Tech-enabled nurse and aide staffing company connectRN has raised $76 million in a financing round led by Suvretta Capital Management and Avidity Partners.

Other investors participating in this round include HBM Healthcare Investments, Infinitum Asset Management, Adage Capital Management, Cormorant Asset Management and Park West Asset Management.

Home care provider Amedisys also invested and will deploy the platform for its clinicians. connectRN said the funding brings its total raise to more than $100 million. 

WHAT IT DOES

The company offers a platform where nurses and aides can find and apply for shifts and other work opportunities, and can network with other clinicians. 

“The business is poised to deliver 240% organic revenue growth year-over-year in 2021 confirming our hypothesis that nurses and aides are not only in demand but are seeking a better path for their careers. Our ability to deliver the right opportunities, on their terms, in a supportive and nurturing environment is what we believe to be the future of healthcare,” CEO Ted Jeanloz said in a statement.

“This financing will accelerate our rapid growth in new and existing markets and provides the resources to realize our vision of becoming the premier destination for nurses and aides to gain career opportunities and the community support they deserve.”

MARKET SNAPSHOT

Clinician staffing and burnout is a serious concern in healthcare, as the COVID-19 pandemic put significant strain on the frontline workforce. An April survey from the Kaiser Family Foundation and The Washington Post found 62% of healthcare workers said that worry or stress from the pandemic had a negative impact on their mental health. 

COVID-19 also added to concerns about staffing shortages, a long-term problem for the industry. 

Other companies that aim to offer tech solutions to healthcare staffing include Nomad Health, which raised $63 million in equity and debt financing in September; Trusted Health, which recently announced $149 million in funding; and Curative, which changed its name from THMED when it was acquired by Doximity last year.