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Neki boosts its momentum in 2020 and expects a turnover of 1 million in 2021

The Spanish company Neki specialized in elderly care, operates in Spain, Italy, Portugal and Sweden and plans to test the market in France and make the leap to Latin America.The GPS device developed by Neki can be purchased from $115 (€95) the most affordable and the price of the monitoring plans are from $14.5 (€12) per month, $36 (€30) per quarter and $120 (€99) per year.

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Neki accelerates in the year of pandemic and expects to bill $1.21 million (€1 million) in 2021. The Spanish company has invoiced $600,000 (€500,000) in 2020, an increase of 13.6% over the previous year. The startup, which specializes in the care of the elderly, generated $533,000 (€440,000) in business in 2019 and $277,000 (€229,000) in 2018. 

The company, based in Zaragoza (Aragon), has developed and markets GPS devices for the elderly. Its product allows the user’s relatives to follow his activity, locate him and help him if he suffers any mishap. In this way, the device is especially useful for the relatives of elderly people with degenerative diseases such as Alzheimer’s or at risk of becoming disoriented. “The elderly person has to wear the accessory on a daily basis and the relatives have at their disposal all the information through a mobile application,” Neki’s CEO, Rafael Ferrer, explained. These devices can be watches, belts, pendants, or key rings.  

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Neki invoiced $600,000 (€500,000) in 2020, 13.6% more than in 2019 

Neki took its first steps in the children’s field, although quickly and on the recommendation of parents who used their service, they made the leap to the senior sector. “We have specialized in the care of the elderly because there is a clearer need,” Ferrer assured. The company started marketing its junior devices in 2015 and changed its target audience in 2016. Today, the startup sells its products in Spain, Italy, Portugal and Sweden, both to family members and care companies. The company plans to conduct a market test in France in 2021 and make the leap to Latin America. Neki’s CEO states that “our technologies are the successor to traditional telecare, we complement the service with our accessory.”  

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The startup has worked with more than 4,000 families, has registered more than fifty million monitored location points and offers its services to more than 130 residences. The device can be purchased from $115 (€95) the most affordable and the price of the monitoring plans are from $14.5 (€12) per month, $36 (€30) per quarter and $120 (€99) per year. Since its founding in late 2014, the company has raised more than €2.5 million through private investors, loans and its turnover. 

The company closed its latest funding round of $278,000 (€230,000) in October 2019. Ferrer founded Neki together with Nacho Vilalta and Raúl Novoa. Ferrer and Vilalta hold majority equity, while investors include venture capital Ship2B.

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(Featured image by RichardMc via Pixabay)

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Anthony Donaghue writes about science and technology. Keeping abreast of the latest tech developments in various sectors, he has a keen interest on startups, especially inside and outside of Silicon Valley. From time to time, he also covers agritech and biotech, as well as consumer electronics, IT, AI, and fintech, among others. He has also written about IPOs, cannabis, and investing.