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Friday, December 8, 2023

Healthcare HR startup ShiftKey’s valuation crosses $2B in new funding round

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Healthcare staffing startup, ShiftKey, has secured $300 million in a new funding round. The company’s valuation crossed $2 billion, with the round.

ShiftKey, which links healthcare professionals and facilities with open hours, has raised $300 million, raising its worth to more than $2 billion.

The deal was headed by main investor Lorient Capital and completed through a continuation vehicle managed by the Ares Management Secondaries funds and Pantheon, as first reported by Axios. Clearlake Capital and Health Velocity Capital are among the other investors in the round.

ShiftKey is a website that allows nurses, CNAs, and other healthcare workers to look for per diem shifts in their region, bid on those jobs, and customise their schedules.

According to the Dallas-based organisation, it has worked with thousands of certified healthcare professionals in over 10,000 locations across the country.

Tom Ellis, founder and CEO of ShiftKey, stated, “Nurses continue to prefer working on their own schedules. We intend to empower nurses and other licenced professionals by combining our core marketplace product with other technologies and capabilities such as scheduling, payments, education, and certification. We appreciate the help of our investors who share our goal.”

Staff shortages remain a key worry for the healthcare industry, contributing to hospitals’ rising financial burden.  Provider burnout rose as a result of the COVID-19 epidemic.

According to a 2022 survey of approximately 1,800 nursing professionals and students, 28% have expressed a strong desire to leave the profession as a result of the pandemic.

Thirty percent expect to continue in nursing for the foreseeable future, while 23% plan to search for a new job within the next one to two years, and 13% plan to retire within the next one to five years.

Other firms that provide healthcare staffing platforms have lately raised significant amounts of money. Incredible Health received $80 million in Series B fundraising in August, increasing the startup’s valuation to $1.65 billion.

Over the summer, Nomad Health, an online job platform for temporary healthcare employees, announced a $105 million increase. IntelyCare, a nurse-staffing platform, raised $115 million in Series C fundraising in April, bringing the company’s worth to $1.1 billion.

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