Homage Raises $30M Series C to Expand Caregiving Services

Homage Secures $30 Million in Series C Funding

Homage, a startup specializing in caregiving solutions, has successfully closed a $30 million Series C funding round. The investment was spearheaded by Sheares Healthcare Group, a fully-owned entity of the Temasek investment firm.

Investment Details and Participants

This funding round saw participation from several new investors, including DG Daiwa Ventures and Sagana Capital. Existing investors, demonstrating continued confidence in Homage’s trajectory, also contributed, namely East Ventures (Growth), HealthXCapital, SeedPlus, Trihill Capital, and Alternate Ventures.

Strategic Allocation of Funds

The newly acquired capital will be strategically deployed to enhance Homage’s technological infrastructure. Further integration with existing payer and provider systems within the aged and disability care sectors is also planned.

A significant portion of the funds will accelerate the company’s regional expansion. This will be achieved through strategic partnerships forged with hospitals and various care providers.

Current Operational Footprint

Currently, Homage provides its services across three key markets: Singapore, Malaysia, and Australia. The company is focused on broadening its reach within these regions and beyond.

Comprehensive Suite of Care Services

Homage offers a diverse range of care services designed to meet varied needs. These include in-home care provided by caregivers, nurses, therapists, and doctors.

Telemedicine services are also a core component of their offerings, alongside specialized programs tailored for individuals managing chronic illnesses.

Scalability Through Intelligent Matching

A key factor enabling Homage’s scalability is its sophisticated matching engine. This technology connects clients – including seniors and those with chronic conditions – with the most appropriate care professionals.

While the engine provides initial recommendations, final provider selections are carefully managed by Homage’s dedicated team to ensure optimal care alignment.

Record-Breaking Funding in the Region

The startup reports that the funding round was significantly oversubscribed. It represents one of the largest investments secured by an on-demand care platform in Southeast Asia and Oceania to date.

This latest round brings Homage’s total funding raised to over $45 million, solidifying its position as a leader in the caregiving space.

Board Appointment

As part of the Series C agreement, Khoo Ee Ping, Chief Corporate Development Officer at Sheares Healthcare Group, will assume a position on Homage’s board of directors.

Impressive Growth Metrics

Homage boasts a robust regional network comprising more than 6,000 prescreened and thoroughly trained care professionals. The company’s business outside of Singapore experienced over 600% growth year-over-year in 2021.

Furthermore, revenue has more than tripled over the last year, demonstrating strong market demand and effective business execution.