Honor Scores $140M Round

  • General
  • October 29, 2020
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  • 4 minutes read

 

Seth Sternberg, Co-founder and CEO of Honor.
Photo credit: loiclemeurlicensed under CC BY 2.0


Honor, a home care startup, has raised $140 million in Series D funding led by Baillie Gifford and T. Rowe Price, with participation from the likes of 8VC, Thrive Capital, Andreessen Horowitz, and Prosus Ventures. The latest round of funding brings the total amount of outside investment secured by Honor since its founding in 2014 to $255 million. The valuation that came with the round wasn’t disclosed.

Honor says it’ll use its new capital to fund expansion across the US. The new fundraising particularly comes at a time of heightened demand for home care services in the US due to the coronavirus pandemic.

Honor’s flagship business is what’s known as the ‘Honor Care Network’, through which the company partners with existing home care outlets and takes over back-office hassles like recruiting, scheduling, and payroll. Honor provides a large pool of vetted home caregivers to its partners, giving them more time to focus on the control of their brand and client relationships.

Currently, over 40 home care agencies have signed up for the Honor Care Network, agencies that collectively reach over 1,000 communities in the US. Honor will apparently use its new capital to seek more partners to expand its business.

Founded in 2014, Honor was originally an on-demand home care company before pivoting to a business strategy based on partnerships with independently owned and operated home care agencies in 2017.

Honor was founded by Seth Sternberg, an entrepreneur who built and sold a previous company, the now-defunct social networking app Meebo, to Google for around $100 million in 2012.



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