Digital health platform Homage has raised $43 million in its Series C financing round, helping accelerate its expansion into Australia with Sheares Healthcare Group (wholly owned by Temasek) leading the group of investors.
The Melbourne-based technology company, which combines services from professional caregivers, therapists, and clinicians to provide holistic care and wellness to older adults, more than tripled its revenue in the past year.
New investors include DG Daiwa Ventures and Sagana Capital, joining existing investors such as East Ventures (Growth), HealthXCapital, SeedPlus, Trihill Capital, and Alternate Ventures.
“Our mission is to make everyday care for older adults and the chronic-ill personalised, accessible as well as cost-effective,” says Homage CEO Gillian Tee.
“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 ecosystem - across payor, provider and care recipient.”
The financing round is one of the largest raised by an on-demand care platform in Southeast Asia and the Oceania region, as total funding exceeded $60 million.
As part of the round, Sheares Healthcare chief corporate development officer Khoo Ee Ping will be joining Homage’s board of directors.
“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,” Ping says.
“We are very excited to partner with Homage on its journey.”
More than 6,000 fully screened, trained, and curated care professionals have joined the company’s regional network. Homeage’s partnerships involve both private and governmental hospitals as well as primary and community care providers.
“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,” says representative director of DG Daiwa Ventures Masahito Okuma.
Population projections for Australia suggest there will be four million people aged between 65-84 years by 2022, with the rapid acceleration of some age groups in the next 10 years.
“With almost 600 million ageing population expected in Asia Pacific by 2025, we are staring at an inevitable but very significant challenge which we are not prepared for," says HealthXCapital managing partner Seemant Jauhari.
"Homage is ensuring that we are building the single largest integrated silver economy platform for Asean and beyond.
"The age-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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