We're pleased to announce our investment in ShiftMed, one of the largest digital healthcare workforce management platforms with over 60,000 credentialed nurses and healthcare professionals.
BIP Ventures led the Series D $45 million funding round along with Healthworx (CareFirst Holdings) to support ShiftMed's continued growth and to further development of its industry-leading product suite. With 400% growth in 15 months, ShiftMed has expanded into 56 markets as part of its national rollout. Existing investors Blue Heron Capital, Motley Fool Ventures, and 3TS Capital Partners also participated in the funding round.
Due to the rising demand for healthcare services across a multitude of specialties, reports project that 1.2 million new registered nurses will be needed by 2030 to address the current shortage. Now more than ever, credentialed, compliant caregivers (CNAs, LPNs, and RNs) are required to support hospital, post-acute, and in-home healthcare needs, which ShiftMed helps to facilitate.
In fact, companies leveraged ShiftMed to care for more than 200,000 patients in Q3 2021. At current time, ShiftMed already has relationships with more than 700 enterprise healthcare providers, including hospitals, skilled nursing facilities, home health, and assisted living. Additionally, it is the top-ranked mobile app for professionals searching for flexible nursing jobs. In 2021, the company has already hired more than 10,000 nurses, which provided over 1 million hours of care.
"A big reason we're betting on ShiftMed is the quality of its executive team led by CEO Todd Walrath. I have a personal history with Todd, who developed weather.com along with me, so I'm well acquainted with his business acumen and leadership skills. ShiftMed is Todd's fourth startup and is already a success like every other company he has helmed," said Paul Iaffaldano, General Partner at BIP Ventures.
The ShiftMed on-demand platform dramatically streamlines the delivery of care services and enables healthcare providers to fulfill their staffing needs faster than any other solution. BIP Ventures is excited to take a lead role in this latest funding round that will help ShiftMed to continue to grow its national footprint to be a key player in the healthcare space.
Read the full funding release here.