S’pore startup Homage raises S$40M in Series C round, led by Temasek’s Sheares Healthcare

Homegrown eldertech startup Homage announced today (September 6) that it has raised US$30 million (S$40 million) funding in a series C round led by Sheares Healthcare Group, a wholly-owned healthcare enterprise of global investment firm Temasek.

New investors that joined the round include DG Daiwa Ventures and Sagana Capital, as well as existing investors East Ventures (Growth), HealthXCapital, SeedPlus, Trihill Capital and Alternate Ventures.

The latest Series C round brings its total funding to over US$45 million (S$60 million), and will be used to further accelerate regional expansion and scale its platform.

The funding will also be used to further develop their technology platform and deepen their integration with the aged and disability care payor and provider infrastructure across the region.

According to the company, the oversubscribed round makes it one of the largest financing rounds raised by an on-demand care platform in Southeast Asia and the Oceania region.

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’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.

Strong growth in 2021

Homage said that it experienced significant growth in 2021, with regional business (including Malaysia and Australia) growing more than 600 per cent year-over-year. The group also more than tripled its revenue in the past year.

Moving forward, 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 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,” said Gillian Tee, founder and CEO of Homage.

To date, 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.

Homage has also been mentioned by Prime Minister Lee Hsien Loong in the 2017 National Day Rally speech, where he lauded the startup’s use of IT to match a pool of caregivers with seniors who needed help.