Float Health, a nurse recruitment and pharmacy referral startup based in San Francisco, recently secured $10 million in a Series A funding round led by Canvas Ventures. Founded in 2021 and operating 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 is addressing chronic disease, which affects 133 million people in the United States. Float CEO 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 to facilitate staffing needs, and its clients include CVS Health, Kroger, Walgreens Boots Alliance and other major healthcare companies.
The funding round brought Float’s total funding to $15 million, with investments from Wave Capital, I Combinator, Burst Capital and Also Capital. Angel investors such as Instacart co-founder Max Mullen, Yelp CEO Jed Nachman and former Yelp marketing VP Brian Osborne also participated in the funding. With a staffing rate of 97% and 19,000 visits completed, Float has been successful in expanding access to care services beyond traditional healthcare facilities.
Float patients receive an average of 22 visits compared to the typical home infusion patient who receives only 13 visits per year. These data indicate the impact that Float Health is having on improving patient outcomes and increasing access to care services for those with chronic conditions.