NEW YORK--(BUSINESS WIRE)--Nomad Health, an online marketplace connecting doctors with freelance clinical work, has completed a $4 million Series A financing. First Round Capital and RRE Ventures led the investment round with participation from .406 Ventures. The Series A financing will support a nationwide product rollout that will help address the country’s doctor shortage crisis.
“We are thrilled to be backing Nomad Health as they introduce an innovative solution for hospitals and clinics across the U.S. that struggle to hire enough doctors,” said First Round Capital partner Chris Fralic, who will be joining the company’s board. “Nomad has built a critical and necessary tool for the future of healthcare.”
Nomad is the first job marketplace where doctors and the institutions that hire them can connect and transact directly. It replaces an inefficient system of brokers with a streamlined, cloud-based platform that is simple to use and substantially less expensive. Healthcare employers spend $15 billion on temporary clinical staffing every year, and Nomad believes it can cut those costs by up to 40 percent.
“We have just scratched the surface of a rapidly growing need for doctors,” said Nomad Health Chairman and Co-founder Kevin Ryan. “Nomad is reimagining the way in which doctors find work and hospitals find talent. Much the same way we saw an opportunity for technology to modernize news at Business Insider, with Nomad we see a chance to use technology to improve another industry stuck in the past.”
Nomad Health’s Co-Founder and CEO, Alexi Nazem, has first-hand experience with the broken healthcare system. A Harvard and Yale-trained physician, Nazem says “There is an urgent need to fix the way clinicians are hired. Nomad’s mission is simple: get great doctors to the bedside, where they are needed most. We are tossing out today’s inefficient and outdated processes and replacing them with world-class tech so that doctors, hospitals, and clinics can focus on doing what they do best, caring for patients.”
About Nomad Health
Nomad Health is a technology platform that is simplifying the $15 billion temporary healthcare staffing industry. The company has built the first online marketplace that enables clinicians and the institutions that hire them to find each other and transact directly, without a broker. Nomad Health brings substantial cost savings, dynamic pricing, and a streamlined process to both sides of the market. Nomad is simple, modern healthcare staffing. Learn more at www.nomadhealth.com.
About First Round Capital
First Round is a seed-stage venture firm focused on building a vibrant community of technology entrepreneurs and companies, including Uber, Square and Warby Parker. Through custom-built software, incredible in-person experiences, and a host of other unique services, we help tiny companies get big while constantly reimagining the role of venture capital. www.firstround.com
About RRE Ventures
RRE Ventures is a leading venture capital firm that invests in seed and early stage consumer, enterprise and financial services companies. RRE leverages its experience to help talented entrepreneurs build extraordinary companies. Founded in 1994, RRE is headquartered in New York City and has raised seven funds with total capital commitments in excess of $1.5 billion.
About .406 Ventures
.406 Ventures is an early stage technology venture capital firm investing in enterprise technology companies founded by visionary entrepreneurs. .406 Ventures was founded in 2006 and has over $650M under management. The .406 Ventures team is comprised of entrepreneurs and operators who became investors to apply real world experience and strong company-building skills to create value for entrepreneurs and investors. The firm leads, or co-leads, first institutional investment rounds in market-changing healthcare and enterprise technology companies led by world-class operators, who act with urgency, creativity and tenacity. www.406ventures.com.