OnShift, a post-acute care and senior-living-staff-scheduling software company in Cleveland, is shifting into a higher gear after closing $18 million in Series D financing.
Health Velocity Capital led the round, which also includes participation from OnShift's existing institutional investors Draper Triangle Ventures, Early Stage Partners, Fifth Third Capital, HLM Venture Partners, North Coast Venture Fund and West Capital Advisors.
Marty Felsenthal, managing member of Health Velocity Capital, said in a statement, “We believe this capital will allow OnShift to accelerate market penetration and rapidly scale the development of new and innovative SaaS (software as a service) products in human capital management.”
He said OnShift “has developed a dominant position in scheduling and labor management within the senior care market, serving thousands of skilled nursing and senior living communities.”
Mark Woodka, CEO of OnShift, said the investment “reinforces our commitment to alleviate the burdens of staffing and labor management while accelerating our plans to expand in the senior care market.”
OnShift at present has 128 people on staff, and it plans to add 60 more this year, including 40-50 in the next two quarters, according to information provided to Crain's by Marti Bowman, the company's vice president of marketing. Bowman said in the email that OnShift to date has received $33.5 million in equity capital.
The new financing, Bowman said in the email, will enable OnShift “to accelerate our growth. Specifically, we are planning to accelerate our product development efforts while also expanding our sales and marketing.”
Workforce issues in the senior care market “are hitting providers pretty significantly,” Bowman said in the email. “At the same time, the population is aging … which is increasing the demand for their services. We are focused on continuing to develop technology and services that help them address their staffing issues so they can focus on what matters most — providing quality care and service to their patients and residents.”
OnShift also is expanding in its home in the Keith Building in downtown Cleveland. Bowman said in the email that OnShift has signed a lease for extra space in the building and will occupy three floors and a total of 33,000 square feet in the Keith Building, 1621 Euclid Ave.