Clipboard Health, an online hiring platform, snags $80M to expand into more cities

Clipboard Health, an app-based marketplace that matches healthcare professionals with open shifts at healthcare facilities, snagged $80 million in funding over two rounds, bringing the company’s total financing to more than $90 million.

The funding boosted the company's series C post-money valuation of $1.3 billion.

The $80 million was raised over two rounds of funding: a $30 million series C round, which closed in February 2022, and a $50 million series B round, which closed last year. Sequoia Capital led the latest round and the series B was led by IVP. Additional investors in the company include Caffeinated Capital, Initialized Capital, Michael Seibel, managing director of Y Combinator’s early-stage program; Tony Xu, co-founder of DoorDash; and Emmett Shear, CEO of Twitch.

Clipboard Health, founded in 2016, has raised $94 million to date. The company enables healthcare professionals to schedule shifts with participating facilities on its online marketplace.

Investors continue to pour cash into startups targeting healthcare’s labor shortage. As staffing shortages plague hospitals and health systems across the country, platforms that match nurses or other providers to organizations desperate to fill open positions have exploded in popularity.

Trusted Health nabbed $149 million in November, while connectRN grabbed $76 million in December. ShiftMed landed $45 million in October.

Short-staffed healthcare facilities represent a long-term problem that has become more acute with COVID-19, leading to increased burnout among nurses, less care and access to healthcare for patients, and skyrocketing costs for healthcare facilities.

Since March 2020, the number of people working at U.S. hospitals has declined by more than 2%, according to data from the U.S. Bureau of Labor Statistics.

“The healthcare industry is suffering from intense labor shortages that ultimately impact patient care, and finding a solution now is critical,” said Wei Deng, founding CEO at Clipboard Health in a statement. “Clipboard is offering a way forward by enabling facilities to fill shifts as needed and access a wider pool of talent while empowering healthcare professionals to earn more and exercise greater control over their schedules. It’s win-win, and it’s the future of healthcare talent.”

Clipboard Health’s marketplace serves tens of thousands of healthcare professionals and over a thousand facilities in more than 30 U.S. cities, including Los Angeles, Philadelphia, Chicago and New York. The company plans to launch in more cities by the end of the year.

Clipboard Health plans to aggressively hire in all areas of the business, including doubling the size of its engineering team, as well as grow its sales and marketing organizations. The company’s gross revenue increased by 25X in the last 18 months, executives said.

“We’ve worked with many marketplaces and were amazed by Clipboard’s unit economics and capital-efficient growth, with network effects strengthening over time," said Jules Maltz, general partner at IVP in a statement.