ShiftKey secures the funding round of Lorient Capital
January 17, 2023 – ShiftKey, a Dallas-based healthcare staffing firm, closed a funding round sponsored by majority investor Lorient Capital, valuing the company at over $2 billion. News from CrunchBase signaled that the round was for $300 million.
Lorient’s investment was made through a continuation vehicle piloted by the Ares Management Secondaries and Pantheon funds. Other participating investors alongside Lorient, Ares and Pantheon include Clearlake Capital and Health Velocity Capital.
“ShiftKey is changing the future of work by enabling licensed professionals to have the freedom and flexibility to choose when, where and how they want to work,” said David Berman, Managing Partner of Lorient Capital. “We are excited to realign our investor base around ShiftKey’s long-term strategy to become the preeminent technology platform powering the future of licensed work.”
“Nurses continue to choose to work on their own terms,” said Tom Ellis, founder and CEO of ShiftKey. “Our vision is to empower nurses and other licensed professionals through the combination of our core market product with additional technologies and tools such as scheduling, payments, education and accreditation. We appreciate the support of our investors who share this goal. »
ShiftKey’s software now powers hundreds of thousands of licensed professionals at more than 10,000 healthcare facilities nationwide.
Goldman Sachs and Aviditi Advisors acted as advisors and investment agents to Lorient Capital. McDermott Will & Emery and Gibson Dunn were legal advisers.
ShiftKey is a platform designed to disrupt how healthcare facilities find licensed and certified professionals to fill available shifts. The company offers job seekers the opportunity to work as much or as little as they want.
Lorient Capital is a private investment company that targets equity investments in health services and technology companies. Leveraging its experience as a healthcare investor and operator, Lorient works with founders and management teams to drive growth, optimize operations and improve healthcare outcomes. The company invests in cash flow positive businesses at an inflection point that requires additional capital and expertise to take the company through the next phase of growth.
Investors pour money into recruitment solutions companies, especially those that have a psychology and data science component. Here is an overview of other recent financing agreements obtained by these companies from the Hunt Scanlon Media Archive:
Chicago-based referral recruiting service Hunt Club raised $40 million in Series B co-led by WestCap and Sator Grove. The investment round follows Hunt Club’s $10 million Series A funding in October 2021 and will fuel the company’s national expansion, technology platform enhancements and grow its community by more than 20 000 business leaders who help connect the most innovative companies with the best global candidates. “We are reimagining the entire talent management process. Top talent is not only hard to find, it’s also hard to reach – and traditional recruiting firms aren’t equipped to innovate for their clients,” said Nick Cromydas, co-founder and CEO of Hunt Club. “Our technology bridges this gap by introducing a personalized approach to help companies change the way they approach talent acquisition. Hunt Club is proud to partner with WestCap, a leading growth capital firm led by a team that has founded, invested in and operated technology marketplaces such as Airbnb for over 20 years.
JobGet, a mobile app for hourly workers, secured $52 million in Series B funding, including $12 million in venture debt funding. JAZZ Venture Partners and Sanabil Investments co-led the round, with participation from Pillar VC and numerous other investors. “Our app is just the beginning,” said Tony Liu, co-founder and CEO. “We’re building a new kind of platform that enables deeper connections between our talented hourly workers and hiring managers, with smart technology connecting the two to better opportunities.” “We are excited to continue supporting the explosive growth of JobGet,” said Zack Lynch, Managing Partner, JAZZ Venture Partners. “The company has bolstered its leadership team with a wealth of expertise that will energize its efforts to transform the job search experience for hourly workers.”
SeekOut Announces $115M Series C Funding Round Led by Tiger Global Management. The round values the Seattle-based company — an artificial intelligence-powered talent search engine — at more than $1.2 billion. “The big quit remains a priority for employees and employers heading into 2022,” said Matthew Merker, head of research, talent acquisition and strategy at IDC. “The way employees search for work opportunities has fundamentally changed, and employers need to rethink how they find new talent and retain existing talent. SeekOut’s data-driven Talent 360 platform offers organizations an advanced set of features that facilitate this transition and redefine enterprise talent optimization in the future.
Hirewell, a Chicago-based talent acquisition firm, has secured a $21 million investment from Prytek, a global investment firm specializing in integrating global service businesses with cutting-edge technologies. Prytek will provide capital to enable Hirewell to accelerate organic growth and integrate technology into its managed recruiting services. As part of the investment, Hirewell will acquire ICV, a Tel Aviv-based software company. “The talent acquisition space has evolved significantly over the past decade, but technology has yet to truly disrupt the industry,” said Matt Massucci, Founder and CEO of Hirewell. “Recruiters increasingly rely on multiple platforms, most of which don’t integrate or have limited functionality, and some of which actually compete with the recruiters they claim to support. The ability to combine best-in-class recruiters with cutting-edge technology will allow us to be the ideal recruiting partner for companies serious about finding top talent. We are thrilled to partner with Prytek to take this step and continue to deliver powerful results to our customers.
Contributed by Scott A. Scanlon, Editor; Dale M. Zupsansky, editor; and Stephen Sawicki, Editor – Hunt Scanlon Media