Two months after it announced its acquisition of global home care provider Home Instead, home and senior care platform Honor scored $70 million in series E funding and $300 million in debt financing.
The round, which brings Honor's total equity funding to date to $325 million, boosts the company to "unicorn" status as the company is now valued at $1.25 billion, according to the company.
Honor is the world's largest senior care network and technology platform and has earmarked the funds to further invest in its operations, technology capabilities and its ongoing expansion across the Home Instead network.
"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 a statement. "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."
Sandy Jen, co-founder and chief technology officer for Honor, said the company is looking to triple the size of its engineering and product team within the next year.
Baillie Gifford led the equity financing with participation from existing investors including funds and accounts advised by T. Rowe Price Associates, Inc., Home Instead founders Paul and Lori Hogan, Prosus Ventures, Andreessen Horowitz, Thrive Capital, FMZ Ventures, Rock Springs Capital, Lighthouse Capital Markets, and TriplePoint Capital. Perceptive Advisors led the debt financing with a significant commitment from Ares Management funds.
Here's a snapshot of other health tech funding deals of more than $30 million in October:
Medicare Advantage startup: Devoted Health notched a $1.15 billion funding round led by Uprising and Softbank Vision Fund 2. Other series D backers include returning investors GIC, Andreessen Horowitz, Premji Invest, Maverick, Frist Cressey Ventures, and NextView Ventures. New investors include ICONIQ Growth, General Catalyst, the Base10 Advancement Initiative and Emerson Collective.
Digital physical therapy: Fast-growing digital health company Hinge Health clinched $400 million in a financing round. Existing investors Coatue and Tiger Global led the round. New investors Alkeon and Whale Rock took a $200 million stake through a secondary investment, according to a press release.
Cloud platform for decentralized clinical research: Medable wants to make clinical trials more accessible by decentralizing, or virtualizing, the investigational drug testing process. The company has now raised an eye-watering $521 million in the past 18 months. That massive treasure chest of capital includes a whopping $304 million series D.
Virtual mental health: BetterUp added $300 million in a series E fundraise to accelerate its international growth and drive new product innovation. Wellington Management, ICONIQ Growth and Lightspeed Venture Partners led the round with participation from existing investors Salesforce Ventures and Mubadala Investment Company, along with Sapphire Ventures, Morningside Group, SV Angel and PLUS Capital.
Online pediatric behavioral health: Elemy launched a little more than a year ago and has now vaulted to unicorn status after raising $219 million in a series B funding round. The funding round was led by SoftBank Vision Fund 2 and co-led by Goodwater Capital and Premji Invest, with additional investments from Amity Ventures, Avidity Partners, Chelsea Clinton’s Metrodora Ventures, Ashton Kutcher and Guy Oseary’s Sound Ventures, and Whale Rock Capital. Earlier investors also participated.
Latest digital health unicorn: Truepill aims to expand its reach with health plans, providers and employer groups fueled by $142 million in fresh capital. The series D funding round was led by an undisclosed partner, with participation from existing investors Initialized Capital and TI Platform Management.
Digital twin tech: Twin Health has developed technology that creates a “digital twin” modeling a patient’s individual metabolism. The company closed its series C funding with an additional $140 million in the bank. The financing came from ICONIQ Growth, Sequoia Capital India, Perceptive Advisors, Corner Ventures, LTS Investments, Helena and Sofina.
Substance abuse startup: Workit Health, a clinic for virtual drug and alcohol treatment, picked up $118 million led by New York-based global private equity and venture capital firm Insight Partners with participation from CVS Health Ventures, FirstMark Capital, BCBS Venture Fund and 3L Capital.
Digital chronic condition management: Lark Health banked $100 million in new funding. The series D funding round was led by Deerfield Management Company and included participation from crossover fund PFM Health Sciences, as well as returning investors Franklin Templeton, King River Capital, Castlepeak, IPD, Olive Tree Capital, and Marvell Technology co-founder Weili Dai.
Workers comp and MSK care startup: Bardavon Health Innovations, a workers’ compensation and musculoskeletal (MSK) health company, scored $90 million led by investor Matrix Capital Management, joined by WestCap, a growth equity firm.
Health savings account program: Lively landed $80 million in a series C round, which was led by B Capital Group with participation from Telstra Ventures and existing investor, Costanoa Ventures.
Online pharmacy: For its latest funding round, Silicon Valley startup NowRx decided to avoid venture capital dollars. The online pharmacy aims to raise $73 million series C funding through SeedInvest, an equity crowdfunding platform.
Value-based care workflow tech: Stellar Health closed a $60 million series B funding round led by General Atlantic, with participation from Point72 Ventures and Primary Venture Partners, and new investors Mike Pykosz and Geoff Price, two of the co-founders of Oak Street Health.
Primary care for older adults: Patina Health launched out of stealth with $57 million, coming from seed and series A funding rounds co-led by Andreessen Horowitz and GV, as well as other investors like F-Prime, Rock Springs Capital and Viking Global Investors.
Digital therapeutics: Click Therapeutics’ latest financing, its series B round, brought in $52 million. The round was led by H.I.G. BioHealth Partners and Accelmed Partners II. Longtime investor Sanofi Ventures, the VC arm of the French Big Pharma, also chipped in, as did another half-dozen new and existing backers.
Gig worker benefits platform: Stride picked up $47 million in series C funding led by King River Capital with participation from Mastercard, Allstate, and previous investors Venrock, NEA, and Fidelity's F-Prime Capital.
Health data privacy startup: Skyflow, a company that makes it easier for developers to embed data privacy into their applications, picked up $45 million in a series B round of funding. The round was led by Insight Partners, with participation from Mouro Capital, Mitsui’s MS&AD Ventures, Canvas Ventures and Foundation Capital, and leading fintech angels such as Coinbase Board Member Gokul Rajaram.
Nurse staffing platform: ShiftMed, a mobile app that connects healthcare workers and providers, raised $45 million. The funding round was led by Panoramic Ventures and HealthWorx, the innovation and investment arm of CareFirst Holdings.
At-home psoriasis UV light therapy: Zerigo Health, maker of an FDA-cleared system for self-administering ultraviolet light therapy to treat psoriasis, vitiligo and eczema, added $43 million in a funding round led by 7wireVentures. Other participants in the series B financing include Leaps by Bayer, the Big Pharma’s VC arm, as well as Cigna Ventures, General Catalyst and a handful of other new and existing investors.
Direct-to-patient clinical trial startup: Venture investors are pumping $40 million into Lightship to fuel virtual and decentralized trials. The round was led by Define Ventures and Brook Byers, with participation from Khosla Ventures, McKesson Ventures and Marc Benioff’s TIME Ventures.
At-home lab appointments: Sprinter Health launched out of stealth as an on-demand mobile health company that sends full-time nurses and phlebotomists into patients' homes for lab draws, vitals checks and COVID-19 testing. The company banked $33 million in series A funding, led by Andreessen Horowitz. General Catalyst, Accel, GV (formerly Google Ventures) and other leading investors also participated in the round.
Bereavement app: Empathy closed a $30 million series A funding round. Entrée Capital led the round, with participation from General Catalyst and Aleph. Other backers included LocalGlobe, Primetime Partners, and angel investors including Shai Wininger, CEO and co-founder of Lemonade, Sir Ronald Cohen, John Kim, ex-president of New York Life and Micha Kaufman, CEO and co-founder of Fiverr.