Singapore home-based care-giving startup Homage has secured a $1.2 million in a seed round funding from venture capital firms 500Startups, Golden Gate Ventures and SeedPlus, and it will use the fresh capital for product development and operation scale-up.
In an announcement on Wednesday, the 2016 launched startup said, “Funds raised in this seed round will be used to accelerate product development and scale operations to meet strong local demand.”
The firm had a previous angel round participated by renowned Singapore-based entrepreneurs. Among the earlier investors in the local firm were Huang Shao-Ning and Lim Dershing, co-founders of local career portal JobsCentral, Pieter Walraven, former founder of work chat app Pie, Phey Teck Moh, former President of Motorola Solutions, Asia Pacific and Juha Panaanen, former founder of Non-stop games.
Homage was founded by Y-Combinator Alumni Gillian Tee, Lily Phang, and Tong Duong. The team was motivated to start Homage when they saw a clear and urgent demand for high quality in-home care for the elderly, who currently number more than 450,000 in Singapore’s rapidly aging population.
“Nowhere is shortage of quality caregiving more acute than in Singapore and Asia, where many families struggle to find in-home solutions they can trust. The process is time-consuming, costly, and most of all, deeply stressful,” said Gillian Tee, Co-founder and CEO of Homage.
In Asia, many countries like Japan, Singapore and even Malaysia have an ageing population that has led to difficulties but also an avenue for elderly care related businesses to start.
The health tech platform also serves as an enabler for “micro-entrepreneurship”, providing specialized training for both aspiring and experienced care professionals. These care professionals are then hand-picked to provide services through Homage. The founding team hopes that this would create opportunities for individuals who are looking for a rewarding career with a flexible work schedule.