ShiftMed, a startup that connects independent nurses with employers, raised $45 million in new financing, the company announced Thursday.
Panoramic Ventures and Healthworx, CareFirst’s investment arm, led the funding round. Blue Heron Capital, Motley Fool Ventures and 3TS Capital Partners also invested. The company plans to use the new money to expand its presence in the U.S. and improve its offerings.
“ShiftMed has relationships with more than 700 enterprise partners already, including hospitals, skilled nursing facilities, home health and assisted living providers,” Paul Iaffaldano, general partner at Panoramic Ventures, said in a news release.
The company hired more than 10,000 nurses to provide over 1,000 hours of care in 2021, the news release said. ShiftMed currently serves 56 markets in the U.S.
Nurses have always been in short supply, but the COVID-19 pandemic worsened the shortage as demand for their services increased and healthcare workers left the workforce. That’s created a sellers’ market for nurses, who can command higher wages and more flexible working arrangements. ShiftMed is one of several companies trying to capitalize on the opportunity by connecting in-demand workers with desperate employers.