The Selwyn Foundation Announces First-of-its-Kind Investment In Older Persons' Wellbeing Focused On Dementia Support
The Foundation will provide significant funding for the business's award-winning dementia support technology. The Elli Cares app, which is active in 40 countries, provides personalised reminders, location tracking, and AI-driven tools for users with dementia and caregivers.
The Selwyn Foundation was an early financial supporter, selecting Elli Cares to receive a grant following its Respectful Ageing Innovation Challenge launched in 2023. This was designed to support the development of innovative products and services that would significantly improve outcomes for older people.
'There's surprisingly little philanthropic or private sector money currently going into services and support for older adults in Aotearoa. We're setting about changing this. As part of our Social Impact & Mission Strategy, which has allocated sizeable funding for impact investing and our partnership with Elli Cares is just the start,' said Denise Cosgrove, CEO of The Selwyn Foundation.
The new agreement, announced at the 15 May Scaling Investments into Social Impact forum co-hosted by The Selwyn Foundation, the Impact Investing Network and Forsyth Barr, deepens the relationship further and signifies Selwyn's first impact investment.
'This investment is instrumental in allowing us to scale both our technology and our reach. It will directly support the rollout of our Preventative Health and AI-driven engagement tools, as well as expand our presence across Aotearoa and beyond through new partnerships with not-for-profits, aged care providers, and healthcare professionals. With Selwyn's backing, we can accelerate our mission to help older adults - especially those living with dementia or cognitive challenges - maintain independence, dignity, and wellbeing.' Angela Edwards, Founder of Elli Cares said.
'Impact investing is values-aligned investing intended to create positive social or environmental impacts alongside competitive financial returns. The size of the global market is $1.571 trillion USD and is expected to grow significantly. However, locally we are yet to fully embrace the potential of this market,' Cosgrove said.
'Solving our most pressing social challenges requires innovative investment approaches, new mindsets, and new kinds of partnerships. By investing capital into scalable investment opportunities, we can deliver financial returns alongside transformative outcomes for communities – in economic participation, ageing well, health and more. We invite others to partner with us to deliver social impact at scale, so all older people may age with dignity and respect.'
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