These Asian startups offer a silver lining to aging issues

Asia had long been considered the home of the young. The United Nations, for instance, called it the “youthful” continent of the 21st century as 60% of the world’s youth — those aged 16 to 25 — reside in the region.

But population control measures, the rising cost of living, and the growing popularity of being child-free are turning the region gray sooner rather than later. In most of Asia’s biggest economies, the older adult population is expected to double by 2050.

While that may still be decades from now, recently a number of startups in Asia are already positioning themselves to cater to this market.

Agetech startups aim to serve older people through tech-enabled services and products, which could come in the form of something as advanced as robots or something as simple as a mobile app.

Agetech products typically aim to ease the lives of older adults during retirement. Some offerings, however, are designed to help them prepare for the end of their lives. That may sound morbid, but agetech startups in North America that focus on the latter have already attracted millions in funding.

Funding for agetech has yet to pick up in Asia, however, as investors have only put in US$255 million by the end of 2023. Out of all the agetech startups interviewed for this story, Homage has raised the most funds at US$45 million, based on data from Tracxn.

Meanwhile, startups in the US have received US$5.5 billion of funding to date.

Seeking assistance outside of family and availing of online services is still a new concept for most older adults in Asia, explains Marmik Mankodi of Mumbai-based Blume Ventures.

Mandoki, who is part of the VC firm’s investment team, co-wrote an analysis on the current state of the agetech sector in India. He believes it will be a different story for older people in the next decade.

“Having a first-mover advantage in the agetech sector is definitely helpful, especially when you are the first startup to gain the trust of the market,” Mankodi tells Tech in Asia. “Right now, the biggest challenge in Asia is market adoption.”

But can these startups tackle this hurdle? And is there a large enough market to capitalize on?

Digitalizing caregiving

In Asia, agetech businesses are still few and far between. But those that have gained the most traction are platforms that help take care of older people.

Hurdles ahead

Tough sell for end-of-life startups