" class="no-js "lang="en-US"> Incredible Health Raises $80M Series B, Reaching $1.65 Billion Unicorn Status as the Leader in Healthcare Hiring - Medtech Alert
Thursday, June 13, 2024

Incredible Health Raises $80M Series B, Reaching $1.65 Billion Unicorn Status as the Leader in Healthcare Hiring

Incredible Health, the fastest-growing career marketplace for permanent healthcare workers, today announced it has secured $80 million in Series B funding, bringing the company’s valuation to $1.65 billion. Now the highest valued tech-enabled career marketplace in healthcare, Incredible Health has radically transformed not only how nurses are hired but the experience of nursing itself. This new funding will support the company’s initiatives to help health systems and their employees manage surging patient care demand. The funding supports Incredible Health’s vision of helping healthcare workers live better lives, and mission of helping healthcare workers find and do their best work.

“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,” said Iman Abuzeid M.D., CEO and co-founder of Incredible Health. “Our model has met the moment and changed the paradigm for both nurses and healthcare providers in the most challenging time in U.S. healthcare. We’re excited to accelerate our growth to affect even more change.”

Base10 Partners led the 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. Incredible Health and Base10 Partners intend to create a scholarship initiative for nurses.

“Incredible Health is an exciting addition to the Advancement Initiative portfolio,” said Jamison Hill, partner at Base10 Partners. “The company’s mission and support for nurses closely align with our values, but what truly makes Incredible Health special is how the company has transformed the way health systems recruit talent and nurses find work. The company is solving an urgent need in healthcare and we’re excited to be a part of its next stage of growth.”

Existing investors Andreessen Horowitz and Obvious Ventures also returned for investment. Incredible Health customer Kaiser Permanente – one of the largest health systems in the country – participated, further solidifying Incredible Health’s market leadership among the best hospitals and health systems in the country. New investors include Workday CEO Chano Fernando, 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 Incredible Health continues to invest in growing its social media presence among healthcare workers.

Incredible Health achieved a milestone year in performance, reporting more than 500% increase in revenue in 2021. More than 10,000 nurses join the marketplace every week and the company has reduced the average time to hire to 14 days from the industry standard of 82 days. Sixty percent of the top-ranked hospitals in the U.S., including Stanford Health Care, Cedars-Sinai Medical Center, NYU Langone Health, Northwestern Medicine and 600 more hospitals use Incredible Health for their permanent staffing needs. Its offerings are more urgently needed than ever: the U.S. is on track to be one million nurses short by the end of 2023, and 75% of nursing student graduates cite staffing shortages as their main concern in entering the field.

Incredible Health will deploy its capital directly into rebuilding the shrinking nurse workforce. With the aim to continue expanding Incredible Health to new markets for health systems and nursing talent, the company will use this funding 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

“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,” said CEO David Lubarsky M.D. of UC Davis Health. “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.”

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