What You Should Know:
– Float, a healthcare marketplace focused on delivering in-home care for chronic illnesses, has secured $10M in Series A funding led by Canvas Ventures with participation from Wave Capital, Y Combinator, Burst Capital, and Also Capital. The round also included angel investor participation from several tech industry founders and leaders including Max Mullen, Co-founder of Instacart, Andrew Bartynski, Vice President of Strategy and Operations at ASRI, Brian Pokorny, former General Partner of SV Angel, Jed Nachman, COO of Yelp, and Brian Osborn, former VP of Marketing at Yelp.
– The latest round brings Float’s total funding to $15M and will fuel Float’s mission of tackling a major issue in healthcare: the rising prevalence of chronic illnesses.
Float’s Solution: In-Home Specialty Care
Today, 133 million Americans suffer from chronic conditions, often requiring specialty medications administered by nurses. Currently, patients typically receive these treatments in hospitals, contributing to overcrowding and inefficiencies. Float disrupts the status quo by offering a win-win for all stakeholders. Patients with chronic illnesses can receive personalized care from skilled nurses in the comfort of their homes, eliminating the need for unnecessary hospital visits.
This not only benefits patients but also offers advantages for other stakeholders:
- Patients: Avoid hospital visits, receive care in a familiar environment, and experience higher treatment adherence.
- Nurses: Enjoy flexible scheduling, higher pay, and a more fulfilling work experience.
- Prescribers: Witness improved patient outcomes and increased treatment adoption.
- Pharmacies: Reduce operational costs, streamline administration, and expedite reimbursements.
- Payers: See significant cost savings compared to hospital-based care and benefit from improved patient outcomes.
- Hospital Systems: Free up beds for critical care by delegating routine procedures.
Proven Impact and Experienced Leadership
Founded in 2021 by former ER nurse Ryan Johnson, CEO and Christy Johnson, COO, Float has built a network of hundreds of nurses across California and Arizona with positive results:
– 19,000 completed visits with a 97% staffing rate for nurses.
– 56% nurse retention rate due to flexibility and competitive pay.
“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, ” said Johnson. “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.”
