, medical supplies, nutrition, diabetes and more. There are over 53M family caregivers in the US, caring for more than 80 million people and spending more than $187 billion on home health care. Carewell's guided ecommerce experience makes it a category-leader in caregiving. "I understand the mental and physical challenges of being a caregiver firsthand," said Alan Patricof, co-founder of Primetime Partners. "I'm inspired by companies like Carewell that lead with empathy and make a meaningful difference. This is exactly what keeps me engaged as an investor," he said. To view the full report, please visit https://www.longevity.technology/aging-in-place-technologies-to-live-long-and-independently/. For more information, please visit www.primetimepartners.com and www.longevity.technology. About Primetime Partners Primetime Partners, led by Abby Miller Levy, a wellness executive and founder and Alan Patricof, one of America's most iconic investors, is a venture capital fund that focuses on seed and early-stage investments in products, services and technologies for Older Adults, including aging in place, financial security for retirees, care management, longevity health services, and enriching consumer experiences for this underserved population. The firm also invests in Older Adults who are forming new companies to capitalize on their experiences in earlier careers. https://www.primetimepartners.com/ About First Longevity Longevity science is gathering pace: where it differs from wider healthcare markets is the sector's focus on overcoming the hallmarks of aging to mitigate disease, compress morbidity, and potentially delay death. There is rapidly increasing activity in both the research and the investment communities that focus on the sciences of healthspan and lifespan. First Longevity was formed to research, inform and capitalise on the growing longevity opportunity. www.longevity.technology
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