Nurse staffing platform Incredible Health landed $80M in Series B funding as it looks to flip the script on the healthcare worker shortage by having hospitals apply for nurses, rather than the other way around.
The round brings Incredible Health’s total funding to $97M and vaults it into the unicorn club with a $1.65B valuation.
Incredible Health’s hiring platform uses machine learning algorithms to match candidates to open nursing positions at health systems, focusing on permanent placements as opposed to temporary ones.
- The platform first gathers information on each nurse’s licenses and certifications, then asks candidates about their goals, working preferences, and any skills they wish to gain.
- This allows provider organizations to streamline hiring with highly curated lists of best-fitting candidates, which Incredible Health reports has reduced its average hiring time to 14 days (vs. an industry average of 82 days).
The fresh funding is earmarked to scale the platform from 35 states to 90% of the US nurse workforce while adding more support for users (skill growth, educational scholarships, cross-training) to help attract talent away from increasingly well-financed competition.
Here’s a snapshot of activity in the space within just the last year:
- June 2022 – Nomad Health raised $105M in growth financing ($218M total funding)
- April 2022 – Clipboard Health raised an $80M Series C ($94M total funding)
- April 2022 – IntelyCare raised a $115M Series C ($171M total funding)
- December 2021 – connectRN raised a $76M venture round ($96M total funding)
- November 2021 – Trusted Health raised a $149M Series C ($175M total funding)
The Takeaway
Incredible Health’s funding arrives at a critical time, with 100k registered nurses leaving the workforce in 2021 alone. This has created a huge demand for solutions that can help address the problem, but it’s also led to a crowded competitive landscape that makes differentiated features like Incredible Health’s hospital-to-nurse application structure a necessity.
