News: Clipboard health secures $80 Mn in two round funding at $1.3 Bn valuation

Funding & Investment

Clipboard health secures $80 Mn in two round funding at $1.3 Bn valuation

The company will use the new funds to aggressively hire in all areas of the business, including doubling the size of its engineering team, as well as grow its sales and marketing organisations.
Clipboard health secures $80 Mn in two round funding at $1.3 Bn valuation

Healthcare app-based marketplace Clipboard Health, has raised $80 million in funding over two rounds, with the valuation of $1.3 billion after the latest Series C funding round.

The $80 million was raised over two rounds of funding: a $30 million Series C round, which closed in February 2022, and a $50 million Series B round, which closed last year. 

The latest round was led by Sequoia Capital and the Series B was led by IVP. Other investors who took part in the round include Caffeinated Capital, Initialized Capital, Michael Seibel, managing director of Y Combinator’s early-stage program; Tony Xu, co-founder of DoorDash; and Emmett Shear, CEO of Twitch.

Bryan Schreier, partner at Sequoia Capital, said,“U.S. healthcare isn’t scaling due to a shortage of providers and antiquated staffing practices. Clipboard Health’s software-powered marketplace represents the reinvention of healthcare services, beginning with nursing. Wei’s commitment to improving people’s quality of life is inspiring.”

Short-staffed healthcare facilities represent a long-term problem that has become more acute with COVID-19, leading to increased burnout among nurses, less care and access to healthcare for patients, and skyrocketing costs for healthcare facilities.

Wei Deng, founding CEO at Clipboard Health said,“The healthcare industry is suffering from intense labour shortages that ultimately impact patient care, and finding a solution now is critical. Clipboard is offering a way forward by enabling facilities to fill shifts as needed and access a wider pool of talent, while empowering healthcare professionals to earn more and exercise greater control over their schedules. It’s win-win, and it’s the future of healthcare talent.”

Since March 2020, the number of people working at U.S. hospitals has declined by more than 2%, according to data from the U.S. Bureau of Labour Statistics, despite a nationwide pandemic that to date has killed more than 980,000 people and infected more than 80 million. To tackle the rising issue, the organisation plans to launch in many more U.S cities by the end of the year, enabling healthcare facilities to post shifts they need to fill, and healthcare professionals to book shifts at nearby facilities and manage their own schedules on an app.

“We’ve worked with many marketplaces and were amazed by Clipboard’s unit economics and capital-efficient growth, with network effects strengthening over time. Both healthcare professionals and healthcare facilities are meaningfully better off by using Clipboard’s platform, which is a testament to how much this product is needed,” said Jules Maltz, general partner at IVP.

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Topics: Funding & Investment, #Hiring

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