Home Care Startup Honor Raises Additional $42 Million
Posted on Friday, August 12, 2016 2:11 PM
A home care startup called Honor has announced a $42 million funding grab. Last year, the company rounded up $20 million, and is known for its services, investors, and high-profile founder that has Google ties.
California-based Honor raised the capital in a Series B funding led by Thrive Capital, a New York-based venture capital investment firm. Right now, Honor’s net funding totals to $62 million.
Honor is expanding its home care services outside its California markets of San Francisco and Los Angeles with a new location in Dallas. With the funding, Honor will also be undergoing a huge hiring push within California, says Sternberg.
“We need way more care pros,” Sternberg told Home Health Care News. “To find amazing care pros is really hard, especially in San Francisco. It’s a really tight labor market. There are 2.5 million care pros in America, but the rate in which the population is aging means we will need massively more care pros in the next 10 to 20 years.”
Honor is actively seeking qualified caregivers, as well as engineers to continue building its technology platform. In addition to funding the hiring push and larger labor force, the new funding will be put to a variety of other uses, Sternberg said.
Additionally, Honor has gained a new investment partner called Capital.
“Thrive is really into being very aggressive in innovation and improving health,” Sternberg told HHCN. “They’re a big tech investor. We like that they are also pushing the boundaries in health care—and that they are in New York. As a startup, you want to keep growing your network.”
Honor has other investment partners that include the following: 8VC, Andreessen Horowitz—who led the company’s first funding round—and Syno Capital.
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