The worlds population is aging, but the needs of elderly people are still being underserved.
A United Nations report found that older people make up more than one-fifth of the population in 17 countries, and by 2100, a majority of the worlds population, or 61%, will be aged 60 and above.One of the most urgent needs for families is caregiving, with demand outstripping the pool of qualified providers.
This means many people in their thirties and forties are now part of the sandwich generation, juggling jobs and child care while looking after elderly relatives.
This creates both an opportunity and challenge for tech startups and investors in almost every market around the world.In Southeast Asia, Homage is addressing the issue with a platform that takes a curated approach to pairing caregivers and families, using a combination of in-person screening and its matching engine to make the process more efficient.
Currently operating in Singapore and Malaysia, the startup announced earlier this year that it will use its Series B funding to expand into five new countries in the region.Backed by investors, including HealthXCapital, Golden Gate Ventures and EV Ventures, Homage was co-founded in 2016 by chief executive officer Gillian Tee, who grew up in Singapore and was inspired by her familys own experiences looking for caregivers.
Tee says she wanted to build a platform that would make the process of matching caregivers and clients easier, and be scalable into different markets.Its not the easiest space to be in, and I would say that you do need to want to be intentionally working in this space, rather than just falling into it.
It goes hand in hand, she told A Technology News Room.
We found that there is a huge market opportunity, but why were doing it goes way beyond that.