We're thrilled to launch Spock Ventures. Our newly formed Fund I plans to invest in early-stage technology startups with novel solutions for older adults and their care networks. While focusing on AgeTech may seem a bit self-serving (which, clearly, it is), aging is synonymous with living. Most of us hope to live long enough to enjoy the rewards of longevity.
And we are not alone. With 10,000 people in the U.S. turning 65 every day for the foreseeable future, the longevity cohort is expected to grow at a rate of 6% annually. Consequently, caregiving has grown tremendously, with 1 in 6 Americans caring for an older adult. Numbering 132 million by 2030, older adults are projected to spend over $100 billion on tchnology annually on solutions that help them maintain their independence and health and support engagement, connection, and peace of mind.
As an investment opportunity, we see AgeTech as the new FinTech. With the rapidly shifting demographics, smarter and more inclusive technology, and the pandemic as an accelerant, the AgeTech market is exploding! We are excited to be a part of it.
With a team of industry veterans with broad experience in the market, technology and investing, we hope, together with our partners, to deliver serious, measureable impact, so that that we can all "live long and prosper."