27
October
2020
|
09:00
Europe/Amsterdam

Honor secures $140 million to fuel growth and advance home care industry

San Francisco, USA, 27 October 2020Honor, one of the largest owned and operated home care companies in the US, announced that it raised $140 million in Series D funding. The round was led by Baillie Gifford and funds and accounts advised by T. Rowe Price Associates, Inc. with participation from Rock Springs and existing investors Prosus Ventures, Andreessen Horowitz, Thrive Capital, and 8VC. With this latest round of funding, the company has received $255 million of investment since its founding in 2014.

“Honor’s mission is to change the way we care for our parents by building a national home care network that consistently provides high-quality care,” said Seth Sternberg, co-founder and CEO of Honor. “This capital raise allows us to expand more rapidly into new markets and further invest in our care delivery platform to provide the best-personalised care experience for our clients and their families as well as better employment opportunities for Honor’s Care Professionals.”

Honor has accelerated its growth by leveraging its proprietary technology and partnering with independently owned home care agencies and other integrated senior care providers through the Honor Care Network. This unique partnership model allows Honor to share its large talent pool of professional caregivers and to deliver personalised care at scale. Today, the company provides non-medical home care services to older adults in over 1,000 communities across the US and has provided over 5 million hours of care. This means more people can get the support they need to live independently at home as they age—now more important than ever during the COVID-19 pandemic.

“We believe investing is about identifying companies that can deliver transformational growth on the back of long-term structural changes,” said Anika Penn of Baillie Gifford. “Honor has demonstrated their ability to leverage technology to elevate and expand services to older adults who want to remain in their homes and to improve conditions for home care aides. We are excited to partner with the team as they scale up and drive improvement throughout the ecosystem of this $30 billion industry.”

To date, over 40 top-rated home care agencies have joined the Honor Care Network. Honor becomes an extension of the agency team, providing back-office operations and its tech platform that assists with caregiver recruiting, training, scheduling, and performance. Agency owners gain access to thousands of Honor Care Professional employees and have more time to serve clients and their families better.

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About Prosus:

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India, Russia, and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives.

Every day, millions of people use the products and services of companies that Prosus has invested in, acquired or built, including Avito, Brainly, BYJU'S, Bykea, Codecademy, DappRadar, DeHaat, dott, ElasticRun, eMAG, Eruditus, Honor, iFood, Klar, LazyPay, letgo, Meesho, Movile, OLX, PayU, Quick Ride, Red Dot Payment, Remitly, Republic, Shipper, SimilarWeb, Skillsoft, SoloLearn, Swiggy and Udemy.

Hundreds of millions of people have made the platforms of Prosus’s associates a part of their daily lives. For listed companies where we have an interest, please see: Tencent, Mail.ru, Trip.com Group Limited, and DeliveryHero.

Today, Prosus companies and associates help improve the lives of around a fifth of the world's population.

Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers.

For more information, please visit www.prosus.com.

About Honor:

Honor is changing the way we care for our parents. Founded in 2014, the San Francisco–based company brings workforce management and technology expertise together with high-touch, personalised care to improve the in-home care experience. Since launching the Honor Care Network in 2017, Honor has partnered with a growing roster of independently owned home care agencies to deliver reliable, high-quality care with greater transparency.

For more information, visit www.joinhonor.com.
Honor press contact: Marissa Muller [email protected].

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

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