Nomad Health, an online job portal for temporary healthcare workers, scooped up $105 million in financing, led by Adams Street Partners and Icon Ventures.
Other participants in the round include HealthQuest Capital, Polaris Partners, .406 Ventures, AlleyCorp and RRE Ventures as well as new debt providers J.P. Morgan and Trinity Capital.
The staffing startup said the new capital brings its total raise to more than $200 million. The funding comes less than a year after Nomad announced it had brought in $63 million in new equity and debt financing.
WHAT IT DOES
Nomad provides a staffing marketplace for temporary workers, allowing users to search for open jobs across the country, apply to positions, manage an online resume and filter openings by pay and specialty.
The company plans to use the capital to expand beyond travel nurses to include professionals like laboratory technicians, physical therapists and ultrasound technicians. It also announced the hire of Maquel Shaw as chief marketing officer, who joins the startup from commerce company Overstock.com.
“The COVID-19 pandemic has exposed and accelerated the healthcare workforce crisis that has been a powerful undercurrent in healthcare for decades. This 21st century scale problem direly needs a 21st century solution. We have been working hard to think differently and to apply technology, sophisticated data science, and best business practices from across industries so that Nomad can more efficiently, effectively, and scalably serve clinicians of all types at health systems all across the country,” CEO and cofounder Dr. Alexi Gharib Nazem said in a statement.
Healthcare staffing shortages have become a major concern for providers, particularly in the midst of the ongoing COVID-19 pandemic. A recent report from the American Hospital Association found labor makes up more than half of hospitals’ total expenses. Meanwhile, the report noted a 120% increase in job postings for contract or travel nurses from January 2019 to January 2022.
There are now a number of startups touting tech-enabled healthcare job marketplaces. In April, Clipboard Health announced it had raised $80 million across two funding rounds, a $30 million Series C that wrapped up in February and a $50 million Series B from last year.
IntelyCare, which focuses on nurses and nursing assistants, recently scooped up $115 million in Series C funding, bumping the company’s valuation to $1.1 billion. Meanwhile, connectRN announced a $76 million raise in December, while Prolucent Health raised $11.5 million in Series A funding.