Friday Funding: ShiftKey Raises $300 Million
By: SoFi General · January 13, 2023 · Reading Time: 3 minutes
ShiftKey, a scheduling platform for the healthcare industry, recently raised $300 million to reach a total valuation of $2 billion. In venture capital terms, a “unicorn” is any startup that reaches a $1 billion valuation. Since ShiftKey just doubled that, it has earned the rare double-unicorn status.
The latest round of funding was led by private equity firm Lorient Capital. Lorient Capital joins Clearlake Capital, Health Velocity Capital, and Pantheon Ventures in investing in the Dallas-based startup.
A Better Way to Schedule
ShiftKey offers a scheduling platform for the healthcare industry that makes it easier for licensed medical professionals to fill shifts. So far, ShiftKey’s community includes over 10,000 healthcare organizations and hundreds of thousands of medical professionals. It claims to have helped schedule over 57 million total hours’ worth of shifts so far.
The main purpose of ShiftKey’s platform is to help give overworked healthcare workers more control over their own schedules. On the app, nurses can scroll through open shifts and bid their desired rate. ShiftKey then helps coordinate the shift and sends out payments weekly.
By offering nurses more flexible access to scheduling, ShiftKey is attempting to solve the nursing shortage in America. Nursing has long been known for its strenuous hours. But, over the past few years, the added stress of COVID-19 has proven to be too much for many nurses, leading to a nursing shortage across the country.
Additionally, nurses, in the words of ShiftKey CEO Tom Ellis, “continue to choose to work on their own terms.” This follows a cross-industry trend toward employment arrangements with flexible hours. ShiftKey, like many other emerging companies, has risen to meet this growing demand.
ShiftKey is already operating in more than 30 states across the US. Hopefully, their system will continue to improve the healthcare experience for both nurses and the population at large.
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