Healthtech Company SnapMedTech Grabbed $17.8M in Fresh Funding

The Atlanta-based company is innovating the healthcare space with its automated solutions.

Written by Ashley Bowden
Published on Oct. 20, 2021
Healthtech Company SnapMedTech Grabbed $17.8M in Fresh Funding
Image: Built In

With a variety of industries spanning the Atlanta tech front, a name in the city’s healthtech sector is fueling growth with a fresh injection of funding.

SnapMedTech, the parent company of medical staffing platform SnapNurse and two other local startups, secured $17.8 million in new capital, according to an October 14 SEC filing.

Over the course of the pandemic, the healthcare industry was hit hard, and resources were stretched thin with hospitals filled to the brim and frontline workers swamped with influxes of Covid patients. The hectic set of circumstances provided a window of opportunity for SnapNurse, a platform that works to help medical facilities quickly nursefill vacancies with nurses and medical professionals seeking short-term roles. 

The SnapNurse platform automates the processes of recruitment, running credentials, mobilization and same-day payments to staff. Its timely solution led to a year of rapid growth for the company, and it recorded month-over-month growth of 6,250 percent in March. SnapNurse also increased its headcount from 20 to 200 employees between March 2020 to March 2021.

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“The Covid-19 pandemic has really pulled back the curtain on how archaic and inefficient paper-based processes are within today’s healthcare industry, especially during times of crisis,” Cherie Kloss, SnapNurse’s CEO and founder, said in a March 30 statement. “At SnapNurse, we pride ourselves on our ability to provide dependable, experienced and credentialed medical staff to hospitals and healthcare facilities in need as quickly as possible.”

Complementary to its medical staffing tech solution, SnapMedTech also owns InstaStaff, an automated workforce management platform, and Paymint, a fintech company providing employees a way to access their earnings daily. 

SnapMedTech last received venture funding when Pivotal Group invested in SnapNurse last December. This latest round of funding includes contributions from 63 investors, according to the SEC filing. 

As the corporation continues to grow, SnapMedTech is on track to earn $1.5 billion in revenue this year, as reported by Atlanta Inno. SnapNurse recently opened a new office in Midtown’s Colony Square and has a total of 300 employees. The company currently lists five Atlanta-based roles on its LinkedIn profile for positions in HR, engineering and more. 

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