US-based homecare provider Honor secured $140m yesterday in a series D round backed by Prosus Ventures, the venture capital vehicle formed by e-commerce and media group Naspers.
Investment management firm Baillie Gifford co-led the round with funds and accounts advised by T. Rowe Price, and it included Rock Springs, Andreessen Horowitz, Thrive Capital and 8VC.
Honor runs a network of caregivers called the Honor Care Network and uses its technology platform to help clients such as home care agencies deliver non-medical car across some 1,000 communities in the United States.
Seth Sternberg, Honor’s co-founder and chief executive, said: “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.
“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.”
Andreessen Horowitz invested $15m to lead a $20m series A round for the company in 2015 that included Kapor Capital and angel investors Ron Johnson, Max Ventilla, Bob Kerrey, Andrew Conrad, Jessica Alba, Cash Warren, Jeremy Stoppelman and Max Levchin.
Honor added $42m the following year in a series B round led by Thrive Capital that also featured Andreessen Horowitz, 8VC and Syno Capital.
Naspers Ventures, the corporate venturing unit since converted to Prosus Ventures, led Honor’s $50m series C round in mid-2018, investing alongside Thrive Capital and Andreessen Horowitz. The company said it has now raised about $255m altogether.
