With 14.5 million people now over 60, rising to 17 million by 2040, the UK is heading into a demographic shift that is reshaping healthcare demand. Many in this age group are paying out of pocket, quietly driving a £1.6bn self-pay market without much guidance. Lateral aims to fill this gap with products built specifically for the needs, ambitions, and lifestyles of this generation.
Now, the London-based startup has secured £2.5 million in seed funding from Augmentum, supported by Triple Point and TinyVC, to take on one of the UK’s fastest-growing and least-served markets, which is health and wealth solutions for people over 60. The investment will fuel the rollout of the startup’s first offering, the Lateral Health Plan.
A duo with deep roots in insurance and innovation
Behind Lateral are two leaders with strong industry experience. Laura Ashforth, formerly Managing Director at Zego, led the development of behaviour-based insurance for fleet motor customers at the UK’s first insurtech unicorn. Before that, she invested in high-growth technology companies at Atomico, following earlier roles at Morgan Stanley and Improbable, where she headed strategy and financial planning.
Alongside her is Steven Mendel, Co-founder and former CEO of ManyPets, the pet-insurance scaleup valued at over $2 billion after its 2021 Series D round. Steven now serves as a NED on the Many Group board and as Chair of Bikmo. His earlier career spans leadership positions at Close Brothers Wealth Management, Christie’s, Barclays Wealth, and consultancy work at McKinsey & Company.
Together, they bring rare combined expertise across insurance, technology, wealth, and operational leadership, the areas the over-60 market lacks tailored solutions for.
Why does this market need a rethink?
The founders were driven by a clear problem that people are living longer, healthier, and more active lives, but support systems have not evolved at the same pace. Many over-60s are financially independent, value autonomy, and prefer proactive healthcare, yet still face complex systems, opaque pricing, and minimal guidance.
This generation is planning, exploring, and investing in their well-being. Lateral’s vision is to give them a structured, dependable way to navigate health and wealth decisions without having to rely solely on the NHS or navigate private care alone.
Making healthcare simpler for the elderly
Lateral’s first product, the Lateral Health Plan, is designed specifically for people in their 60s and 70s who want greater control over their healthcare without abandoning the NHS. The plan blends private healthcare cover, care navigation, and preventive wellbeing benefits into a single, accessible policy.
Its standout element is a nurse-led navigation service, run by qualified case-management nurses. This team helps members understand diagnoses, compare treatment pathways, and combine NHS and private options effectively. The service “wraps around” existing care rather than replacing it.
Unlike traditional private medical insurance, Lateral emphasises simple pricing with transparent year-on-year costs. Because the plan complements the NHS, premiums stay lower, around £150 per month for a 67-year-old.
Our thoughts
Lateral is entering a market that has been overlooked for too long, despite its size and spending power. Its mix of experienced founders, patient-focused design, and practical integration with the NHS gives it a strong strategic position. If executed well, Lateral could become a defining name in later-life health planning.
Laura Ashforth, Co-founder and CEO of Lateral, said: “We’re on a mission to empower over 60s to live well for longer, helping them navigate the complicated world of retirement by offering them an affordable range of products expertly created just for them. Many people find the health system increasingly hard to navigate as they get older. Lateral is designed to help members understand their options and make informed choices about care, while also embedding evidence-based preventative approaches, such as an annual health check, to support proactive engagement with their health.”
Steven Mendel, Co-founder and Executive Chair at Lateral, added: “People are living longer and with more active lives, yet the systems designed to support them haven’t kept up. For far too long, insurers have viewed people over 60 as old, immobile, and liable to injury. The reality is that many people in their 60s and 70s are fitter and more active than ever. For them, retirement is a chance to do more, not less.”
