SAN FRANCISCO--(BUSINESS WIRE)--Clipboard Health, a profitable, app-based marketplace that matches healthcare professionals with open shifts at healthcare facilities near them, has secured $80 million in funding over two rounds, bringing the company’s total financing to more than $90 million, with a Series C post-money valuation of $1.3 billion.
The $80 million was raised over two rounds of funding: a $30 million Series C round, which closed in February 2022, and a $50 million Series B round, which closed last year. The latest round was led by Sequoia Capital and the Series B was led by IVP. Additional investors in the company include Caffeinated Capital, Initialized Capital, Michael Seibel, managing director of Y Combinator’s early-stage program; Tony Xu, co-founder of DoorDash; and Emmett Shear, CEO of Twitch.
Short-staffed healthcare facilities represent a long-term problem that has become more acute with COVID-19, leading to increased burnout among nurses, less care and access to healthcare for patients, and skyrocketing costs for healthcare facilities. Since March 2020, the number of people working at U.S. hospitals has declined by more than 2%, according to data from the U.S. Bureau of Labor Statistics, despite a nationwide pandemic that to date has killed more than 980,000 people and infected more than 80 million.
“The healthcare industry is suffering from intense labor shortages that ultimately impact patient care, and finding a solution now is critical,” said Wei Deng, founding CEO at Clipboard Health. “Clipboard is offering a way forward by enabling facilities to fill shifts as needed and access a wider pool of talent, while empowering healthcare professionals to earn more and exercise greater control over their schedules. It’s win-win, and it’s the future of healthcare talent.”
Clipboard Health’s marketplace serves tens of thousands of healthcare professionals and over a thousand facilities in more than 30 U.S. cities, including Los Angeles, Philadelphia, Chicago and New York. The company plans to launch in many more cities by the end of the year, enabling healthcare facilities to post shifts they need to fill, and healthcare professionals to book shifts at nearby facilities and manage their own schedules on an app.
“U.S. healthcare isn’t scaling due to a shortage of providers and antiquated staffing practices. Clipboard Health’s software-powered marketplace represents the reinvention of healthcare services, beginning with nursing,” said Bryan Schreier, partner at Sequoia Capital. “Wei’s commitment to improving people’s quality of life is inspiring.”
Clipboard Health will use the new funds to aggressively hire in all areas of the business, including doubling the size of its engineering team, as well as grow its sales and marketing organizations. The company’s gross revenue increased by 25X in the last 18 months.
“We’ve worked with many marketplaces and were amazed by Clipboard’s unit economics and capital-efficient growth, with network effects strengthening over time," said Jules Maltz, general partner at IVP. "Both healthcare professionals and healthcare facilities are meaningfully better off by using Clipboard’s platform, which is a testament to how much this product is needed.”
Clipboard Health empowers healthcare professionals to be in control of their schedules and livelihoods by allowing them to schedule shifts with participating facilities on its online marketplace. The average certified nursing assistant (CNA) makes roughly $36,000 a year, while a comparable CNA earns roughly $53,000 a year by also using Clipboard Health’s app.
About Clipboard Health
Clipboard Health is an app-based talent marketplace that matches nurses, nursing assistants and other healthcare professionals with facilities that post open shifts. Our easy-to-use app allows qualified healthcare professionals to find and sign up for open shifts at facilities near them. The company’s mission is to lift as many people as possible up the socioeconomic ladder. In addition to investors such as Sequoia Capital, IVP, and Y Combinator, Clipboard Health is backed by SciFi VC; MasterClass CEO David Rogier; and angel investors Gokul Rajaram and Elad Gil. Clipboard Health is changing the way healthcare professionals and facilities find each other and meet facilities’ needs, and improving the quality of life of healthcare professionals. For more information, visit culture.clipboardhealth.com
