Honor Technology Closes $370 Million in Financing, Plans to Triple its Engineering and Product Teams
The world’s largest senior care network and technology platform has a footprint in Austin with over 150 employees and is quickly scaling its teams to create a better end-to-end human experience for professional caregivers and older adults.
Honor Technology, Inc., the world’s largest senior care network and technology platform which recently acquired global home care provider Home Instead, today announced it has raised $70 million in Series E funding and $300 million in debt financing. The round brings Honor’s total equity funding to date to $325 million and values the company at over $1.25 billion.
The funding will be used to further invest in hiring remote workers, with an emphasis on the greater Austin and San Francisco areas due to Honor’s existing office footprints, and to expand Honor’s groundbreaking operations and technology capabilities across the Home Instead network, which has three offices in the greater Austin area. Honor is fundamentally transforming the delivery of home care in the fast-growing, highly fragmented $83 billion worldwide home care market spread across 21,000 individual agencies in the U.S. alone.
“With our new global scale, we are excited to accelerate the rollout of our game-changing care delivery platform. We’re looking to triple the size of our engineering and product team within the next year,” said Sandy Jen, co-founder and chief technology officer for Honor. “We are aggressively recruiting product hires, from designers to developers who want to solve real-world problems and build with purpose to solve a massive societal need. 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.”
Honor’s technology and operations platform, paired with Home Instead’s global network and relationship-based care, will serve as a foundation for a dramatic increase in innovation investment to benefit professional caregivers and clients through expanded offerings.
“The Honor technology platform is positioned to become the backbone for the Home Instead network, providing an even better end-to-end human experience for professional caregivers and clients,” said Seth Sternberg, co-founder and CEO of Honor. “In the coming years, this technology will open a channel to allow seniors 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.”
Honor’s proprietary technology platform creates a better human experience by extracting insights to match the right caregivers with the right clients based on a range of personalized factors and assists with caregiver recruiting, training, scheduling, and performance analysis. The technology improves as the company scales, learning from expanding data points to further optimize performance. This tech-enabled approach strengthens the relationships between professional caregivers and clients while streamlining business operations, centralizing care and reducing turnover — ultimately increasing the ability of Honor and Home Instead to meet rapidly growing demand.
For more information about Honor and its open positions, please visit https://www.joinhonor.com/careers.
