Honor – an online healthcare service booking platform that connects in-home caregivers, seniors, and their families – raised $140 million in Series D funding.
The round was led by Baillie Gifford and funds and accounts advised by T. Rowe Price Associates, with participation from Rock Springs and existing investors Prosus Ventures, Andreessen Horowitz, Thrive Capital, and 8VC.
“This capital raise allows us to expand more rapidly into new markets and further invest in our care delivery platform to provide the best-personalized care experience for our clients and their families as well as better employment opportunities for Honor’s Care Professionals,” said Seth Sternberg, co-founder, and CEO of Honor.
With this latest funding round, the company has received $255 million in investments since its founding in 2014. Honor previously – raised $50 million in Series C financing in May 2018, led by Naspers Ventures and existing investors’ participation.
According to the company, over 40 home care agencies have partnered with the Honor Care Network to date. Today, the company provides non-medical home care services to older adults in over 1,000 communities across the US and has provided over 5 million hours of care, meaning more people can get the support they need to live independently at home as they age – now more important than ever during the COVID-19 pandemic, the company said.
Anika Penn of Baillie Gifford said, “Honor has demonstrated their ability to leverage technology to elevate and expand services to older adults who want to remain in their homes and to improve conditions for home care aides. We are excited to partner with the team as they scale up and drive improvement throughout the ecosystem of this $30 billion industry.”
Online Healthcare Service Booking companies raised $572 million in the first nine months (9M) of 2020, a 17% increase compared to $487 in 9M 2019, according to the latest Mercom Digital Health funding report. Recently, Papa – developer of an on-demand service booking app that connects seniors with personal caregivers, doctors, transportation, and grocery shopping – raised an additional $18 million for its Series B round led by Comcast Ventures.