Florence closes £28.5m Series B financing

Zina Fragkiadaki
June 1, 2022

Florence, a London-based tech startup that connects vacant care home shifts to local nurses and carers, has raised £28.5 million through a Series B funding round led by Axa Venture Partners, with participation from Roo Capital and existing backers SEEK Investments.

The group will use the investment for product expansion to support care in the UK as well as multiple international markets and to expand its services beyond elderly care.

Previously, the group had raised £6.5 million in a Series A financing round led by SEEK Investments and followed by a number of early investor angels and family offices, including Waverly Capital and Tom Singh’s family office Rianta.

Founded in 2017, Florence has raised a total of £35.5 million to date. It serves more than a quarter of social care in the UK and operates across 99% of the country.

Florence’s app connects nurses with open shifts cutting out agency middlemen. The app also provides care organisations with intuitive rota and e-learning tools. To date, 100,000 e-learners, 90,000 care professionals and over 2,000 care organisations have signed up to Florence.

The group said it increased its revenue fivefold in 2021-22. Florence declined to share the exact revenue figure but told HealthInvestor UK that it has £2million per week earned by its workers.

Dr. Charles Armitage, Florence’s co-founder said: “We see this funding as an investment in solving the issues our broken system faces on a daily basis, which disproportionately impact the most vulnerable people in our society. With an expanded scope, we are positive we can help revolutionise care at a greater pace than ever before.”

Dan Blake, Florence’s co-founder added: “With this additional funding we can continue to develop our services, while offering the opportunity for more nurses and care providers to join us as we continue on our journey to make care outstanding.”

Imran Akram, Axa Venture Partners general partner added:“There is a global shortage of healthcare workers, and staff management is very outdated compared to other industries. Florence is tackling these issues head on, and we are really impressed with what the team have done to date. Most of all, we’re excited to be part of realising their ambitious plans for care in the future.”

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