Incredible Health, a nurse-hiring online marketplace company based in San Francisco, raised $80 million in a Series B fundraising round.
The round brought the company’s valuation to $1.65 billion, surpassing ‘unicorn’ status.
The funding will be used to expand into new markets and invest in research and development, said Dr. Iman Abuzeid, CEO and co-founder of Incredible Health. She said 10,000 nurses join its marketplace every week.
“In 2017, we started in California and now we’re in 25 states,” Abuzeid said. “A lot of that growth has happened in the last two years. We support 600 hospitals and health systems across those 25 states.”
One of its health system customers, Kaiser Permanente is participating as an investor in this funding round. Base10 Partners, a San Francisco-based venture capital firm, led the round.
Along with expanding into new states, Abuzeid said the company will target urgent care and ambulatory surgical centers. She said Incredible also would like to grow the hiring platform for healthcare professions beyond nurses.
The company uses machine learning to match optimal nurse candidates with hiring health systems. Abuzeid said the process allows health systems to hire a nurse in 14 days on average. Industry averages vary by state, but researchers found it can take up to 89 days.
While digital health funding is in a downturn, companies that can improve the hiring process remain in demand, Abuzeid said.
“The market for this is strong,” Abuzeid said. “When we speak to healthcare C-suite executives, this is a top issue for them. Labor costs are very high. It’s the biggest issue for them on the expense side of their business. They are running low-margin businesses and these excessive labor costs are eating into those margins.”
Along with Base10, Kaiser and Johns Hopkins, existing investors Andreessen Horowitz and Obvious Ventures also participated. New investors included venture capital firms, Rethink Impact and Stardust Equity, Workday CEO Chano Fernandez, professional basketball player Andre Iguodala, and TikTok influencers Charli and Dixie D’Amelio.