- IntelyCare recently announced it raised $115 million in a Series C round of funding. These are the details.
IntelyCare – a leading tech-enabled nurse staffing platform for healthcare organizations in the U.S. – recently announced it has secured $115 million in a Series C financing round led by Janus Henderson Investors, a leading global investment firm and asset manager.
The funding round, valuing IntelyCare at $1.1 billion, also included investments by prominent new and existing investors, including Longitude Capital, Leeds Illuminate, Endeavour Vision, Revelation Partners, and Kaiser Permanente Ventures. And technology is essential to addressing the complex labor challenges facing the healthcare industry and this investment validates IntelyCare’s approach of using advanced data science to both empower nurses with greater control of their work lives and healthcare organizations to meet their labor needs by offering the flexibility that today’s workforce demands.
According to a recent survey of 1,500 nursing professionals conducted by the IntelyCare Research Group and Reputation Leaders, those who use gig work apps such as IntelyCare, are significantly more likely to feel secure and that they are thriving in their careers. And for healthcare organizations, the IntelyCare platform allows them to instantly fill critical open shifts so they can maintain federally required staffing levels, deliver the quality of care patients deserve, and reduce the burnout of their internal staff.
Since the Series B in February of 2020, IntelyCare’s annual revenue has grown by over 850%. And IntelyCare’s nursing professionals, known as IntelyPros, more than doubled in 2021, while client demand for IntelyPros almost tripled from the previous year. Plus IntelyCare plans to build on this momentum by using the new funding to expand its footprint to new states and invest heavily in its AI-based platform and data science technology.
IntelyCare is doubling down on its nurse-centric approach to keep more in the profession. And IntelyCare’s platform affords nurses the work-life balance of gig work while simultaneously addressing the instabilities of traditional agency work through W2 employment that offers healthcare, retirement, education, and other benefits. With this new funding round, IntelyCare will further enhance the IntelyPro experience by offering more employment and professional development opportunities, including continuing education.
With nurse shortages expected to surpass 1 million this year, technologies such as IntelyCare’s are essential to protect the health of the nation. And the post-acute space is poised to grow tremendously as providers strive to increase hospital throughput to reduce costs and drive better patient outcomes. Post-acute care will be increasingly distributed in the future, most notably in the home setting, which will require technology to efficiently bring together care providers and patients.
KEY QUOTES:
“In 2016 we began working on a platform to disrupt an industry that was slow to innovate. We knew that a technology solution could change lives for both sides of the market and we’re seeing that vision come to fruition as we now have over 30,000 nursing professionals working with IntelyCare at over 1,600 facilities across the country. We’ll use this investment to continue redefining the future of work for our nation’s nurses.”
— IntelyCare CEO and co-founder David Coppins
“Nursing wages have predictably increased during the pandemic due to unprecedented demand and labor shortages driven by increasingly challenging working conditions. Despite this, IntelyCare has been able to effectively meet the needs of both our nurses and clients because of our technology. By coupling data and behavioral science with advanced machine learning, our platform produces optimal pay rates and shift matching, attracting more nurses and filling more shifts for our clients.”
— John Shagoury, President and Chief Operating Officer, IntelyCare
“As an early investor in IntelyCare, we saw the potential for how this technology could transform healthcare labor markets. This new funding round comes as that vision is becoming a reality. As care settings become increasingly distributed, it is clear that healthcare organizations will rely on technology to flexibly meet their staffing needs.”
— Bernard Vogel, Managing Partner at Endeavour Vision
