Five years ago, we founded Incredible Health with the vision of helping healthcare professionals live better lives, and a mission of helping healthcare workers find and do their best work. Today marks a significant step in fulfilling that mission with the announcement of $80M in Series B funding, valuing the company at $1.65B. As the highest valued tech-enabled career marketplace in healthcare, we’ve transformed how nurses are hired and will build on this work to help health systems and healthcare workers manage surging patient demand in the midst of a national labor crisis.
We know this work is critical. We are facing the largest labor crisis in the history of US healthcare, on track to be 1 million nurses short by the end of 2023. Our need for healthcare is increasing with an aging population but the supply of healthcare workers has not kept up with demand. This shortfall has devastating effects on an overworked nursing workforce, to the point where one-third of US nurses are considering leaving the profession by the end of 2022, citing burnout and excessive stress. We are committed to addressing both sides of this crisis with tech-enabled support and services for the US nursing workforce, including free continuing education, personalized advice access, career coaching and more, as well as providing an easy way for health systems to find great talent.
This new funding comes on the heels of several major milestones for Incredible Health over the last 18 months. In 2021, revenue grew 500% as our marketplace grew exponentially. More than 10,000 US nurses now join Incredible Health’s platform every single week, and we’ve expanded from partnering with 200 hospitals to 600 hospitals. Our marketplace technology has reduced the average time to hire permanent nurses to only 14 days – from an industry standard of 82 days – while saving each hospital location at least $2M annually in travel nurse, overtime, and HR costs.
Our model has met the moment. This would not have been possible without the relentless belief and continuous feedback from hospital leaders and teams that have improved our product and services, nurses who trust us to support them with seamless job searches and immediate access to career advancement, and the passion and dedication of the Incredible Health team.
A California health system CEO puts it best: “These past few years have brought many lessons learned, but one of the biggest is the importance of really listening to our nurses, and right now – nurses need more nurses. We’re glad to have streamlined our internal hiring operations to move past conventional time – with Incredible Health stepping in to do the heavy lifting. The company truly understands what our workforce needs and provides the right technology and support to see their mission through.”
We are fortunate to have the financial backing of investing teams with missions that align with ours. I’m grateful to consistently be in a position to be very selective about which investment teams to collaborate with, even in a challenging macroeconomic climate. Base10 Partners led our financing round as part of their Advancement Initiative, a fund designed to align the success of tech companies with wealth creation for underrepresented minorities. The Advancement Initiative invests in leading pre-IPO companies, including Devoted Health, Notion, Figma, and Plaid, and donates 50% of the fund’s carried interest to Historically Black Colleges & Universities (HBCUs) to create student scholarships and support university endowments. Base10 Partners and Incredible Health are also working together to create scholarship initiatives for nurses.
Existing investors Andreessen Horowitz, Andreessen Horowitz’s Cultural Leadership Fund, and Obvious Ventures returned for investment. New investors include Workday CEO Chano Fernandez, NBA Champion Andre Iguodala, Rethink Impact, and Stardust Equity. The D’Amelio family, including top TikTok personalities Charli and Dixie D’Amelio who have over 150 million TikTok followers, also joined the round via their 444 Capital Fund. This comes as we continue growing Incredible Health’s social media presence among millennial and GenZ healthcare workers.
For the first time, Incredible Health’s customers invested in our mission. Top tier health systems from the West Coast and East Coast including Kaiser Permanente participated in the round, validating Incredible Health’s market leadership among the best hospitals and health systems in the country.
We will use this funding to continue improving the lives of nurses and other healthcare workers, and drive innovation in healthcare hiring. We plan to:
- Optimize every aspect of the hiring workflow with machine learning technology, including screening and matching, to an increasingly personalized and automated experience for both healthcare workers and employers.
- Support nurses and other healthcare workers over the course of their entire careers, beyond finding permanent jobs, including skill growth, scheduling services, mobility and relocation support, cross-training, and educational scholarships.
- Enhance Incredible Health’s tech-enabled nurse community with personalized advice and content ranking, ensuring that Incredible Health continues to be the largest online community of nurses and other healthcare workers.
- Expand and scale to 90% of the U.S. nurse workforce, and support healthcare worker roles beyond nursing that have critical shortages.
Nurses are the backbone of the US healthcare system and they deserve the well-staffed teams and tools to not only succeed, but also feel fulfilled in their careers. We’re excited to accelerate our growth to affect even more change for US healthcare workers and health systems.
P.S. Are you a health system interested in how Incredible Health can increase your permanent nurse hiring to 14 days or less? Sign up for a free consultation here.
Are you a nurse looking to take more control of your career? Sign up here. Our hiring tools are always free for nurses.
We are hiring! Check out our open roles if you’re interested in joining the fastest-growing career marketplace for healthcare professionals at incrediblehealth.com/careers.