Incredible Health, a rapidly-growing career marketplace for healthcare workers, announced that it secured an additional $80 million in Series B funding, raising the company’s valuation to $1.65 billion and cementing its status as a “unicorn” startup and the highest valued tech-enabled career marketplace in the industry.
The new funding will boost the company’s efforts to assist health systems and their employees with managing the surge in demand for patient care in the face of an ongoing staffing shortage, addressing the key pain points of healthcare professionals, especially nurses: low pay, long hours, toxic working environments, and lack of career fulfillment. Iman Abuzeid M.D., Chief Executive Officer and Co-Founder of Incredible Health, stated that as the backbone of the U.S. healthcare system, nurses deserve well-staffed teams and the tools to succeed and feel fulfilled in their careers.
Base10 Partners led the new funding round as part of their Advancement Initiative fund, designed to combine the success of tech companies with wealth creation for underrepresented minorities. The fund invests in leading pre-IPO companies and donates 50% of the fund’s carried interest to Historically Black Colleges and Universities (HBCUs) to create scholarships and support endowments. Base10 Partners plans to pair up with Incredible Health to create a new 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."
Incredible Health achieved a more than 500% increase in revenue in 2021, with more than 10,000 nurses joining the marketplace on a weekly basis and the company reporting that it has reduced the average time-to-hire to 14 days, down from the industry standard of 82 days. Hospitals including Stanford Health Care, Cedars-Sinai Medical Center, NYU Langone Health, Northwestern Medicine, and 600 others utilize Incredible Health for their permanent staffing needs, and Incredible Health will continue to deploy its capital directly into rebuilding the critically low nursing workforce.
