Temasek unit leads $30m raise of Singapore healthtech firm

Singapore-based Homage has raised US$30 million in a series C round led by Sheares Healthcare Group, a unit of Temasek investing in health-focused companies.

(From left) Yinwei Liang, vice president of investment at EV Growth; Gillian Tee, Homage co-founder and CEO Gillian Tee; and Willson Cuaca, EV Growth’s managing partner and co-founder / Photo credit: EV Growth

New investors including DG Daiwa Ventures and Sagana Capital also participated in the oversubscribed round, alongside existing investors EV Growth, HealthXCapital, SeedPlus, Trihill Capital, and Alternate Ventures. The investment brings Homage’s total funding to over US$45 million, according to a statement.

Without going into specifics, the healthtech startup said it saw a 3x growth in revenue over the past year as it closes its series C round. It plans to use the new capital to further this growth and accelerate regional expansion.

Homage offers a platform that connects professional caregivers, therapists, and clinicians to adult and elderly patients seeking home-based and specialized care. The company said it has over 6,000 licensed professionals on its platform ready to serve its client base of government providers, federal care programs, health organizations, and employers across Singapore, Malaysia, Australia, and Japan.

The startup was co-founded in 2017 by Gillian Tee and Lily Phang. Tee currently serves as Homage’s CEO, while Phang has left the company and co-founded Eblity, an edtech startup focusing on children with special needs.

“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,” said Khoo Ee Ping, chief corporate development officer of Sheares Healthcare.

As part of this funding round, the executive will be joining Homage’s board of directors.

Homage previously raised funding in 2020, securing a double-digit million dollar amount in a series B round led by EV Growth.