Singapore caregiving startup Homage bags double-digit millions in series B raise

Homage, a caregiving services platform based in Singapore, has raised double-digit millions in a series B round led by venture capital firm EV Growth.

New investors Alternate Ventures and KDV Capital also participated in the round, alongside existing investor HealthXCapital, according to a statement.

Homage co-founder and CEO Gillian Tee (center) flanked by EV Growth executives Yinwei Liang (left), vice president of investment, and Willson Cuaca (right) managing partner and co-founder / Photo credit: EV Growth

Launched in 2017, Homage offers on-demand personalized care to individuals, families, and organizations. The startup uses a proprietary matching engine that pairs seniors with the best-suited care professionals for their specific needs.

With the new capital, Homage plans to scale the delivery of its services by expanding its network of care practitioners, improving professional capabilities, and launching healthcare services empowered by its web-based and consumer mobile platforms for care providers and enterprises.

The startup also plans to establish partnerships with private and public sector stakeholders in its ecosystem and extend its Asia-Pacific reach by launching in Indonesia and four other countries within the next two years.

According to data from the 2019 revision of World Population Prospects, one in six people in the world will be over the age of 65, up from one in 11 in 2019. In 2018, persons aged 65 or above also outnumbered children under five years of age globally.

“Homage plans to be the solution to fill the gap of health worker shortages employing technology to deliver quality personalized care services,” the company said in its statement.

Prior to this fundraise, Homage secured US$4.15 million in July 2018 through a round co-led by Golden Gate Ventures and HealthXCapital. It also picked up US$1.2 million in a seed round from 500 Startups, Golden Gate Ventures, and SeedPlus.