ShiftKey, a virtual staffing firm for nurses and other clinicians, raised $300 million in an undisclosed funding round, the company said Wednesday.
Lorient Capital was the primary investor for the deal. Additional investors included Clearlake Capital and Health Velocity Capital. The funding puts ShiftKey’s valuation at more than $2 billion, the company said.
ShiftKey aims to help healthcare provider organizations find nurses, physical therapists and other clinical professionals for temporary hire through its platform. According to the company, it works with more than 10,000 facilities, such as acute-care hospitals, in-patient rehabilitation hospitals, and skilled nursing and assisted living centers.
Staffing has become an emerging area for tech-powered disruption. Amid a labor shortage, many hospitals are shouldering the extra expense of traditional staffing agencies and travel nurses. A Kaufman Hall survey of 900 hospitals found median contract labor expenses went from making up 2% of hospitals’ labor expenses in February 2020, to 12% in February 2022.
Digital companies such as ShiftKey say they can provide cheaper, faster ways for nursing and clinical executives to find short-term workers on demand. Nomad Health, a healthcare jobs marketplace, closed a $105 million funding round in June 2022 and Incredible Health, a nurse-hiring online marketplace, raised $80 million in a Series B fundraising round last August.
