MedVing, which builds a recruitment marketplace for healthcare workers, has raised 44 million euros ($47 million) in Series C funding.
In the year Founded in Berlin in 2017, MedWing targets the healthcare industry in Germany and the UK with a platform designed to match hospitals and clinics with nurses and geriatric caregivers, although it also caters to pharmacists, midwives, doctors and similar professionals.
The platform is currently available in Germany and the UK, where 5,500 registered medical employers and 500,000 healthcare professionals can access a fully digital workflow that includes job searches, contracts, signatures and timesheets.
“The current permanent recruitment and temporary staffing market in healthcare is fragmented and still very manual and analog,” MedWing founder and CEO Johannes Rogendorff explained to TechCruach. “Bringing this to the digital marketplace will save costs for the healthcare system as a whole and increase service levels for healthcare workers and hospitals.”
A quick look at the competitive landscape reveals similar players, especially in the US like ShiftMed Friends, which raised $200 million. Nomadic Health received $105 million; Incredible Health held $80 million; And Vivian Health scored $60 million.
In Europe, UK-based Florence raised $35 million last year, while France’s Hulu attracted VC funding from its all-in-one marketplace concept.
Medwing, meanwhile, says it is set to differentiate itself from other players by focusing on permanent and temporary placements. In addition, while it works directly with major healthcare clients such as the Berlin-based university hospital Charité, it also supports traditional recruitment agencies that want to market their own temporary workers on its platform.
“This allows us to fill 75 percent of all temporary requests within a day or two,” Rogendorf said.
Before now, Medwing has raised about 43 million euros in two rounds. With another $47 million in the bank, the company expects to bring additional European markets on line, but says it expects to reach profitability by the end of this year with only its presence in Germany and the UK in the near future.
“For now, we are focusing on those two countries, but we plan to expand to other European countries, the leading healthcare labor market in Europe,” Rogendorf said. But ultimately, this is a global problem that we are solving.
Medwing’s Series C round came from NorthZone, Cathay Innovations, Cherry Ventures, Quadrill Capital, Atlantic Labs, Hambro Perks and – surprisingly, given last week’s Silicon Valley Bank (SVB) fiasco – SVB Capital, part of SVBC.
SVB Capital is not directly affected by the collapsed bank, although it is in the process of selling assets including SVB Capital, the parent company of SVB Financial Holdings. We’re told none of this will affect the cost of Medwin, though.