Health Care

Nurse staffing startup Trust gets nearly $150M in new funding

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Trust, Inc., a healthcare staffing platform, has raised $149 million in new financing, according to a news release Thursday.

The financing includes two funding rounds, including a $94 million Series C round led by Greenspring Associates, now part of the StepStone Group, and a previously unannounced $55 million Series B round led by Craft Ventures and Felicis Ventures. The company has raised $175 million in total.

Trust will use the new money to launch Works, its clinical staffing platform, and hire more employees. The company plans to double its headcount by the end of next year.

It pitches Works as a data-driven platform that allows hospitals to create on-demand nursing workforces by identifying and managing employed and contract nurses based on real-time information.

“After the right resource has been identified, Works manages the entire employee lifecycle, from managing the on-boarding and credentialing process to monitoring compliance and managing payments,” the news release said.

Virtual platforms that match employers with healthcare workers through an automated process are becoming a common alternative to traditional recruitment and hiring, Modern Healthcare reported.

These digital marketplaces boast a quicker, more cost-effective system that allows qualified candidates to find the position they are best suited for and employers to skip hours of sifting through candidates who aren’t a good fit.

They come at a time when the industry is struggling to find and retain staff.

As a result of the pandemic, 80% of nursing leaders reported an increase in nurse turnover. The demand for intensive care and emergency nurses grew 186% over the past year, according to a 2021 study by Incredible Health.

Many employers have faced higher costs in a scramble to decrease vacancy rates by hiring temporary employees and are recruiting by incentivizing work any way they can.

Other startups are focusing on curbing the demand for more clinicians by helping them use their time more efficiently. Notable, a startup that automates workflow for healthcare professionals, pulled in $100 million in additional funding earlier this month.

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