CareRev Raises $50M to Expand Its Labor Marketplace Platform for Hospitals
Although vaccination efforts are revving up across the country, the pandemic hasn’t shown any signs of slowing down. Hospitals remain strained as they search for additional help from healthcare workers near and far. Venice-based healthtech company CareRev has been helping hospitals get the help that they need since the onset of the pandemic.
On Monday, the company announced that it raised $50 million in fresh financing to expand its labor marketplace platform. The Series A was led by Transformation Capital.
CareRev’s cloud-based platform connects understaffed hospitals with local healthcare professionals. The company has set out to eliminate the need for traditional hiring agencies by enabling hospitals and healthcare facilities to hire on demand.
Hospitals can post open shifts to CareRev’s mobile app where local healthcare professionals can find and claim them. A hospital’s internal employees are given priority before the shifts are released to the public.
“When the pandemic hit, we were ready to help both hospitals and healthcare professionals through the uncertainty. The flexibility of our solution allowed for accelerated adoption when it was most needed,” Will Patterson, founder and CEO of CareRev, said in a statement.
Demand for flexible staffing is soaring. CareRev has experienced 20 percent month-over-month growth since April of last year and has doubled the size of its revenue over the last six months, according to the company.
“Our vision is to build a more resilient post-COVID workforce in which health systems can tap into a latent supply of local, flexible healthcare professionals when they need them, and professionals are empowered to work where and when they want,” Patterson continued.
CareRev will invest the additional capital in scaling their product and operations. The labor marketplace platform will work to incorporate more AI and machine learning as it continues to scale.
The company also plans to hire for its team as it ventures forward with $51.3 million in total financing. CareRev is now hiring for dozens of in-person and remote positions across its sales, marketing and engineering teams.
Additional investors Industry Ventures, Gaingels, Zach Coelius and Michael Siebel participated in the round, among others.