Investment Accelerates SaaS Company’s Massive Growth in Long-Term Care and Senior Living
April 13, 2016, CLEVELAND – 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.”
About Health Velocity Capital
Health Velocity Capital is a health care focused venture and growth capital partnership recently formed by Marty Felsenthal. For more than 20 years, Marty has been working with and investing in innovative and disruptive health care software and services companies, some of which have included Teladoc, change: healthcare (acquired by Emdeon), Aperio (Leica BioSystems), US Renal Care (Leonard Green), Titan Health (United Surgical Partners), Payerpath (Misys/Allscripts), and Vantage Oncology (McKesson).
About OnShift, Inc.
OnShift delivers cloud-based human capital management software and proactive services to solve everyday workforce challenges in healthcare. Our suite of products for hiring, scheduling and workforce analysis drives quality care, lower costs and higher performance by empowering providers to staff consistently and efficiently. Intuitive design, predictive analytics and customer success management are why thousands of post-acute care and senior living organizations rely on OnShift. For more information visit www.onshift.com.