Prosus Ventures has returned to back an equity and debt round for the homecare management platform developer secured at a $1.25bn valuation.

US-based care management software provider Honor Technology closed a $370m series E round on Tuesday that included Prosus Ventures, a corporate venturing vehicle for internet group Prosus.

Investment manager Baillie Gifford led the $70m equity portion of the round, which included Andreessen Horowitz, FMZ Ventures, Lighthouse Capital Markets, Rock Springs Capital, Thrive Capital, TriplePoint Capital, funds and accounts advised by T Rowe Price, and private investors Paul and Lori Hogan.

The $300m debt portion was led by Perceptive Advisors and it was joined by Ares Management funds. The round took the company’s total equity funding to $325m and valued it at $1.25bn.

Founded in 2014, Honor has created a workforce management software platform dubbed the Honor Care Network which is designed to help homecare agencies across some 800 US cities and towns provide non-medical assistance services.

Prosus Ventures had already taken part in a $140m series D round for the company in October 2020 co-led by Baillie Gifford and vehicles and accounts managed by T Rowe Price and backed by Rock Springs, Andreessen Horowitz, Thrive Capital and 8VC.

Prosus Ventures predecessor Naspers Ventures – formed by media and e-commerce group Naspers – led the company’s $50m series C round two years before, participating together with Thrive Capital and Andreessen Horowitz.

Honor had already received $42m in a 2016 series B round led by Thrive Capital that included Andreessen Horowitz, 8VC and Syno Capital.

Andreessen Horowitz led a $20m series A round for the company in 2015 with a $15m contribution, investing alongside Kapor Capital, Ron Johnson, Max Ventilla, Bob Kerrey, Andrew Conrad, Jessica Alba, Cash Warren, Jeremy Stoppelman and Max Levchin.

Edison Fu

Edison Fu is head of Asia development at Global Corporate Venturing.