Exclusive: Locum’s Nest raises strategic funding to grow into 100 NHS trusts
Locum’s Nest, a London-based medical workforce technology company that connects healthcare professionals to vacant work in the NHS, has raised a seven-figure undisclosed amount in a strategic financing round, this publication can reveal.
Several investors took part in the multi-million raise including the existing investor AlbionVC, and new public sector technology veteran investors such as Oracle Europe’s founder Geoff Squire, former Salesforce EMEA chairman Steve Garnett, Locum’s Nest chairman Allen Swann and Locum’s Nest non-executive director and chairman of Tech Nation Stephen Kelly.
The funding follows a £3 million Series A funding round in 2018, seed round of £1.1 million in 2017 and an initial friends & family funding round of £100,000 back in 2016.
The start-up company intends to use the funds to accelerate growth in the UK and Ireland bridging more trusts together. The aim is to double its service users reaching 100 NHS trusts by the end of 2023, HealthInvestor UK is told.
The number of hospital NHS trusts using the platform has grown from one in 2016 to just over 50 today, while doctors on the platform have grown from 20 doctors in 2016 to more than 50,000 doctors in 2022. Locum’s Nest has been recognised as one of the fastest-growing companies in Europe by the Financial Times in 2021.
Overall, 90% of Locum’s Nest’s users come from NHS while just 10% are private providers including HCA Healthcare – all HCA UK hospitals are using Locum’s Nest.
To date, Locum’s Nest has saved NHS £750 million and aims to hit £1 billion savings, according to Ahmed Shahrabani, co-founder of Locum’s Nest.
Shahrabani says: “We’re very excited by the likes of the people that invested. That money is so needed by the NHS and can be redeployed in many more important places than paying recruitment agencies. It will ultimately help put the ‘National’ back in the NHS and bring our national healthcare system together rather than creating competition, which is the best we’ve been trying to push so much for the last couple of years.”
AlbionVC managing partner Will Fraser-Allen adds: “The NHS is such a valuable national institution but is plagued by a staffing crisis. Locum’s Nest’s workforce tool, conceived by Ahmed Shahrabani and Nick Andreou, two doctors working within the NHS, is proving to be an innovative and effective solution to that crisis. The adoption rate by NHS trusts so far speaks volumes about the efficacy and savings that the Locum’s Nest model brings. We are excited to be providing further investment to support Locum’s Nest on this important journey.”