This startup that aims to tackle healthcare staff shortages just raised $24 million. Check out the 15-slide pitch deck Patchwork Health used to raise the funds.
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- Patchwork Health has raised $24 million in Series B funding from Perwyn.
- The UK-based startup curbs staff shortages in UK hospitals and aims to reduce burnout among workers.
- Check out the 15-slide pitch deck the London-based startup used to raise the funds.
A startup that aims to curb staff shortages in the UK’s National Health Service (NHS) has just secured $24 million in Series B funding.
London-based Patchwork Health, which was launched in 2016 by two NHS doctors, enables teams to manage their temporary and permanent workforce through its digital app. It has created a staff bank of temporary healthcare workers who can fill in for permanent staff that are away or unable to work, especially at short notice.
With clinicians being “pushed out of NHS careers” because they’re “too exhausted to continue,” cofounder and CEO Dr Anas Nader hopes Patchwork will take the pressure off of existing staff.
The startup’s platform enables staff to book shifts and get paid via its app, and centralizes all admin for employers so they can broadcast and manage vacancies in a timely way. By removing the need for a middle man to source new staff, Patchwork Health hopes to give hospitals more autonomy in choosing their workers in a more cost-effective way.
Patchwork also incorporates key personal information of existing permanent staff when designing rotas in the hoping of improving work-life balance.
It’s a shift from the rigid rota system that the NHS has previously adhered to — which has placed more pressure on staff, according to Nader.
With the pandemic inflating NHS waiting lists of up to 6.6 million patients in the UK, a slew of startups have rushed to tackle staff shortages in the UK’s healthcare system. In June, London-based Florence secured $35 million for its on-demand staffing platform for health and social care workers, pointing to sustained investor appetite in the healthcare staffing sector despite a wider downturn in European healthtech funding in Q2.
The round was led by European private equity firm Perwyn, which has previously invested in the likes of Chinese food delivery chain HungryPanda and home-cooking startup Gousto. Additional participation came from Manchester-based Praetura Ventures and healthtech fund KHP Ventures, with Monzo founder Tom Blomfield and Social Chain cofounder Dominic McGregor also backing the round.
With the fresh funds, Patchwork Health will grow its team, scale its product development, and look to enter international markets.
Check out the 15-slide deck used to raise the capital.