connectRN Closes $76M Financing to Support Accelerating Growth of Healthcare Workforce Platform | Financial Buzz

connectRN Closes $76M Financing to Support Accelerating Growth of Healthcare Workforce Platform

connectRN Inc., a tech-enabled platform built to improve clinicians’ lives through access to community, opportunity, and support, today announced it has completed a $76M financing, bringing its total raised to over $100M to date. Suvretta Capital Management and Avidity Partners co-led the round, along with HBM Healthcare Investments, Infinitum Asset Management, Adage Capital Management, Cormorant Asset Management and Park West Asset Management. Amedisys, a leader in home healthcare and hospice care, also participated in this financing and will collaborate with connectRN in these new healthcare settings.

“There has been a tremendous need for connectRN’s solution for nurse staffing. This need was magnified, and became painfully apparent, during the pandemic. Nurses and healthcare workers deserve a central place where they can connect, engage and find competitive career opportunities,” said Amanda Birdsey-Benson, Analyst, Suvretta Capital Management, LLC. “connectRN has a unique tech-platform that we believe has the potential to set the standard in the category going forward. We are proud to support the company in this next phase of growth.”

“We are delighted to make an investment into connectRN and simultaneously collaborate to deploy this tech-enabled platform to engage home health and hospice clinicians in new ways. Innovating around how we engage our clinical staff to drive additional capacity is a key initiative for Amedisys as we enter 2022. We look forward to working with the outstanding team at connectRN to roll out the platform to further differentiate Amedisys,” said Amedisys Chairman and CEO, Paul Kusserow.

Nurses and aides have long felt overworked and underappreciated, and this feeling reached a tipping point during the past year in which 55% of health care workers reported burnout. The pandemic has shed light on the insufficient physical and mental health resources available to nurses. This lack of support and heightened stress have resulted in a historic volume of nurses and aides considering leaving the profession altogether. The current environment for healthcare workers threatens to exacerbate the critical shortage of nurses and aides that exists today.

“Nursing is the backbone of the healthcare system, and nurses and aides deserve a responsive community that empowers them to access supportive resources, provides greater flexibility to pursue new work opportunities and allows more control over their careers. We built the connectRN platform to be this solution, a digital community to connect nurses and aides with work opportunities whenever, wherever and however they choose,” said Maddie Thoms, COO of connectRN. “To date, the connectRN platform has been widely adopted by clinicians and healthcare facilities.”

“The business is poised to deliver 240% organic revenue growth year-over-year in 2021 confirming our hypothesis that nurses and aides are not only in demand but are seeking a better path for their careers. Our ability to deliver the right opportunities, on their terms, in a supportive and nurturing environment is what we believe to be the future of healthcare,” said Ted Jeanloz, CEO of connectRN. “This financing will accelerate our rapid growth in new and existing markets and provides the resources to realize our vision of becoming the premier destination for nurses and aides to gain career opportunities and the community support they deserve.”

About connectRN, Inc.

connectRN is a tech-enabled platform connecting nurses and aides with opportunities to improve their work life. We believe nurses and aides are the backbone of the healthcare system, and deserve to be rewarded, respected, and recognized for their contributions. Our platform offers career development resources, flexible shift offerings, and the opportunity to participate in a supportive community of peer professionals. By using technology to bring nurses together, we empower healthcare workers to take control of their careers and their futures. connectRN was conceived by a nurse to empower clinicians at every experience level. Headquartered in Waltham, Mass., connectRN serves the American healthcare sector. To learn more about our platform, please visit https://www.connectrn.com/.

Contacts

For connectRN:

Jen Reddy

617.944.1515

hello@connectrn.com

For Amedisys

Investor Contact:

Nick Muscato

SVP of Finance

Nick.muscato@amedisys.com

630-301-9195

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