Already trusted by 150+ major California hospitals, the company announces a $15M Series A today led by Andreessen Horowitz to build a community for health care professionals across the US
SAN FRANCISCO, Calif. (Sept 12, 2019) Incredible Health - the company powering one of the country’s fastest-growing health care hiring platforms - today announced $15 million in Series A funding led by Andreessen Horowitz with participation from NFX, Obvious Ventures, Precursor Ventures, and others.
Incredible Health is on a mission to help health care professionals find and do their best work. This capital raise will accelerate the national expansion of their career marketplace connecting nurses to permanent, well-paid hospital jobs.
By 2024, the United States is poised to experience it’s biggest employment crisis to date -- a shortage of one million nurses. This dearth puts hospitals at risk of financial loss: travel nurse contractors and overtime cost hospitals 1.5-2x more than permanent workers. Most importantly, it impacts the quality of care and threatens patient safety.
That’s where Incredible Health comes in. Already trusted by more than 150 hospitals throughout California including Stanford Health Care, Cedars-Sinai Medical Center and CommonSpirit Health, the company’s first-of-its-kind career marketplace uses proprietary algorithm-based tech to match the needs of hospitals with the right nurses for permanent jobs. The company’s founders understand the challenge well. CEO Iman Abuzeid is an MD and Wharton alum, and CTO Rome Portlock is an MIT alum from a family of nurses.
“As a trained physician with many friends and family in the medical field, I know first-hand the inefficiencies of traditional hospital hiring practices,” explained Dr. Iman Abuzeid, CEO of Incredible Health. “By automating the screening and custom matching process, we’re simplifying and dramatically shortening the time it takes hospitals to source and hire the talent they need for permanent roles.”
To accomplish this, Incredible Health puts nurses in control. The first-and-only marketplace to focus solely on permanent employees - not travel nurses - hospitals apply to nurse talent instead of waiting for talent to apply to them. This unique approach accelerates time to hire 3X faster than the national average - in 30 days or less instead of 90 days. It increases hospitals’ hiring efficiency 25X and helps nurses find great permanent careers in under a month.
“To do our best work, we need to have the talent to deliver quality care to those in need,” explained Stanford Health Care’s Chief Human Resources Officer David Jones. “With the ongoing shortage, it’s taking our team longer than we’d like to find the ideal specialized experienced candidates for hard-to-fill positions. With Incredible Health, we consistently hire in permanent roles in under three weeks.”
Thanks to the platform’s unique custom matching algorithms, talent and employers enjoy more personalized, well-suited matches. As a result, nurses who find employment through Incredible Health score an average 17% salary increase and a 15% reduction in commute time.
“Incredible Health’s platform led to hospitals applying to me, and I received three interviews within a week,” recalled nurse Althea Tim-Fyffe RN. “All three hospitals made great offers, but I could only accept one. I now have a permanent position that is paying more than a good travel contract.”
“Incredible Health has built a reliable two-sided marketplace to connect high-value health care workers with high-quality, permanent jobs,” explained Andreessen Horowitz Managing Partner Jeff Jordan. “This comes at a critical time for the health care system as the shortage of nurses in the U.S. is more acute than even the shortage of engineers. The founding team's personal commitment to improving health care is clear, and I'm confident their direct relationships with hospitals and nurses will lead to longer-lasting placements and more evenly distributed staffing nationwide.”
The $15 million round brings Incredible Health’s total funding to $17 million. Led by Andreessen Horowitz, other investors include the a16z Cultural Leadership Fund.
In addition to scaling operations nationwide, Incredible Health will use the funds to expand from hiring platform to community for health care professionals as they advance their careers.
“Iman and team are on a mission to improve the lives of millions of nurses,” said Obvious Ventures’ Co-founder James Joaquin. “Expanding our hiring marketplace into a delightful community for health care professionals is a natural next step towards fulfilling that mission.”
NFX, Obvious Ventures, Precursor Ventures and Gingerbread Capital also participated, doubling down on their seed investments. In a testament to the platform’s viability, leaders in the hiring space who also invested include Matt Mickiewicz, founder of Hired, the leading software engineer career marketplace; Steve Goodman, founder of Bright.com (acquired by LinkedIn); and Pete Kazanjy, founder of Talentbin (acquired by Monster).
Since the company formation when we first invested, Incredible Health has built strong network effects into their marketplace,” said NFX Managing Partner James Currier. “Iman, Rome and the team are now poised to have a lasting impact in all our lives and communities by supporting the nurses and hospitals that support us all.”
Hospital executives and recruiters looking to hire nurses can find them here. Nurses in search of their dream job, can find them here. Interested in joining Incredible Health’s growing internal team? Look through the company’s job postings here. Are you a journalist looking to learn more? Reach out to [email protected]