- Nomad Health, a company that built technology for placing nurses and doctors into freelance jobs, announced it raised $34 million
Nomad Health — a company that built the most efficient technology for placing nurses and doctors into freelance jobs to address critical clinician shortages across the US — announced it raised $34 million in new equity and debt financing. Icon Ventures led the financing. And Icon Ventures General Partner Thomas Mawhinney has joined Nomad Health’s Board of Directors. This round of financing includes additional investment from prior investors Polaris Partners, RRE Ventures, .406 Ventures, and Silicon Valley Bank.
“This financing clearly validates our success and more importantly, provides the fuel to support our extraordinary growth. Nomad is on a mission to eliminate every obstacle between providers and their patients by building a modern healthcare workforce platform,” said Nomad co-founder and CEO Alexander Nazem, M.D. “The deep technology expertise, capital, and strong connectivity in Silicon Valley that Tom and Icon bring to our first-class team of existing investors will ensure we fulfill that mission.”
In the three years since the marketplace launched, the company has seen rapid growth. Nomad now hosts jobs from more than 4,000 healthcare facilities across the US, including positions at many of the top-rated hospitals in the country. Around 30% of jobs on Nomad are located in non-metro areas where clinician shortages are gravest. And of the nearly 100,000 clinicians on Nomad, 45% of whom are actively looking for work at this moment — have answered the call to serve and taken jobs in 46 states across the country. This has driven Nomad’s revenues growth to nearly 500% in the last 12 months.
“Nomad Health is the modern-day leader in the healthcare staffing space,” added Mawhinney. “We are enthusiastic about Nomad’s smart business plan, and we support the company’s focus on addressing two critical issues our country faces in healthcare – provider burnout and staffing shortages. The success of Nomad has far-reaching implications for patients and providers, and I am excited to work alongside the company as it continues to revolutionize the healthcare workforce and move closer to its vision of becoming the go-to human resources platform for healthcare professionals and health systems.”
In order to handle the rapidly increasing demand for its services and to meet the needs of its multiplying customer base, the company is planning to use the new funding round to double the size of its staff, expand its footprint, and continue to enhance its technology platform. Specifically, Nomad is planning to grow from 50 to 90 employees by the end of 2019 and the company announced that it opened an office in Charlotte, North Carolina.
Plus Nomad also announced that Robert Livonius has joined the company’s Strategic Advisory Board. Livonius has had a long and successful career in both general staffing and healthcare staffing and has been inducted into both the American Staffing Association’s Leadership Hall of Fame and the Staffing Industry Analysts’ Hall of Fame. And Livonius is best known for having introduced the Managed Services Provider concept to the healthcare staffing industry while CEO at Medfinders. After Medfinders was acquired by AMN Healthcare, Livonius helped AMN grow into an industry leader as its President.
“As the first company to bring the online job marketplace to clinicians nationwide, Nomad is a true innovator in the healthcare staffing space,” explained Livonius. “The company is building the fresh solutions that healthcare staffing desperately needs. I have been lucky to be a part of transforming this industry before, and I am eager to work with Nomad as it works to transform it again.”
“We feel extremely fortunate to have such an accomplished and at the same time forward-thinking advisor join our team,” noted Nazem. “Bob has made a career of ushering in cutting-edge technology to staffing, so he brings unmatched experience and industry knowledge that will be invaluable to our business. I look forward to his counsel as Nomad works to massively scale up its operations and explores new, white space market opportunities.”
