OnShift Raises $18M in Series D Financing
OnShift, a leader in human capital management software for post-acute care and senior living, today announced that it has closed $18 million in Series D financing. Health Velocity Capital led the round, which also includes participation from OnShift’s existing institutional investors Draper Triangle Ventures, Early Stage Partners, Fifth Third Capital, HLM Venture Partners, North Coast Venture Fund, and West Capital Advisors.
“I’m very grateful to have the opportunity to partner with the team and board of OnShift,” stated Marty Felsenthal, managing member of Health Velocity Capital. “The company has developed a dominant position in scheduling and labor management within the senior care market, serving thousands of skilled nursing and senior living communities. We believe this capital will allow OnShift to accelerate market penetration and rapidly scale the development of new and innovative SaaS products in human capital management.”
OnShift has been experiencing significant growth since its inception. In 2015, OnShift was named to Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. The Series D investment will be used to expand OnShift’s product development and accelerate sales and marketing plans.
A growing workforce shortage, wage pressures, and fierce competition for talent have intensified the need for long-term care and senior living providers to focus on their staffing strategies and manage labor costs, their number one expense. OnShift’s suite of products for hiring, scheduling and workforce analysis helps providers to address these issues by staffing consistently and efficiently, leading to lower costs, quality care and higher performance.
“Workforce issues in long-term care and senior living are more critical today than ever before,” stated Mark Woodka, CEO, OnShift. “This investment reinforces our commitment to alleviate the burdens of staffing and labor management while accelerating our plans to expand in the senior care market. Our customers’ success means the most to us, and we are looking forward to continuing to grow in partnership to address their needs.”