Float Health, a nurse staffing and pharmacy referral startup, has recently secured $10 million in a Series A funding round led by Canvas Ventures. The San Francisco-based company was founded in 2021 and operates in California and Arizona. Float’s business model involves contracting with registered nurses to provide care in patients’ homes by scheduling shifts.
One of Float’s main areas of focus is addressing chronic illness, a condition that affects 133 million people in the United States. CEO of Float, Ryan Johnson, highlighted the importance of moving specialty medicine into the home as a way to improve patient outcomes and reduce nurse burnout. The company works with specialty pharmacies that facilitate the staffing requests and counts CVS Health, Kroger, Walgreens Boots Alliance, and other major healthcare companies among its clients.
The funding round, which included investment from Wave Capital, Y Combinator, Burst Capital, and Also Capital, brought Float’s total funds raised to $15 million. Angel investors such as co-founder of Instacart Max Mullen, COO of Yelp Jed Nachman, and former VP of marketing at Yelp Brian Osborn also participated in the funding. With a 97% staffing rate and 19,000 visits achieved, Float has been successful in expanding access to care services beyond traditional healthcare institutions.
Float patients receive an average of 22 visits compared to the typical home infusion patient who receives only 13 visits a year. This data indicates the impact Float Health is making in improving patient outcomes and increasing the availability of care services for those with chronic conditions.