OnShift Secures $2.3 Million in Venture Capital Investment
Draper Triangle Ventures leads investment in software company focused on staffing and labor cost management for the healthcare industry
Cleveland, OH, December 6, 2010 — OnShift, Inc., a leading provider of staff scheduling and shift management software for the healthcare industry, today announced that it has closed on a $2.3 million venture capital investment, led by Draper Triangle Ventures of Pittsburgh. All existing OnShift investors joined this round of funding, including Early Stage Partners, JumpStart Inc., North Coast Angel Fund, LLC, and Glengary LLC.
Draper Triangle Ventures is the Midwest-based partner of Draper Fisher Jurvetson, the Silicon Valley-based venture capital powerhouse focusing on seed and early-stage investments. Draper Triangle Ventures invests in technology companies with enormous market potential.
The investment will be used to accelerate OnShift’s sales and marketing efforts and increase its market share in the healthcare industry. OnShift is experiencing significant business growth, with customer acquisition increasing more than 500% year-over-year.
Michael Stubler, Managing Director and co-founder of Draper Triangle Ventures, will join the OnShift Board of Directors. “At OnShift, we are investing in a strong team with great leadership,” said Stubler. “The company has a unique offering that is having a compelling impact on customers. We are pleased to partner with the OnShift team to help accelerate the adoption of their solutions in the market.”
Jonathan Murray, Managing Director of Early Stage Partners, stated, “Under the leadership of a strong CEO, Mark Woodka, OnShift has consistently delivered shareholder value by acquiring and serving customers and is on a significant growth trajectory. We are pleased to continue supporting OnShift with additional capital.”
Long-term care companies and other healthcare organizations use OnShift’s web-based staff scheduling software to reduce labor costs by preventing overtime, mitigate regulatory risk, and improve efficiencies through automated scheduling and open shift management. This saves time and frees up nurses so they can focus on providing quality resident care. Customers are up and running quickly with OnShift’s SaaS (Software as a Service) deployment model, and typically experience ROI within the first few weeks of implementation.
“This funding validates OnShift’s achievements in the healthcare industry. Our market presence, customer growth and successful implementations will continue on an even greater scale with this investment,” said Mark Woodka, CEO of OnShift. “We are excited to partner with Draper Triangle Ventures as well as receive continued support from our existing investors to accelerate our growth and continue to give healthcare organizations an innovative and easy-to-use solution to some of their most pressing labor management challenges.”
About OnShift, Inc.
OnShift provides web-based staff scheduling and shift management software for the healthcare industry. OnShift is the first to offer a labor cost management solution that combines communications technologies with a scheduling application to automate the resolution of staffing emergencies and prevent overtime. Customers choose OnShift because the software is easy-to-use and fast to implement, and with it organizations experience immediate ROI. OnShift is based in Cleveland, Ohio, and was named the best emerging company by the Northeast Ohio Software Association in 2010.