US-based care management software provider Honor Technology closed a $370m series E round on Tuesday that included Prosus Ventures, a corporate venturing vehicle for internet group Prosus.
Investment manager Baillie Gifford led the $70m equity portion of the round, which included Andreessen Horowitz, FMZ Ventures, Lighthouse Capital Markets, Rock Springs Capital, Thrive Capital, TriplePoint Capital, funds and accounts advised by T Rowe Price, and private investors Paul and Lori Hogan.
The $300m debt portion was led by Perceptive Advisors and it was joined by Ares Management funds. The round took the company’s total equity funding to $325m and valued it at $1.25bn.
Founded in 2014, Honor has created a workforce management software platform dubbed the Honor Care Network which is designed to help homecare agencies across some 800 US cities and towns provide non-medical assistance services.
Prosus Ventures had already taken part in a $140m series D round for the company in October 2020 co-led by Baillie Gifford and vehicles and accounts managed by T Rowe Price and backed by Rock Springs, Andreessen Horowitz, Thrive Capital and 8VC.
Prosus Ventures predecessor Naspers Ventures – formed by media and e-commerce group Naspers – led the company’s $50m series C round two years before, participating together with Thrive Capital and Andreessen Horowitz.
Honor had already received $42m in a 2016 series B round led by Thrive Capital that included Andreessen Horowitz, 8VC and Syno Capital.
Andreessen Horowitz led a $20m series A round for the company in 2015 with a $15m contribution, investing alongside Kapor Capital, Ron Johnson, Max Ventilla, Bob Kerrey, Andrew Conrad, Jessica Alba, Cash Warren, Jeremy Stoppelman and Max Levchin.
