NEW YORK, NY, Nomad Health, the first online marketplace for healthcare jobs, has raised $12 million in its Series B financing.
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Nomad Health will use the proceeds to fortify the technology that drives the marketplace, expand into more states on its way to being nationwide, and hire more employees to further the company's vision of digitizing healthcare human resources.
The round was led by Polaris Partners, a multi-billion dollar investment firm which has invested in over 250 companies, including US HealthVest, AgBiome, Editas Medicine, Quartet Health and US HealthVest. Polaris Managing Partner Brian Chee will be joining Nomad Health's Board of Directors. The Series B includes additional investment from existing investors First Round Capital, RRE Ventures, and .406 Ventures.
Founded in 2015 by a team of doctors and serial entrepreneur Kevin Ryan, Nomad Health has built the first online marketplace where clinicians and medical employers can directly connect for freelance healthcare jobs, including locum tenens, travel nursing, and telehealth. Hailed as one of 21 companies driving the digital health revolution in 2017 by Fortune, Nomad eliminates third-party recruitment brokers from the hiring process and drives substantial efficiency for both sides of the marketplace.
Hiring in healthcare is remarkably complex, especially given growing clinician shortages. Nomad's powerful marketplace is addressing this challenge by making it simple, fast, and efficient for clinicians and medical employers to find jobs and get hired. By digitizing the entire hiring process for doctors and nurses - including job matching, applications, insurance, and payments - both sides of the marketplace save substantial time. Plus, medical employers can save up to 40% on recruitment fees. More than 30,000 clinicians and 1,500 healthcare facilities have already joined Nomad and the network continues to expand rapidly.
"With Nomad we set out to solve the severe clinician shortages in this country," said Dr. Alexi Nazem, co-founder and CEO of Nomad Health. "Over the last year and a half, we have built a seamless digital experience that makes it simple and cost-effective for healthcare institutions to hire great clinicians in 12 states. Our goal has always been to bring this technology to bear across the country, and with this new infusion of capital, we can expand to all 50 states and hire new staff to propel our growth."
Driven by the aging Baby Boom generation and a rise in chronic disease, there is an expected shortfall of over 100,000 doctors in the United States by 2030, according to the Association of American Medical Colleges. Similarly, there is an impending shortage of 1.2 million nurses by 2022, according to the Bureau of Labor Statistics. Nomad is uniquely positioned to help address these shortages by offering a much more efficient and cost-effective mechanism to find and hire freelance healthcare professionals.
"Nomad Health is leading a revolution to change the very nature of healthcare human resources," said Brian Chee, Managing Partner at Polaris Partners. "Nomad Health's business can have a transformative, societal impact on the entire healthcare industry, and we are thrilled to join the effort to solve healthcare staffing shortages with cutting edge workforce technology solutions."
About Nomad Health
Nomad Health is a technology company that is fixing the $15 billion healthcare staffing industry. The company has built the first online marketplace that enables clinicians and the institutions that hire them to find each other and transact directly, without a broker. Nomad Health brings substantial cost savings, dynamic pricing, and a streamlined process to both sides of the market. Nomad is simple, modern healthcare staffing. Learn more at nomadhealth.com.
About Polaris Partners
Polaris Partners invests in exceptional technology and healthcare companies across all stages, from inception to profitable growth. With offices in Boston and San Francisco, the multi-billion investment firm partners with an unparalleled network of repeat entrepreneurs, top scientists and emerging innovators who are improving the way in which we live and work. Learn more at polarispartners.com.
About First Round Capital
First Round is a seed-stage venture firm focused on building a vibrant community of technology entrepreneurs and companies, including Uber, Square and Warby Parker. Through custom-built software, incredible in-person experiences, and a host of other unique services, we help tiny companies get big while constantly reimagining the role of venture capital. Learn more at firstround.com.
About RRE Ventures
RRE Ventures is a leading venture capital firm that invests in seed and early stage consumer, enterprise and financial services companies. RRE leverages its experience to help talented entrepreneurs build extraordinary companies. Founded in 1994, RRE is headquartered in New York City and has raised seven funds with total capital commitments in excess of $1.5 billion. Learn more at rre.com.
About .406 Ventures
.406 Ventures is a Boston-based early stage venture capital firm investing in healthcare and enterprise technology companies founded by visionary entrepreneurs. .406 Ventures was founded in 2006 and has over $650M under management across four funds. The firm leads, or co-leads, first institutional investment rounds in market-changing companies. .406 Ventures' healthcare theses focus on systems, technologies, and services that improve clinical delivery, with investments in companies such as Iora Health, AbleTo, Axial Healthcare, and Redox. Learn more at 406ventures.com and here.