Singapore’s Homage bags double-digit Series B funding led by EV Growth

Senior citizens during a routine at a care home. Photo: Bloomberg

Singapore’s home-based caregiving startup Homage has raised a “double-digit” round of Series B funding led by EV Growth, the company said in a statement.

Participating in the round are new investors Alternate Ventures and KDV, as well as existing backer HealthXCapital, who joined the company’s Series A funding round in July 2018.

Launched in 2017, Homage delivers personalised care to individuals, families, and organisations to enable wellness and recovery, be it at home, point-to-point (for medical tourism or escort and transportation), or care within health and aged care facilities.

It looks to serve the increasing number of the elderly population, which by 2050 is predicted to exceed the number of children globally, placing an unprecedented demand for such services.

Through its platform, Homage interviews each care professional, screening them on aptitude and soft skills. The technology enables the company to streamline and scale the process, capturing the skills, experience, and motivation profile of each care professional.

Since its founding, Homage claims that its B2B business has grown more than 400 per cent in 2019, while its Malaysia operation has grown six-fold since the beginning of the year.

Homage, which plans to launch in five countries in Southeast Asia within the next two years, also claims to have the largest fully screened pool of close to 2,000 qualified care professionals in the region.

“In our next phase of growth, we look forward to partnering EV Growth to create more impact in our mission to provide deeper and more personalized support for our long-term care needs,” said Homage co-founder and CEO Gillian Tee.

Homage will invest in its core network of care professionals to improve their capabilities while also building out its medical services arm with a network of qualified doctors and medication delivery capabilities.

The company will forge new partnerships with private and public sector stakeholders and invest further in the enterprise technology platform as it expands further in the Asia-Pacific region.

“Increasing aging population and low TFR (total fertility rate) are inevitable. Urbanization and a fast-paced working environment make caregiving service become one of the key services in our daily life,” said Managing Partner of EV Growth and co-founder of East Ventures, Willson Cuaca.

The funding in Homage marks the first investment by EV Growth following the close of an additional $50 million for its first fund, which brought its total fund size to $250 million.

The firm, which is a joint venture between Sinar Mas, East Ventures, and Yahoo! Japan, announced a final close of the fund at $200 million in May. However, it reopened the fund a few months later due to the continued interest in the vehicle from potential limited partners, or investors.

Some of the fund’s recent investments include Indonesian edutech Ruangguru, beauty-tech Sociolla, regional cashback startup Shopback, Vietnamese e-commerce Sendo, Indonesian SME lender Koinworks, micro-retail tech startup Warung Pintar, mobile point-of-sale startup MokaPOS, co-working space provider CoHive, and on-demand warehouse startup Waresix.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.