Incredible Health, a US-based job matching platform that nurses has first focused on, has closed an $80 million Series B funding round and announced hitting a unicorn valuation of $1.65 billion and billing itself as the highest-rated “tech-enabled” career market in the healthcare industry — a few (pandemic-stricken) years after closing a $15 million Series A.
The latest raise is led by Base10 Partners, with existing investors Andreessen Horowitz and Obvious Ventures also returning to back the startup. Other Series B investors include Incredible Health client Kaiser Permanente; plus a selection of angels and funds, including Workday CEO Chano Fernando; NBA Champion Andre Iguodala; Rethink impact; Stardust shares; and the D’Amelio family, including TikTok personalities Charli and Dixie D’Amelio, who entered the round through their 444 Capital Fund.
Incredible Health said the new funding will continue to support initiatives to help health systems and their employees manage the rising demand for patient care – including through ooptimizing the hiring workflow with the use of machine learning technology (which is said to include “screening and matching”) to improve process automation and personalization for both health professionals and employers; career support for nurses and health professionals, including on skills growth, education, mobility and relocation; and new features to the Nurse Community Hub, such as personalized advice and content ranking.
The startup is shooting to expand and scale its platform to 90% of the U.S. nursing workforce, as well as looking to cater for healthcare roles beyond critically deficient nursing. (For nurses, the critical shortage means the U.S. is on track to be short of 1 million nurses by the end of 2023.)
“Nurses are the backbone of the U.S. health care system and they deserve the well-staffed teams and resources to not only succeed, but feel fulfilled in their careers,” he said. Iman Abuzeid MD., CEO and co-founder, in a statement. “Our model has struck the right moment and changed the paradigm for both nurses and caregivers in the most challenging time in the U.S. healthcare system. We are excited to accelerate our growth to drive even more change.”
Incredible Health calls 2021 a “milestone” year in performance, with the startup seeing more than 500% revenue growth. It also says that more than 10,000 nurses enter the market every week, and claims it has reduced the average time to hire someone to 14 days from the industry standard of 82 days. On the employer side, it says ot has signed up more than 60% of the “top-ranked” hospitals in the US — with about 600 hospitals using their platform for permanent staffing.
In a statement commenting on his Serie B, Jamison Hillpartner at Base10 Partners, added: “Incredible Health is an exciting addition to the Progress Initiative portfolio. The company’s mission and support for nurses is closely aligned with our values, but what makes Incredible Health truly special is how the company has changed the way health systems recruit talent and nurses find work. The company solves an urgent need in healthcare and we are excited to be part of the next phase of growth.”
To learn more about Incredible Health’s growth spurt, check out our recent Found podcast interview with Abuzeid: