Retirement Home ǀ Final Round | Interest and the loan principal - paid monthly starting from the 7th month
100% Funded

Interest rate:18%
Period:18 months
Target: 18 000€
Opens: 2021/10/15
Expires: 2021/11/15
Type: Specialized
Location: Latvia
Investments: 110


CROWDESTOR is launching a second fundraising campaign for Retirement Home "Citas mājas" - a small-scale privately owned senior care facility. The company behind the project SIA MEM@M - the social enterprise registered in the Latvian Ministry of Welfare.

This is an opportunity to invest in senior well-being and make a profit of 18% p.a. The total funding target in this round is EUR 18 000.

The funds raised in this campaign will be used to put the renovated buildings into operation and ensure the first flow of clients planned during November. Initially, it was planned that the first client will be welcomed at the end of August, but due to restrictions and workload of public departments, the Retirement Home has experienced a 2-3 month delay.

All main planned construction works are finished, photos can be found below.


Maximum target: 18 000 EUR
Loan period: 18 months
Interest rate: 18% p.a.

Interest payment and the loan principal - paid monthly in similar installments starting from the 7th month.

Collateral: Private guarantee
Location: Latvia

Remember - interest rate payments start calculating from the day you make your investment!

The Project

The center will start to operate during November 2021 and will provide long-term 24-hour social care and rehabilitation services.

  • SIA MEM@M has signed a real estate lease agreement with Municipality for ten years. 
  • The company has already purchased the most significant part of the necessary equipment - functional care beds, lockers, wheelchairs, technical equipment, etc.
  • The company has strong cooperation with municipalities and other retirement homes and social centers of the county.
  • The core team will consist of 12 people (from which - 4 care workers).
  • Initially, the retirement home will accommodate 35 residents (permanently/temporary).
  • By adapting the second building, an additional 16 residents could be accommodated. (the Construction Board has already approved the project).

At the moment, all expenses are covered by the SIA MEM@M owner's family's savings and raised money on CROWDESTOR. At the same time, the project has just received a grant of 48 786.14 EUR from ALTUM - a state-owned development finance institution, which offers state aid for various target groups with financial tools. It will be received in equal installments during the next period.

The financing raised on the CROWDESTOR platform is necessary for putting the renovated buildings into operation and ensure the first flow of clients planned during November, which is not covered by the Grant the company got from ALTUM.

Progress of construction works



The Retirement Home "Citas mājas"

The Retirement Home "Citas mājas" is a small-scale privately owned senior care facility in Dunalka parish, Durbe county, Latvia.

The retirement home will be based in a two-storey historical building with 370,2m2, a former school in a wonderful, scenic place in Durbe district, Dunalka parish. The real estate object consists of a land plot of 50 000 m2 and several buildings, two of which are planned to be turned into the Retirement Home premises. 

The institution will be adapted to provide long-term 24-hour social care and rehabilitation. In the residents' rooms, each bed will be equipped according to the needs of each client. 

The decision to start a social business is based on the personal experience of SIA MEM@M owners family. The goal is to create a care center in a rural environment to be a place where seniors could and would like to spend their time. The Retirement Home "Citas mājas" will ensure the coziest and pleasantest possible environment and provide high-quality senior care in a family-like environment.

Professional and welcoming caregivers will provide individual care, social activities, walks, and other exercise forms. People will have the opportunity to spend time in like-minded groups. The different socializing and entertaining events will be organized.


The Retirement Home "Citas Mājas" has a huge yard and flower and apple tree orchard. The blackcurrant, currant, gooseberry bushes will be planted this season so that seniors will have the possibility to harvest them. There is a plan to build a greenhouse and cultivate a small garden as seniors in Latvia have green fingers and like to cultivate a favorite crop or herbs.

Wooden benches and a gazebo, and a square will be installed in the territory, and a children's playground will be created for the well-being of customers' relatives.

The Retirement Home "Citas Mājas" will meet human needs 24 hours a day, seven days a week, to "take" this hard work from the shoulders of loved ones, allowing them to continue their usual daily activities working relationships.

With all this in mind, the Retirement Home aims to do good and help seniors to live the life they deserve, promote employment for people at risk of social exclusion and create a successful social business environment!

Business opportunity

Latvia has the 10th world's largest share of the population over 65 (20.3%). 

The aging population's phenomena combined with an average salary growth create an increasing demand for high-quality private senior care facilities.

The world is aging at an unprecedented pace, and the European populations are definitely much faster than most other countries. The number of multi-generational households is declining across Europe, limiting many families' ability to assist elderly relatives.

The scale of population aging in many countries indicates that 1 in 6 adults will be over 80 by 2050. This compares to around 1 in 15 at present levels. Over the '80s are more likely to suffer from chronic and degenerative health conditions, such as dementia, that require specialist nursing care and propel the need for full-time residential care.

This triggers opportunities for private initiatives to supply sufficient qualitative and suited housing for the growing elderly population. Investor interest in the healthcare sector is partly a reflection of structural change in global property markets, with investors increasingly seeking alternative sectors. 

A largely fragmented and state-controlled care sector has historically limited the investment opportunity, but this is now beginning to change with major private sector operators increasing
their market share.

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