Homage, a Singaporean technology-led caregiving and health platform, announced that it has secured 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 them are new investors including DG Daiwa Ventures and Sagana Capital, together with 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). 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 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,” said Gillian Tee, Founder and Chief Executive Officer of Homage.
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.
“With an almost 600 million aging 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.