Exclusive: ShiftKey raises $300M for health staffing tools
Summary
Health-care staffing technology company ShiftKey raised $300 million in a round that tips the companys valuation over $2 billion, CEO Tom Ellis tells Axios exclusively.Why it matters: A labor shortage plagued the U.S. before the pandemic and COVID led to record levels of burnout and quitting among nurses and clinicians. ShiftKeys solutions is offering flexible scheduling.Deal details: Majority investor Lorient Capital sponsored the investment, completed through a continuation vehicle led by the Ares Management Secondaries funds and Pantheon. With the funds, ShiftKey is focused on scaling and experimenting with expanding its approach to other health care subsectors and industries.Context: With health-care staffing shortages growing so dire theyre affecting patients ability to get timely care, investors are turning to providers of tech-driven staffing marketplaces and other job-matching tools. Doximity, a professional social network for physicians, in 2021 went public at a $7 billion+ valuation.Yes, but: Ellis says many ShiftKey competitors still function like traditional staffing agencies, meaning they simply ask for workers availability and plug them into open shifts. Those workers include registered nurses, certified medical assistants and others, all of whom sign up directly with the companys website or app.