October 05, 2021

Series E funding accelerates innovation & growth

Upward trending arrow over multicolor hearts

In 2014, an idea—we need to change the way we care for parents—turned into a reality: Honor. Today, we’re excited, proud, and grateful to announce our latest round of funding, which will enable us to expand Honor’s innovation and impact around the globe.

The Series E round raised $70 million in funding and $300 million in debt financing. This brings Honor’s total equity funding to date to $325 million and values the company at over $1.25 billion.

Becoming a $1 billion company is a major milestone for any start-up. Only about 2.5% of companies make it this far.* But it’s by no means a laurel to rest on. For all of us at Honor, it’s the juice that will power us toward our goal of increasing the world’s capacity to care.

This infusion of capital allows us to invest further in groundbreaking operations and technology capabilities, and expand it across our newly acquired Home Instead network. Together, we’ll be able to fundamentally transform the delivery of home care in the U.S. and around the world.

To do this, we’ll be tripling down on research and development. That means massively growing our Product & Engineering department of talented software engineers, developers, product designers, data scientists, and data analysts. This team will further develop our technology platform, which will become the backbone of operations for the vast and growing Home Instead network.

Our goal is to provide an even better end-to-end human experience for professional caregivers and clients. In the coming years, our technology will open a channel to allow aging adults more streamlined access to the products and services they need at home—creating the most advanced ecosystem to serve the aging population around the world.

Baillie Gifford led the equity financing 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.

“We believe investing is about backing companies with the potential to deliver transformational growth and better outcomes,” said Investment Researcher Anika Penn of Baillie Gifford. “With the rapidly growing population of older adults, the home care market provides a unique opportunity to transform an industry that has not yet benefited from technology. Honor’s technology and operations platform, in combination with its global Home Instead network, is poised to deliver consistent, high-quality care to exponentially more aging adults. We are honored to partner with them in realizing that vision.”

It continues to be a privilege to grow this company and work toward a mission that’s so important and so personal to all of us. We’re trailblazing in an industry that takes care of our parents. And ultimately our solutions will take care of our own generation when we’re older. With our new global scale and R&D investment, we’re excited to accelerate the rollout of our game-changing, life-changing care delivery platform.

*Source: AngelList Venture

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