Caregiving startup Homage raisesUS$30 mil Series C led by Sheares Healthcare Group
By Digital News Asia September 7, 2021
- One of the largest financing rounds raised by an on-demand care platform
- Latest round brings Homage’s total funding to exceed US $45 million
Homage, the Singapore based regional technology-led caregiving and health platform, announced that it has secured a US$30 million (RM124.6 million) Series C financing round led by Sheares Healthcare Group, a wholly-owned healthcare enterprise of Singapore's global investment firm Temasek.
Joining in this round are new investors including DG Daiwa Ventures and Sagana Capital, alongside existing investors, East Ventures (Growth), HealthXCapital, SeedPlus, Trihill Capital and Alternate Ventures.
The oversubscribed round makes it one of the largest financing rounds raised by a care platform in Southeast Asia and the Oceania region and brings Homage’s total funding to exceed US$45 million (RM187 million).
As part of this funding round, Khoo Ee Ping, chief corporate development officer of Sheares Healthcare will be joining Homage’s board of directors.
Homage claims to have experienced significant growth in 2021 with regional business outside Singapore Headquarters including Malaysia and Australia growing more than 600% year-over-year and the group more than tripling its revenue in the past year.
It said the latest financing will be used to further accelerate regional expansion and it will continue to scale its platform with the support of strong local and regional partners.
In Malaysia, Homage has expanded across most states to now operate in locations including the Klang Valley region, Penang, Johor and Ipoh. It said it will continue to grow its presence and expand into more cities.
“Our mission is to make everyday care for older adults and the chronic-ill personalised, accessible as well as cost-effective. By combining high touch with high tech, we have been able to prove that we improve the lives, health and wellness outcomes of our care recipients and families at scale,” said Gillian Tee (pic, above), founder and chief executive officer of Homage.
“I am thrilled to partner with this group of outstanding institutional investors that are like-minded in our mission to provide trusted value-based care and bridge the gaps in the healthcare ecosystem - across payor, provider and care recipient,” she added.
This latest investment will further strengthen Homage’s leadership in the long-term care and elder tech categories as the only fully curated platform of daily living assistance, social and clinical care to older adults and families in Southeast Asia and Oceania.
The company has built a regional network of more than 6,000 fully screened, trained and curated staff including certified and trained caregivers, licensed nurses, care navigators and board-certified therapists and physicians.
With its holistic care teams, Homage has developed strong partnerships with both private and governmental hospitals as well as primary and community care providers to bridge the gap in the end-to-end care recipient journey, integrating across hospital health, community and home care as well as the payor ecosystem.
“We will utilize this funding to further invest into our technology platform and deepen our integration with the aged and disability care payor and provider infrastructure across the region,” Tee said.
“The investment is a vote of confidence in the Malaysia market given the current landscape. We believe that we can make a significant difference and we look forward to expanding Homage’s services to the rest of the country,” said PC Gan, country manager of Homage Malaysia.
“Homage’s mission is aligned to the Sheares vision of building integrated healthcare ecosystems to close care gaps and deliver new innovative models of healthcare services that will ultimately help to contain healthcare costs. We are excited to partner with Homage on its journey,” said Khoo Ee Ping, chief corporate development officer of Sheares Healthcare.
“With an almost 600 million ageing population expected in the Asia Pacific by 2025, we are staring at an inevitable but very significant challenge which we are not prepared for. The aged tech and silver economy market in Asia is projected to be worth US$6.2 trillion and Homage is in a great position to lead this space,” Seemant Jauhari, managing partner at HealthXCapital said.
[RM1 = US$0.241]
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