The aged and disability care platform founded by Peter Scutt (pictured above at the 2021 LEADERS SUMMIT) and Tony Charara in 2014 appears set for major national and international growth after receiving a $100 million boost from the global private equity firm.
Founded by US entrepreneur Chuck Feeney in 1980, the Mable deal is the first in Australia for the $US65 billion ($88 billion) firm which is planning a wider push into the Australian market.
Sandeep Naik, managing director at GA and head of India and South-East Asia, told the AFR that the Mable deal fits with their three goals of:
- supporting entrepreneurs to grow a business;
- backing businesses trying to make as a positive impact on the world; and
- generating income for Atlantic Philanthropies, Feeney’s private foundation which closed last year after giving away US$8 billion (AUD$10.8 billion).
“We thought the time was really right for us to go in and look at traditional industries which will get disrupted,” he said.
Mable is certainly a disrupter.
Peter Scutt spoke at the 2021 LEADERS SUMMIT in March about his struggle to find the right care for his parents who wanted to remain living at home.
This led to the founding of the platform, backed by James Packer-backed private equity firm Ellerston Capital with Scaleup Mediafund, backed by Rupert Murdoch’s News Limited (COTA Australia also has a 0.5% stake).
Since then, Mable has held a series of funding rounds with the last raising $15 million in 2019.
Today, the platform has over 11,000 providers with two-thirds of users NDIS participants and one-third home care recipients.
The model is also appealing to workers – Mable regularly attracts over 1,000 applications from prospective workers every week, a figure which rose to 2,000 during the first wave of the COVID-19 pandemic in 2020.
Peter told the LEADERS SUMMIT audience that the platform earns a 14.3% margin.
This new funding will help Mable, predominantly on the East Coast, to expand into other parts of Australia including rural and regional areas and to attract more workers to the platform.
Importantly, the deal opens up a whole new stream of home care services outside of the traditional suppliers for village operators as well as Community Apartment Projects (CAPs).
Operators looking to provide a greater continuum of care to their residents will be able to use Mable to deliver services – and keep them living in the village or CAP for longer.
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