During a heavily packed round of Series C Funding spearheaded by the Sheares Healthcare Group, Singapore-based technological caregiving and healthcare service provider Homage announced that it had raised US$30 million (SGD$40 million) from a slew of newfound investors.
Sheares, the healthcare arm of international investment enterprise Temasek, was joined by Sagana Capital and DG Daiwa Ventures as the latest groups to finance Homage, leading to one of the most lucrative Series C investment segments for an on-demand care provider in the Oceanian and Southeast Asian regions.
Homage, recognized as a top personal care platform for the elderly, disabled, and those facing chronic or terminal diseases, provides its award-winning service even amidst the global Covid-19 pandemic.
This initiative has led to notable business growth in the past year across other regions, particularly in Australia and Malaysia, at well over 600% as the group’s overall funding hits more than US$45 million (SGD$60 million).
With this increase in funding, Homage intends to bolster its regional expansion and scale alongside support from local and regional associates, effectively strengthening the enterprise’s leadership as the sole, fully curated platform for elderly daily living assistance with an impressive roster of curated, licensed Care Professionals.
These holistic care teams have allowed Homage to establish effective collaborations with both private and state hospitals as well as community caregivers to create a seamlessly integrated end-to-end care recipient pathway across hospitals, communities, and homes.
Gillian Tee, Homage founder and CEO, spoke of how the group’s mission is to provide specialized and efficient daily care for the elderly and chronically ill that combines “high touch with high tech” in order to improve quality of life and expressed gratitude towards investors that share in this mission by aiding the company’s continuous growth mindset.
“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,” Tee said.
Meanwhile, Sheares Healthcare’s Chief Corporate Development Officer Khoo Ee Ping, now a member of Homage’s board of directors, explained that the move to invest in Homage was preceded by an “alignment in both organization’s vision and mission.”
“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,” Ping said.
Other investing entities spoke of their enthusiasm to fund the endeavors of Homage as well, with DG Daiwa Ventures Representative Director Masahito Okuma highlighting the importance of Homage’s digital solutions for the elderly and in need of chronic illness care.
Furthermore, previous investing partner East Ventures, through Co-Founder and Managing Partner Wilson Cuaca, added that supporting Homage’s work is a chance to positively impact not only those in need of the care but their families as well, all the while adapting and evolving through the global pandemic’s ever-changing status quo.
Another pre-existing investor, HealthXCapital, made a statement in support of Homage, through Managing Partner Seemant Jauhari who shared that by funding the construction of the “largest integrated silver economy platform for ASEAN and beyond”, Asia Pacific would be ready for the nearly 600 million elderly population in the region by 2025, with Homage leading the market.
