Homage Raises $30 Million in Series C Funding

Homage, a Singapore-based startup that matches care recipients and caregivers, secured $30 million (SG$40 million) in a Series C financing round.

The funding round was led by Sheares Healthcare Group, a wholly-owned healthcare enterprise of investment firm Temasek.

New investors DG Daiwa Ventures and Sagana Capital, alongside existing investors including East Ventures (Growth), HealthXCapital, SeedPlus, Trihill Capital, and Alternate Ventures, also participated in the funding round.

Khoo Ee Ping, Chief Corporate Development Officer of Sheares Healthcare, will join Homage’s board of directors as part of this funding round.

Including the latest funding round, Homage has raised a total of over $45 million (SG$60 million) to date. Homage plans to use the new financing to accelerate regional expansion further and continue to scale its platform with strong local and regional partners.

“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,” added Gillian Tee, Founder, and CEO of Homage.

Homage reported more than 600% year-over-year growth in 2021, with regional business outside Singapore Headquarters, and the company said its revenue tripled in 2020. The company has built a regional network of more than 6,000 trained care professionals, including certified and trained caregivers, licensed nurses, care navigators, and board-certified therapists and physicians.

“As a true regional leader in the care space, Homage is building much-needed infrastructure combining trusted providers with digital solutions for the fast-growing aging population and exponential chronic care needs, “added Masahito Okuma, Representative Director of DG Daiwa Ventures. “We are proud to be partnering with Homage to support its continued growth in the years ahead.”

Gillian Tee added, “Our mission is to make everyday care for older adults and the chronic-ill personalized, 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.

Digital Health companies in the first half (1H) of 2021 raised $15 billion; the funding activity was up by 138% during 1H 2021, compared to $6.3 billion raised in 1H 2020, according to the latest Mercom Digital Health Funding and M&A Report.