Friday Funding: ShiftKey Raises $300 Million

Double Unicorn

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.

Improving Healthcare

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.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS23011303