November 23, 2021 – Healthcare recruiting talent platform Trusted has secured $149 million in funding. This includes a $94 million Series C led by Greenspring Associates, which was recently acquired by StepStone Group, as well as a previously unannounced $55 million Series B led by early investors Craft Ventures and Felicis Ventures. It brings the company’s total funding to $175 million. The new investment will allow the company to accelerate the roll out of Works, a recruiting platform for hospitals. After closely working with Trusted, Mercy, a top healthcare system in the U.S., is using Works to improve its entire nursing workforce and looking to increase fill rates by 12 percent and reduce nursing labor costs by $2 million within six months, according to Trusted.
The launch of Works comes at a time when healthcare facilities and clinicians are being stretched to their breaking point. Since the start of the COVID-19 pandemic, the longstanding issue of nurse staffing has been exacerbated by burnout, a massive wave of retirements and the inability of nursing schools to graduate students quickly enough to meet demand. By 2022 the number of open nursing jobs will far outstrip any other profession, with the U.S. Bureau of Labor Statistics predicting the need for 1.1 million new RNs to avoid a further nursing shortage.
“The pandemic exacerbated what we already knew: healthcare staffing is in a crisis and previous attempts to modernize the workforce have fallen short,” said Lennie Sliwinski, co-founder and CEO of Trusted CEO. “We’ve been left with a fragmented ecosystem of apps and services for healthcare institutions trying to solve one problem: matching the right clinician to the right role in the most efficient manner. Through a combination of technology and close working relationships with organizations like Mercy, we’ve built a platform that is going to help hospitals meet staffing challenges head on so they can keep their focus on delivering quality patient care.”
Works was deployed at Mercy as part of an effort to build a recruiting strategy that predicts and identifies the ideal mix of full-time and contingent workers across Mercy’s 40+ hospitals. “The incorporation of Works into our recruiting strategy allowed us to get ahead of two needs that the pandemic accelerated: giving nurses more flexibility in their careers and creating a dynamic workforce that can easily move around to meet spikes in demand,” said Betty Jo Rocchio, Mercy’s SVP and chief nursing officer. “Mercy has always been a leader in technology and innovation. Our work with and investment in Trusted has allowed us to create what I truly believe is the future of the healthcare workforce.”
“The entire staffing supply chain in healthcare is broken and has been for some time. Trusted built its brand by focusing on one half of the equation: creating a place where nurses can take control of their job search and find flexible roles,” said StepStone Group general partner John Avirett. “With the launch of Works, they’re bringing it all together by helping hospitals hire and manage their entire contingent workforce and we feel they are well poised to tackle the entire $1 trillion healthcare workforce market.”
Trusted says the company’s Series C will be used to launch Works and grow the company’s headcount, which is expected to double by the end of 2022.
Here’s a look at some other recent funding deals secured by these companies from the Hunt Scanlon Media archives:
Hirewell, a Chicago-based talent acquisition firm, secured an investment of $21 million from Prytek, a global investment firm with expertise in integrating global services firms with cutting-edge technologies. Prytek will provide capital to enable Hirewell to accelerate its organic growth and integrate technology into its managed recruiting services. As part of this investment, Hirewell will acquire ICV, a Tel Aviv-based software company. “The talent acquisition space has evolved significantly over the past ten years, but technology has yet to truly disrupt the industry,” said Matt Massucci, founder and CEO of Hirewell. “Recruiters increasingly rely on multiple platforms, most of which don’t integrate or have limited functionality, and some of which actually compete with the recruiters they claim to support. The ability to combine best-in-class recruiters with cutting-edge technology will equip us to be the ideal recruiting partner for companies that are serious about finding top talent. We are thrilled to partner with Prytek to take that step and continue delivering powerful results to our clients.”
Worksome recently closed a $13 million Series A funding round for its freelance talent platform — after racking up 10x growth in revenue since January 2020, just before the COVID-19 pandemic sparked a remote working boom. Founded in 2017, Worksome is an enterprise platform that connects companies with freelancers looking for professional roles. The company helps medium and large companies, working with many freelancers at a time, filling vacancies within teams rather than assisting companies in outsourcing projects. According to Worksome CEO and co-founder Morten Petersen, most enterprises use managed service providers (MSPs) to manage and pay external workers. He said that they use “outdated technology that is not built for managing fluid workforces to handle complex compliance processes around hiring and managing freelance workforces.”
SeekOut, the AI-powered talent 360 platform, has received $65 million in series B funding led by Tiger Global Management, with participation from existing investors Madrona Venture Group and Mayfield. This capital raise brings SeekOut’s total funding to $73 million. This funding round values SeekOut at close to half a billion dollars. SeekOut’s growth and expansion has been driven by the critical role it plays in empowering talent acquisition teams to recruit hard-to-find and diverse talent. SeekOut has consistently received high scores and strong reviews in analyst and customer assessments.
GoodJob, a platform that aims to use psychology and data science to match workers with jobs, recently raised $3 million to increase marketing and sales efforts in major markets across the U.S. “GoodJob’s solution is ideal for today’s market,” said Stephen D. Johnston, CEO of GoodJob. “Prior to an interview and without introducing bias, employers can quickly assess a candidate’s fit on the front end of the hiring process,” said Mr. Johnston. “This approach allows companies to spend time only on candidates who have a high probability of success, which significantly impacts hiring efficiency, especially as companies move to no-touch hiring practices.”
Turing.com, which describes itself as an automated platform that enables companies to use and manage remote software developers, has assembled $32 million Series B funding. The capitalization round was led by $3.3 billion fund WestBridge Capital. The round includes a number of high-profile investors, including Foundation Capital, which led Turing’s seed round. Altair Capital, Mindset Ventures, Frontier Ventures and Gaingels also participated in the Series B round. Driven by the massive global shift to remote work due to the COVID-19 pandemic, Turing taps into a global pool of developers to help companies hire in markets such as the San Francisco Bay Area and New York, where it has been difficult and expensive to hire and retain software engineers.
The Mom Project, a talent marketplace, closed a $25 million series B funding round, bringing total funding at the Chicago-based company to $36 million. The Mom Project aims to connect women, including mothers, with employment opportunities. Its platform has amassed more than 275,000 users and more than 2,000 companies, including brands like Apple, Nike, Gap and BP. “Together we’ve proven that hiring, retaining and supporting moms and caregivers isn’t just a nice thing to do — it’s great for business,” said Allison Robinson, founder and CEO. “We’re in a unique moment in time where companies are embracing flexible work and prioritizing inclusion, and are excited to rapidly accelerate our efforts to unlock the potential of moms in the workplace. Our latest round of funding will help expand our Enterprise product suite, build out our mom community engagement strategy and engage with more small business customers.”
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media