Dive Brief:
- Honor Technology, a San Francisco-based technology-enabled homecare startup company appointed Andrew Steinberg as CFO, the company announced Aug. 17
- Steinberg comes to Honor Technology with over two decades of experience in advising and building high growth businesses, said the company.
- The new finance chief comes to the helm about a year after the company’s acquisition of Home Instead, a senior care services company. A Series E funding round in October 2021 valued Honor Technology at $1.25 billion, making it the world’s largest senior care network and technology platform.
Dive Insight:
Before joining Honor Technology, Steinberg had experience in profit & loss (P&L) statements and mergers and acquisitions (M&A) as the managing director at Evercore for ten years. Prior to that, he worked at Google on global strategy and financial planning & analysis (FP&A).
“As an investment banker, I've spent the last decade advising technology firms on how to tell their equity stories, manage strategies as it impacts P&Ls, pursue and execute M&A transactions, and advise on capital structure,” said Steinberg in an emailed response to questions.
The company’s finance organization is currently being led by Krysia Johnson and Jocelyn Garcia, who are also experienced in FP&A and accounting, said Steinberg. “Given the expected growth of the company and ongoing initiatives, I expect our finance team to also grow in lockstep with the company,” he said.
After a Series E funding round led by Baillie Gifford with participation from existing investors, including T. Rowe Price Associates, the company raised $70 million in equity investments and $300 million in debt financing.
As for the future of Honor Technology and the the potential of an initial public offering (IPO), Steinberg stated that, “to the extent capital markets can help us scale efficiently, we will entertain this as an option.”
Recent corporate intelligence studies have revealed that the global digital health market is expected to grow at a rate of 17.9 % from 2021 to 2030.
Although healthcare is a necessity, Steinberg said that “technology adoption in healthcare, relative to other industries, has been challenging for a number of reasons — complex payer systems, patient privacy regulations, etc.”
