Medwing, a European startup that has developed a recruitment marketplace for healthcare workers, has raised €44 million ($47 million) in a Series C funding round. The Berlin-based firm, which was founded in 2017, is targeting the healthcare industry in Germany and the UK with a platform that matches hospitals and clinics with nurses and elderly caregivers, as well as pharmacists, midwives, doctors and other professionals. Medwing’s platform is currently available in Germany and the UK, where it claims to have 5,500 registered medical employers and 500,000 healthcare professionals. The platform offers an entirely digital workflow spanning job search, contracts, signatures and timesheets.
Medwing is seeking to differentiate itself from competitors by focusing on both permanent and temporary placements. While it works directly with major healthcare clients such as Berlin-based university hospital Charité, it also supports traditional recruitment agencies looking to market their own temporary staff on its platform. “This allows us to have a 75 percent fill-rate of all temporary requests within one or two days,” said CEO Johannes Roggendorf.
The healthcare recruitment sector is attracting significant investment globally. In the US, ShiftMed recently raised $200 million, Nomad Health secured $105 million, Incredible Health nabbed $80 million and Vivian Health drew in $60 million. In Europe, UK-based Florence last year raised $35 million, while France’s Hublo has attracted VC cash for a similar marketplace concept.
Medwing plans to use the new funding to expand to further European markets down the line. However, in the nearer term, it expects to reach profitability by the end of this year based purely on its existing presence in Germany and the UK. “For now, we are focused on those two countries but plan to expand to other European countries to become the leading healthcare job marketplace in Europe,” said Roggendorf. “But in the end, this is a global problem we are solving.”
The Series C funding round included contributions from Northzone, Cathay Innovation, Cherry Ventures, Quadrille Capital, Atlantic Labs, Hambro Perks and SVB Capital. The latter’s parent company, SVB Financial, is in the process of selling its assets, including SVB Capital, but this will not impact its cash outlay to Medwing.