US-based senior care provider Honor secured $50m yesterday in a series C round led by e-commerce and media group Naspers, which invested through its corporate venture capital unit, Naspers Ventures.
Naspers was joined by undisclosed existing investors in Honor, and the round boosted the company’s overall funding to $115m, it said.
Founded in 2015, Honor offers non-medical in-home care for senior citizens through a network of agency and caregiver partners across the US states of California, Texas and New Mexico.
The company’s online platform helps agencies get a more in-depth insight into its care activities and organise care more easily. It also manages the recruitment of carers along with billing and payroll as well as legal, insurance and compliance.
Mike Katz, Naspers’ head of US Investments, said: “By 2050, the global population of people over 60 years old is projected to more than double, creating a pronounced demographic shift around the world. Simultaneously, disability rates are increasing, meaning humans are living longer but not necessarily healthier lives.
“Naspers looks for opportunities that address big societal needs in high-growth markets and partnered with Honor because they are uniquely addressing these macro-trends while alleviating the strain on health systems and senior care providers.”
Venture capital firm Andreessen Horowitz provided $15m of the $20m Honor raised in its 2015 series A round, investing alongside Kapor Capital and angel investors including PayPal co-founder Max Levchin and actress Jessica Alba.
Honor raised a further $42m in August 2016 when it closed a series B round led by VC firm Thrive Capital that included Andreessen Horowitz, 8VC and Syno Capital.