Oretha Senior Care, a senior care provider in the country, just wrapped up a crowdfunding campaign, raising RM499,200 with a helping hand from the Malaysia Co-investment Fund (MyCIF).
This achievement is a big thumbs up for Oretha’s mission to shake things up in Malaysia’s senior care sector.
It was launched in 2019 to support independent living seniors to go about their daily lives by offering dedicated services such as hospital assistance, errands and shopping, transportation, companionship, and home management.
Since its inception, it has experienced 50% growth in its customer base year on year and has expanded its team to 20 concierge workers to date.
Opening the doors to public investment
For the first time, the public had the opportunity to invest in Oretha Senior Care. By involving the public in their journey through equity crowdfunding, they’ve created a sense of ownership and shared purpose among their investors.
The money they raised will go towards setting up their very first elderly daycare centre in Petaling Jaya.
But that’s not all. They’ll also be expanding their elderly concierge services and introducing brand-new senior-assisted travel options.
Their goal is to have five centres up and running by 2026 and to be serving seniors all across Malaysia by 2028.
This ambitious plan ensures that more seniors across Malaysia can benefit from a holistic approach to ageing.
“The funds will help us expand our services, including operational aspects, transportation, and team training. This investment enhances our ability to provide top-quality care and support to the elderly.”
“Leet Capital has guided us throughout this journey, inviting the community to own a piece of Oretha Senior Care,” said Oretha Herrera, CEO of Oretha Senior Care in a press release today.
Bikesh Lakhmichand, CEO of Leet Capital said that they are all about empowering Malaysian businesses like Oretha to reach their full potential.
“Our mission is to get promising Malaysian SMEs the funding they need to grow, and at the same time, give everyday people the chance to invest in these companies,” he said.
Meeting the growing need
Malaysia’s ageing population is growing rapidly. The Malaysia Population Research Hub (MPRH) projects that by 2030, seniors will make up 15.3% of the population, which is approximately 5.8 million individuals.
This demographic shift presents a significant challenge and an urgent need for reliable senior care services.
Oretha Senior Care is stepping up to meet this need, aiming to become a one-stop service provider for comprehensive senior care.
Oretha Senior Care will strategically use the recent funds to expand the caregiver team and enhance technology for better service delivery. They will also introduce new service packages and increase partnerships with healthcare providers.
This multifaceted approach ensures that seniors receive holistic and continuous care, adapting to their evolving needs.
Their successful equity crowdfunding campaign demonstrates the public’s faith in their mission. It also shows the tangible impact they are poised to make in the lives of countless seniors across Malaysia.
- You can learn more about Oretha Senior Care here.
- Read other articles we’ve written about Malaysian startups here.
Featured Image Credit: Leet Capital
