The grant has been awarded by the Industrial Strategy Challenge Fund as part of its Healthy Ageing Investment Accelerator initiative, which will see L&G work in partnership with Innovate UK to distribute funding to SMEs and social enterprises across the UK.
The company will invest and deploy the grant money in up to six health-tech businesses after being appointed by UKRI and also top it up with at least £6m of its own capital.
Chris Knight, chief executive of Legal & General Retail Retirement, said: “The partnership we are forging with UKRI is a fantastic public and private sector collaboration to support dynamic businesses in a market with lots of potential.
“We are seeing abundant opportunities emerge in age-tech as businesses rise to the challenge of helping people live longer, happier and healthier lives – a mission we fully support.
“We look forward to putting the grant funding, alongside our own capital, to work to enhance our society and create meaningful solutions for an ageing demographic.”
George MacGinnis, healthy ageing challenge director at UKRI, added: “Working together we will support the best innovative businesses to develop novel services and products that will have a real impact for people and their carers to help them remain healthy, independent and socially connected.”
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