Homage
Homage runs a Singapore platform matching families with vetted home caregivers and nurses.
On the record
Checkpoint: Next funding round or acquisition move by board investor Sheares Healthcare Group
The call
Homage's caregiving work resists AI replacement, but nearly five years without a new funding round leaves its financial footing unclear.
Homage sends caregivers to people's homes in Singapore, filling a gap that robots cannot do and that the government helps pay for through subsidies. The business is hard to copy because it needs thousands of vetted, trained caregivers and relationships with the government's healthcare system, but competitors like Jaga-Me and CaregiverAsia have built the same things, and the Singapore health ministry could always hire caregivers directly instead of using Homage. The company has lost half its staff since 2023 and hasn't raised money in five years, so the big question is whether Homage is quietly printing profits or just shrinking to survive. Watch whether Sheares Healthcare Group, which already has a board seat and government backing, decides to buy Homage outright.
Why
01
AI pressure: Generic AI scheduling and matching tools. Cheap AI matching software lets new entrants build caregiver marketplaces without Homage's years of manual vetting work. Could AI do the core job? Unlikely.
02
Bigger players: Global home care consolidators like Honor (Home Instead) or MOH/AIC insourcing. No large global home care chain has entered Singapore, Malaysia, or Australia yet, but nothing stops one from trying. Could a giant copy it? Probably.
03
What protects it. Deep integration with Singapore subsidy rules and a 15,000-person vetted caregiver pool that took years to build.
What would change this call
Homage announces a new funding round or discloses profitability within the next 12 months. Would show the 2021-2026 funding gap reflects capital discipline rather than investor hesitation.
Homage headcount continues to fall below the current ~756 figure in 2026 filings or reports. Would suggest cost-cutting is a survival response, not planned efficiency.
Sheares Healthcare Group or another Temasek-linked entity announces an acquisition or majority stake in Homage. Would confirm the most-flagged consolidation path and clarify the equity outcome for stakeholders.
Homage headcount continues to fall below the current ~756 figure in 2026 filings or reports. Would suggest cost-cutting is a survival response, not planned efficiency.
Sheares Healthcare Group or another Temasek-linked entity announces an acquisition or majority stake in Homage. Would confirm the most-flagged consolidation path and clarify the equity outcome for stakeholders.
Key numbers
- US$45M raised across four rounds since 2016
- Headcount fell from ~900 (2023) to ~756
- 15,000+ vetted care professionals across 3 markets
Named risks
- No new funding round since September 2021, nearly 5 years without a raise as of July 2026.
- Headcount decline from 900 in 2023 to approximately 756 in 2026 signals possible financial strain.
- Regulatory dependency on Singapore MOH and AIC subsidy frameworks that could tighten eligible-provider rules.
- No named frontier-model AI feature shipped, while matching-engine technology layer is commoditizable.
- Global well-capitalized consolidators like Honor have not yet entered Southeast Asia but face no structural barrier to doing so.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Speedoc | contesting | Singapore virtual clinic and home-visit platform with approx US$34.8M raised, founded 2017, active as of 2026-07 |
| Jaga-Me | contesting | Stanford Biodesign-founded post-acute home healthcare platform with direct hospital-system partnerships |
| CaregiverAsia | contesting | Named alongside Homage as a Singapore caregiver-marketplace competitor, no independent momentum data confirmed |
| Honor (Home Instead) | gaining on | Global consolidator with 90,000+ caregivers across 14 countries; not yet operating in Homage's SEA/AU markets |
| MOH/AIC and hospital systems | contesting | Government agencies administer Singapore's subsidy framework and could insource caregiving services Homage currently facilitates |
Questions people ask
- Is Homage profitable in 2026?
- No confirmed profitability data exists. Homage has raised no new funding since its September 2021 US$30M Series C, and headcount fell from a 2023 peak of 900 to about 756 by March 2026, which could reflect either quiet profitability or forced cost discipline.
- Has Homage had layoffs?
- Revelio Labs estimates Homage's headcount dropped from 900 in 2023 to 763 in 2024, a 16.4 percent single-year decline, then held near 745 to 756 through 2025 and into March 2026, suggesting sustained contraction rather than a one-time cut.
- Could AI replace Homage's caregivers?
- No. Physical in-home caregiving tasks like bathing, mobility assistance, and wound care require licensed human labor that AI cannot perform. Homage's proprietary matching algorithm, which scores 30 to 50 factors, is more exposed to AI-driven automation than its actual care workforce.
- Who owns Homage the caregiving company?
- Homage is privately held and venture-backed, with Temasek-owned Sheares Healthcare Group leading its US$30M Series C in September 2021 and taking a board seat via Khoo Ee Ping. No acquisition or IPO has occurred as of July 2026.
- Who is Homage's biggest competitor in Singapore?
- Homage competes with Jaga-Me, Speedoc, and CaregiverAsia in Singapore's home-care marketplace. Speedoc has raised roughly US$34.8M total; none of these rivals has demonstrated clear category leadership over Homage as of mid-2026.
- What is Homage's total funding to date?
- Homage has raised roughly US$45 to 45.4 million across four rounds: US$1.2M seed in March 2017, US$4.15M Series A in July 2018, about US$10M Series B in January 2020, and US$30M Series C in September 2021 led by Sheares Healthcare Group.
Timeline
- 2026-03Revelio Labs estimates Homage headcount at approximately 756, down from 900 peak in 2023
- 2025Headcount estimated to bottom near 745 before slight recovery to 756 by 2026
- 2024Headcount drops to approximately 763, a 16.4 percent single-year decline from 2023
- 2023Headcount peaks at approximately 900; company reports over 1 million cumulative hours of care delivered
- 2022-11CEO Gillian Tee states Homage valued at more than US$100 million (founder-stated, unconfirmed)
- 2021-09-05Homage raises US$30M Series C led by Temasek-owned Sheares Healthcare Group
- 2020-01-17Homage raises approximately US$10M Series B led by EV Growth
- 2018-07-03Homage raises US$4.15M Series A
- 2017-03-17Homage raises US$1.2M seed round led by 500 Startups, Golden Gate Ventures, SeedPlus
- 2016-05Homage app launches, founded by Gillian Tee, Lily Phang, Tong Duong
Revision history
30 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Singapore's Homage plans to accelerate regional expansion as it scales up (2022-01-10)
- Singapore-based caregiving startup Homage raises $30M Series C (2021-09-05)
- Singapore's Homage, a service for in-home care for the elderly, raises $1.2M (2017-03-17)
- Caregiving services start-up Homage raises US$4.15m in Series A funding (2018-07-03)
- Caregiving startup Homage raises Series B to enter new Asian markets (2020-01-17)
- Homage 2026 Company Profile: Valuation, Funding & Investors
- CEO of Singapore's multi-million dollar homecare start-up shares top tips for success (2022-11-17)
- SG-based caregiving, healthcare startup Homage raises $30m for overseas expansion (2021-09-06)
- In homage to her elders, she's tackling caregiving challenges with tech
- How Homage Harnessed Tech To Meet Singapore's Homecare Demand (2023-02-24)
- Homage Number of Employees 2026
- From 0 to 8,000 Care Professionals on Demand (2025-07-02)