SEATTLE, February 14, 2022 – Kevala, a workforce management and engagement solution built specifically for healthcare, announced today that it raised $12.1 million in Series A funding to modernize the healthcare industry through innovative scheduling and compliance software. Cercano Management led the round, with participation from existing investors Costanoa Ventures, High Alpha, and PSL Ventures. Kevala spun out of Pioneer Square Labs in April 2020.
“The staffing crisis has made it difficult if not impossible for schedulers to keep shifts full, compliant and productive,” said Todd Owens, Kevala Co-Founder and CEO. “Healthcare operators, stretched thin and unable to rely on permanent staff alone, are looking for more flexible staffing options, including agency and internal float teams.”
Although the pandemic highlighted and intensified the healthcare staffing crisis, Kevala and its investors believe the staffing issues will continue and the solution lies in software purpose-built to solve the industry’s unique problems .
“Managing a modern healthcare workforce is complex and multi-faceted, requiring best-of-breed new technology” said YB Choi, Partner at Cercano Management. “Kevala has built the first all-in-one, collaborative platform that manages critical functions for healthcare providers like scheduling and credentialing.”
Kevala’s software allows healthcare facilities, initially senior living and skilled nursing, to flex their staffing instantly as needs change. Clients are able to curate and float pools of talent within their organizations or opt to fill open shifts from the Kevala Care Network, a fully-credentialed pool of per diem and contract healthcare professionals.
Kevala has also automated how healthcare facilities track and maintain caregiver credentials, a major point of friction and inefficiency that bogs down the staffing and scheduling process. Kevala plans to give all of this wasted administrative time back to the staff so they can focus on providing the best care possible to residents and patients.
Kevala and the Market Growing Quickly
An increasing number of Americans are reaching retirement age and will be relying on care from healthcare and senior living facilities. The increasing number of retirees has created mounting pressure on healthcare providers to enact smart, technology-enabled solutions to address the rush of new clients.
Kevala has grown rapidly over the last year. Currently offering solutions to hundreds of organizations across five states, Kevala saw its revenue grow by over 1000% in 2021. Kevala plans to continue to expand its reach into new states with its software platform and the Kevala Care Network of caregivers this coming year.
“We have been so grateful to Kevala during this nationwide staffing issue,” said Angela W., Resident Services Coordinator at Fred Lind Manor, an assisted-living community in Seattle. “They came in at the perfect time to help us find reliable caregivers with easy-to-use technology.”
With rapid revenue growth and new funding, Kevala plans to accelerate its pace of innovation.
“Kevala is uniquely positioned to change the way healthcare organizations solve critical staffing challenges and thus improve both patient care and workforce retention,” said Amy Cheetham, Partner at Costanoa Ventures. “We’re excited about being part of the solution to this critical and growing problem.”
Kevala is an intelligent workforce management and engagement platform built to solve the staffing problems in healthcare facilities. Kevala is first addressing the unique needs of long-term care organizations, including senior living, skilled nursing and rehabilitation, and hospice. By building an integrated and intelligent SaaS solution, Kevala is able to maximize employee productivity and engagement, while improving quality of care and the bottom line. For more information, visit www.kevala.care.
About Costanoa Ventures
Costanoa Ventures backs tenacious and thoughtful founders who change how business gets done. Costanoa seeks to be a long-term partner to entrepreneurs building durable companies leveraging data to solve complex business problems. For more information, please visit www.costanoavc.com.
About High Alpha
High Alpha, based in Indianapolis, Indiana, is a leading venture studio focused on conceiving, launching and scaling next-generation B2B SaaS companies. For more information, visit highalpha.com or follow on Twitter @highalpha.
About Pioneer Square Labs (PSL)
Pioneer Square Labs is a Seattle-based startup studio and venture firm (PSL Ventures) that finances, creates and launches technology startups. For more information, please visit www.psl.com.
About Cercano Management
Cercano Management is a privately held investment management firm working exclusively with ultra-high net worth investors and family foundations.
Kevala Technologies, Inc