ShiftMed Raises $45 Million in Funding
November 1, 2021 – More recruiting technology firms have announced funding rounds this past week, including ShiftMed, one of the largest workforce management platforms in healthcare with over 60,000 credentialed healthcare professionals, has raised $45 million led by investors, Panoramic Ventures and Heathworx (the innovation and investment arm of CareFirst Holdings, LLC). Existing investors Blue Heron Capital, Motley Fool Ventures and 3TS Capital Partners participated in the round. Funds will be used to expand its national footprint, and to continue to build the industry-leading product suite.
“Healthcare companies leveraged ShiftMed to care for more than 200,000 patients in Q3 2021,” said Paul Iaffaldano, general partner at Panoramic Ventures. “We believe the company has the scale to be an important player in the healthcare space. ShiftMed has relationships with more than 700 enterprise partners already, including hospitals, skilled nursing facilities, home health and assisted living providers. Their end-to-end products for healthcare professionals are extremely compelling, and we are eager to help them with their geographic expansion.”
“Now more than ever, credentialed caregivers are needed to support our hospital, post-acute, and in-home business segments. ShiftMed’s software platform allows our customers real-time access to the workers they need,” said Todd Walrath, CEO of ShiftMed.com. “We are excited to accelerate our mission of building a global community of engaged health care professionals.”
Also joining the round is Healthworx. “In our efforts to improve health equity, we recognize that ancillary services like caregiving play a vital role,” said Doba Parushev, director of Venture Capital at Healthworx. “Our investment in ShiftMed expands our toolkit with in-home services, supporting our mission and continued ability to improve health outcomes.”
ShiftMed is a mobile app for professionals searching for flexible nursing jobs, addressing nursing shortages and enabling hospitals to reach their required staffing levels. ShiftMed’s technology onboards healthcare professionals through the credentialing process. In 2021, the company has already hired more than 10,000 nurses, which provided over 1 million hours of care, and received more than 100,000 app downloads. The company now services 56 markets across the United States.
Panoramic Ventures is a venture capital firm based in Atlanta that takes a “wider-view” approach to investing by targeting the Southeast and Midwest and placing a focus on diverse founders and university startups. Healthworx operates at the intersection of healthcare and innovation by creating, co-creating and investing in companies that are improving healthcare quality, accessibility, affordability and equity.
Here’s a look at some other recent funding deals secured by these companies from the Hunt Scanlon Media archives:
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