Kuala Lumpur, 6 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 Southeast Asia and the 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 including Malaysia and Australia 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. In Malaysia, Homage has expanded across most states to now operate in locations including the Klang Valley region, Penang, Johor and Ipoh; in line with the vision to provide accessible care to more Malaysians throughout the nation, in the spirit of ‘Kita Jaga Kita’ and ‘Malaysia Prihatin’ (Malaysia Cares), Homage will continue to grow its presence and expand into more cities.
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.
“The investment is a vote of confidence in the Malaysia market given the current landscape. It will be a very intentional effort on our part to elevate the quality of care to more Malaysians. We believe that we can make a significant difference and we look forward to expanding Homage’s services to the rest of the country,” said PC Gan, Country Manager of Homage Malaysia. “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 families 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 the 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 aged 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.”
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