Float Health, a nurse staffing and pharmacy referral startup, has landed $10 million in a Series A led by Canvas Ventures.
As part of its business model, San Francisco-based Float helps patients receive care in their homes by contracting with registered nurses and scheduling shifts. The company was founded in 2021, and operates in California and Arizona.
One of Float’s key areas of focus as a company is addressing chronic illness, which impacts 133 million people in the U.S.
“After years in the emergency room treating patients with chronic conditions, and from treating my dad who suffers from one, I realized that moving specialty medicine into the home would be a sea change for everyone, ” Ryan Johnson, CEO of Float, said in a press release statement. “Expanding access to this type of care would have a huge impact on patient outcomes, not to mention the burnout of my nurse friends exhausted by long shifts and juggling priorities. Float has proven successful in doing exactly that.”
Float works with specialty pharmacies that send the company’s nursing staffing requests. The company’s clients include CVS Health’s (NYSE: CVS), Kroger (NYSE: KR), Option Care Health (NYSE: OPCH), Optum, Soleo Health, Walgreens Boots Alliance (Nasdaq: WBA) and more.
The funding round — which also saw participation from Wave Capital, Y Combinator, Burst Capital and Also Capital — is indicative of investors’ focus on health care companies that offer solutions and stretch care services beyond traditional institutions.
The participation from Wave Capital, Y Combinator, Burst Capital and Also Capital brought Float’s total funds to $15 million raised.
Additionally, the funding round saw individuals join as angel investors. This included Max Mullen, co-founder of Instacart, Jed Nachman, COO of Yelp (NYSE:YELP), and Brian Osborn, former vice president of marketing at Yelp and more.
Overall, Float has achieved 19,000 visits and has a staffing rate of 97%.
Broadly, Float patients get 22 visits, compared to the average home infusion patient who receives 13 visits a year, according to reports.
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