New Investor HealthQuest Joins Existing Investors Including Adam Street Partners And Icon Ventures As Digital Marketplace Now Reaches Allied Health Professionals
NEW YORK–(BUSINESS WIRE)–Nomad Health, the leading digital marketplace for temporary healthcare jobs, today announced the closing of a $105 million financing co-led by Adams Street Partners and Icon Ventures. New equity investor HealthQuest Capital committed the largest sum and was joined by existing investors Polaris Partners, .406 Ventures, AlleyCorp, and RRE Ventures, and new debt providers J.P. Morgan and Trinity Capital. This brings Nomad’s total funding to over $200 million since its founding in 2015.
Nomad’s latest financing round comes as the healthcare staffing crisis reaches a new high. With the strains of the COVID-19 pandemic, an aging population, and high rates of burnout among American healthcare workers, the need for providers at facilities across the country has never been more acute. In addition to continuing to support the rapidly growing demand for its travel nursing product, Nomad will use this new funding to expand its marketplace beyond travel nurses to now serve an expansive group of allied health professionals, including laboratory technicians, physical therapists, and ultrasound technicians.
“In the past year, Nomad has experienced tremendous growth in a category we pioneered, connecting temporary healthcare workers to hospitals and healthcare systems seamlessly through technology,” said CEO and co-founder Alexi Gharib Nazem, M.D., M.B.A. “The COVID-19 pandemic has exposed and accelerated the healthcare workforce crisis that has been a powerful undercurrent in healthcare for decades. This 21st century scale problem direly needs a 21st century solution. We have been working hard to think differently and to apply technology, sophisticated data science, and best business practices from across industries so that Nomad can more efficiently, effectively, and scalably serve clinicians of all types at health systems all across the country.”
Since January 2021, Nomad clinicians have cared for millions of patients at over one thousand healthcare facilities across all 50 states. The user base now includes more than 250,000 healthcare workers who have submitted nearly half a million job applications on the platform. Nomad’s revenue has increased more than seven-fold, and the company is profitable.
Nazem went on to say, “We are truly excited to expand our marketplace to more clinicians, bringing us a step closer to achieving our mission of eliminating the barriers between providers and patients. We could not be more excited for this important next stage of our company’s journey.”
In addition to the new financing and business expansion, Nomad announced the hiring of Maquel Shaw as Chief Marketing Officer. A marketing veteran with over a decade of experience, Ms. Shaw comes from Overstock.com, where she most recently served as interim Chief Marketing Officer, tasked with overseeing a multi-million-dollar budget and leading the creation and execution of national marketing and brand campaigns. She will lead Nomad’s marketing efforts as the company enters a new phase of growth and maturity.
“Nomad Health is truly revolutionizing the healthcare staffing experience,” said Maquel Shaw, Chief Marketing Officer at Nomad Health. “It’s critical to bring the company’s transformative innovations and platform to more clinicians and more health systems. I cannot imagine a more important cause to champion or a more exciting company to join at this crucial time for healthcare.”
Nomad also announced that Garheng Kong, MD, PhD, MBA, will join the company’s Board of Directors. Dr. Kong is the founder and managing partner of HealthQuest Capital, a growth capital firm focused on innovative health care companies, including Tiger Connect, Castle Biosciences, Thirty Madison, and Everly Health.
Dr. Kong commented, “Nomad brings innovation and flexibility to solving the persistent healthcare talent shortage in the US. The company is uniquely positioned to leverage technology in a way that improves the user experience and generates insights to improve the recruiting and placement process, and drives down costs. We’re excited to invest our capital and expertise into the company for its next stage of growth and scale.”
About Nomad Health
Nomad Health is a Joint Commission Certified technology company that is simplifying the $40 billion healthcare staffing industry. The company has built the first online marketplace for temporary clinical jobs. Nomad offers higher pay to clinicians, lower costs to health systems, and a streamlined, transparent process to the entire market. Nomad is simple, modern healthcare staffing on demand. Learn more at www.nomadhealth.com.
About Adams Street Partners
Adams Street Partners is a global private markets investment manager with investments in more than thirty countries across five continents. The firm is 100% employee-owned and has approximately $45 billion in assets under management. Adams Street strives to generate actionable investment insights across market cycles by drawing on nearly 50 years of private markets experience, proprietary intelligence, and trusted relationships. Adams Street has offices in Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, and Tokyo. Visit www.adamsstreetpartners.com
About Icon Ventures
Icon Ventures believes that great companies start with extraordinary entrepreneurs. Icon Ventures is a best-in-class venture capital firm specializing in Series B and C financings. With over $1.3 billion under management, Icon leads financings alongside the most successful early-stage venture firms in companies that are category winners. To date, Icon Ventures has had 34 successful exits that exceed over $90 billion in exit value. They include Aster Data (Teradata), Bill.com (BILL), FireEye (FEYE), 41st Parameter (Experian), Infinera (INFN), MoPub (Twitter), Opcity (News Corp), Palo Alto Networks (PANW), Proofpoint (PFPT) and Teladoc (TDOC). For more information visit iconventures.com and follow @iconventures.
About HealthQuest Capital
Based in the San Francisco Bay Area, HealthQuest Capital is a growth capital firm investing in commercial-stage companies that are optimizing value in healthcare by improving outcomes and reducing costs. With more than $1.6 billion in capital under management, the firm focuses on fostering innovation across the healthcare spectrum, including medical technologies, diagnostics, digital health and innovative services. The HealthQuest team combines decades of successful investing experience with deep domain expertise in all aspects of the healthcare industry. For more information, visit www.healthquestcapital.com.
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