The Mayor of London, Sadiq Khan, is taking proactive steps to address the cost of living crisis by providing funding to seven startups. Launched as the Poverty Prevention Challenge in January,
this initiative harnesses technology to support financially struggling Londoners during these challenging times.
Each of the selected startups will receive grants of up to £50,000 to further develop their innovative solutions, encompassing a range of technologies, including AI-driven tools for mental health support and budgeting software.
The startups benefiting from the funding are as follows:
1.CAD-HR: A community development startup offering free legal assistance to disadvantaged groups seeking to establish and manage new businesses.
2. MatchingMind: An online mental health tool that employs AI to match users with appropriate counsellors and therapists, eliminating the trial-and-error process of finding suitable support.
3. Mealia: An AI startup focused on creating personalized meal plans and budgets for families. The software optimizes cost-effectiveness by selecting the best-value ingredients from major supermarket brands.
4. Mendee: A startup dedicated to supporting language and digital literacy among refugees. Mendee collaborates with refugee organizations by providing AI training tools.
5. Mortar Works: A tenancy tool designed to aid renters struggling with debts. The company safeguards renters from resorting to high-cost debts to afford their rent.
6. SuperFi: A budgeting and financial planning software tool that acts as a centralized platform for all financial management tasks, including bill organization, debt consolidation, and specialized advice.
7. Time to Spare: A startup collaborating with charities to streamline the sharing of data and information with councils, enhancing the effectiveness of local support systems.
Sadiq Khan emphasized the importance of these innovative projects in supporting thousands of Londoners struggling to cope with rising energy costs and food prices. He emphasized the role of AI and digital services in complementing the efforts of local government and community groups to assist residents during this cost of living crisis.
This endeavor is part of the Challenge LDN scheme, where London's City Hall has invested over £2.5 million into startups and small businesses. Theo Blackwell, Chief Digital Officer for London, highlighted the importance of seeking and testing new ideas and fostering collaboration with startups and scaleups to address the city's challenges effectively. Photo by Chabad Lubavitch, Wikimedia commons.