Honor Technology, a San Francisco, CA-based senior care network and technology platform, raised $70m in Series E funding and $300 million in debt financing.
The round, which brings Honor’s total equity funding to date to $325m and values the company at over $1.25 billion, was led by Baillie Gifford with participation from existing investors including funds and accounts advised by T. Rowe Price Associates, Inc., Home Instead founders Paul and Lori Hogan, Prosus Ventures, Andreessen Horowitz, Thrive Capital, FMZ Ventures, Rock Springs Capital, Lighthouse Capital Markets, and TriplePoint Capital. Perceptive Advisors led the debt financing with a significant commitment from Ares Management funds.
Honor intends to use the funds to triple R&D investment and expand the technology and operations platform to the recently acquired Home Instead network.
Honor is fundamentally transforming the delivery of home care in the fast-growing, highly fragmented $83 billion worldwide home care market spread across 21,000 individual agencies in the U.S. alone.
Led by Seth Sternberg, co-founder and CEO, and Sandy Jen, co-founder and chief technology officer, Honor provides a proprietary technology platform that extracts insights to match the right caregivers with the right clients based on a range of personalized factors and assists with caregiver recruiting, training, scheduling, and performance analysis.
In August 2021, Honor acquired Home Instead, a global franchisor of personalized, in-home care services. Today, the combined company serves over 100,000 older adults around the world every month, providing more than 80 million hours of care annually.