Singapore, 3 September 2021 – Homage, the regional technology-led caregiving and health platform announced today that it has secured a US$30 million (SGD$40 million) Series C financing round led by Sheares Healthcare Group, a wholly-owned healthcare enterprise of global investment firm Temasek. Joining Sheares Healthcare in this Series C round are new investors including DG Daiwa Ventures and Sagana Capital, alongside existing investors including East Ventures (Growth), HealthXCapital, SeedPlus, Trihill Capital and Alternate Ventures.
The oversubscribed round makes it one of the largest financing rounds raised by an on-demand care platform in the Southeast Asia and Oceania region and brings Homage’s total funding to exceed US $45 million (SGD $60 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 experienced significant growth in 2021 with regional business outside Singapore Headquarters growing more than 600% year-over-year and the group more than tripling its revenue in the past year. Homage will use the latest financing to further accelerate regional expansion and continue to scale its platform with the support of strong local and regional partners.
Gillian Tee, Founder and CEO of Homage said, “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. 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.”
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 Care Professionals, 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,” added Tee.
“Homage’s mission is very 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 very excited to partner with Homage on its journey,” said Khoo Ee Ping, Chief Corporate Development Officer of Sheares Healthcare.
“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 ageing 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.”
Willson Cuaca, Co-Founder and Managing Partner of East Ventures said, “We are honoured to be part of the Homage team’s journey until today. Supporting aged and disability care gives us a chance to be impactful in society because aged and disability care is not only for the patients but also for the people and family surrounding them. As we are still fighting the COVID-19 pandemic and moving to a new normal, a different care approach, skills and protocol become crucial, and the Homage team comes timely to provide a holistic solution.”
Seemant Jauhari, Managing Partner at HealthXCapital, added, “With almost 600 Million ageing population expected in Asia Pacific by 2025, we are staring at an inevitable but very significant challenge which we are not prepared for. Homage is ensuring that we are building the single largest integrated silver economy platform for ASEAN and beyond. The age tech and silver economy market in Asia is projected to be worth USD $6.2 Trillion and Homage is in a great position to lead this space.”
Homage is a technology-enabled caregiving and health solution that combines curated professional caregivers, therapists and clinicians with technology to provide holistic care and wellness to older adults and families wherever they are. With more than 6,000 licensed care professionals, Homage leverages its technology platform to provide core services to an expansive client base of government providers, federal care plans, health organisations and employers across Singapore, Malaysia, Australia and Japan
For more information, visit: www.homage.sg.
About Sheares Healthcare Group
Sheares is a healthcare company headquartered in Singapore and wholly-owned by Temasek, a global investment company with a net portfolio value of S$381 billion (US$283 billion) as at 31 March 2021. Sheares looks to develop integrated healthcare ecosystems and introduce new models of care to improve outcomes and contain costs. We work closely with our portfolio companies to scale their businesses and enhance their ability to provide innovative and patient-focused care.
About DG Daiwa Ventures
DG Daiwa Ventures is a venture capital firm jointly founded by DG and the Daiwa Securities Group to invest in startups with next-generation technologies and assist their business development. DG Lab Fund accelerates investees’ growth by combining the investment network and incubation competence of the DG Group and the fund management expertise of the Daiwa Securities Group in five technical fields: Blockchain, AI, xR, Security, and BioHealth.
Sagana is a global impact investment advisory firm working to unleash the potential of people, capital and business to create a better future for all. Sagana leverages decades of experience in private equity, impact investing, and entrepreneurship to discover, invest in and grow companies that are successfully solving some of the biggest challenges of our time.
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