Nomad Health, the first online marketplace for healthcare jobs, today announced it has raised $34 million in new equity and debt financing. Nomad is revolutionizing the healthcare staffing industry. It has built the most efficient and effective technology for placing nurses and doctors into freelance jobs to address critical clinician shortages across the United States.
Icon Ventures, a Palo Alto-based venture capital firm, led the financing. With more than $1 billion under management, Icon Ventures has invested in numerous category-defining companies, including telemedicine leader Teladoc, FireEye, Palo Alto Networks, Proofpoint, and Yodle. Icon Ventures General Partner Tom Mawhinney has joined Nomad Health’s Board of Directors. The financing includes additional investment from prior investors Polaris Partners, RRE Ventures, .406 Ventures, and Silicon Valley Bank.
“This financing clearly validates our success and more importantly, provides the fuel to support our extraordinary growth. Nomad is on a mission to eliminate every obstacle between providers and their patients by building a modern healthcare workforce platform,” said Alexi Nazem, M.D., Nomad Co-Founder and CEO. “The deep technology expertise, capital, and strong connectivity in Silicon Valley that Tom and Icon bring to our first-class team of existing investors will ensure we fulfill that mission.”
The three years since the marketplace launched have seen sensational growth. Nomad now hosts jobs from over 4,000 healthcare facilities across the United States, including positions at many of the top-rated hospitals in the country. 30% of jobs on Nomad are located in non-metro areas where clinician shortages are gravest. The nearly 100,000 clinicians on Nomad, 45% of whom are actively looking for work at this moment, have answered the call to serve and taken jobs in 46 states across the country. As a result, the company’s revenues have grown nearly 500% in the last 12 months.
“Nomad Health is the modern-day leader in the healthcare staffing space,” commented Icon Ventures’ Tom Mawhinney. “We are enthusiastic about Nomad’s smart business plan, and we support the company’s focus on addressing two critical issues our country faces in healthcare – provider burnout and staffing shortages. The success of Nomad has far reaching implications for patients and providers, and I am excited to work alongside the company as it continues to revolutionize the healthcare workforce and move closer to its vision of becoming the go-to human resources platform for healthcare professionals and health systems.”
To handle the rapidly increasing demand for its services and to meet the needs of its multiplying customer base, the company plans to use the new funding to double the size of its staff, expand its footprint and continue to enhance its technology platform. New York City-based Nomad, which plans to grow from 50 to 90 employees by the end of 2019, also announced today that it has opened an office in Charlotte, North Carolina.
In addition to the new financing, Nomad announced that Bob Livonius has joined the company’s Strategic Advisory Board. As a staffing leader, Livonius has had a long and successful career in both general staffing and healthcare staffing and has been inducted into both the American Staffing Association’s Leadership Hall of Fame and the Staffing Industry Analysts’ Hall of Fame. He is best known for having introduced the Managed Services Provider concept to the healthcare staffing industry while CEO at Medfinders and, following the sale of Medfinders to AMN Healthcare, helping to grow AMN into an industry leader as its President.
“As the first company to bring the online job marketplace to clinicians nationwide, Nomad is a true innovator in the healthcare staffing space,” said Livonius. “The company is building the fresh solutions that healthcare staffing desperately needs. I have been lucky to be a part of transforming this industry before, and I am eager to work with Nomad as it works to transform it again.”
“We feel extremely fortunate to have such an accomplished and at the same time forward-thinking advisor join our team,” said Nazem. “Bob has made a career of ushering in cutting-edge technology to staffing, so he brings unmatched experience and industry knowledge that will be invaluable to our business. I look forward to his counsel as Nomad works to massively scale up its operations and explores new, white space market opportunities.”
About Nomad Health
Nomad Health is a Joint Commission Certified technology company that is simplifying the $20 billion healthcare staffing industry. The company has built the first online marketplace for freelance clinical jobs for nurses and doctors. Nomad offers higher pay to clinicians, lower costs to health systems, and streamlined, transparent process to the entire market. Nomad is simple, modern healthcare staffing. Learn more at nomadhealth.com.
About Icon Ventures
Icon Ventures believes that great companies start with extraordinary entrepreneurs. Based in Palo Alto and San Francisco, Icon Ventures is a venture capital firm specializing in Series B and C financings. With over $1 billion under management, Icon leads financings alongside the most successful early-stage venture firms in companies that are category winners. Icon Ventures has generated numerous successful exits, including market-leading companies such as Aster Data (Teradata), 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.