Berlin-based health tech company Medwing has raised 28 million euros in Series B funding. Cathay Innovation led the round with participation from return backers Northzone, Cherry Ventures and Atlantic Labs.
Berlin, 26 May 2020 – MEDWING (medwing.com), one of Europe’s technologically leading health-tech companies, has successfully closed its 28 million EUR series B financing round, led by Cathay Innovation, with participation from existing investors Northzone, Cherry Ventures and Atlantic Labs. For Cathay Innovation, a global venture capital fund based in San Francisco, Singapore, Shanghai and Paris, this is its first investment in a German company.
MEDWING’s mission is to make working in the healthcare sector more attractive and to solve the shortage of healthcare personnel. The Berlin-based company wants to empower the candidates to work in a way that suits their individual lifestyles and to support hospitals and care facilities in recruiting and human resource management. This is achieved through the combination of innovative matching, communication technology and personal consultation.
According to the World Bank, the global shortage of health professionals is expected to rise to around 20 million by 2030. In Germany, according to a survey by the Ipsos Institute, 6 out of 10 Germans (61%) believe that the shortage of healthcare professionals is the main issue of the German healthcare system.
This creates the need to make better use of existing personnel, avoid misplanning and increase transparency. MEDWING offers digital solutions for this purpose, aiming to become the leading one stop shop for jobs in the healthcare sector.
With more than 200,000 professionals registered with MEDWING and 2,500 partner hospitals, nursing homes and medical practices nationwide, the technology company, founded in Berlin in 2017 by Johannes Roggendorf and Dr. Timo Fischer, operates the largest personnel pool and the most modern job matching system for the European healthcare sector. Every month, the company registers more than 15,000 new candidates, places over 100 health care experts in permanent positions and fills more than 2,000 individual shifts via its own platform.
MEDWING will use the new capital from the financing round primarily to expand its technological lead and to develop further features, products and services that are specifically aimed at health professionals, and at hospitals and care facilities. The capital will also be used to expand its international business and team. Currently, MEDWING operates in Germany, France and the UK, with further countries to follow, and has a team of over 200 employees from over 30 countries.
At the moment MEDWING is also leveraging its technology pro bono in the fight against the coronavirus, placing nurses, doctors and non-medical volunteers in hospitals, nursing homes and private households that need support, as part of the initiative “WIR WOLLEN HELFEN” (wirwollenhelfen.com). With this nationwide initiative in Germany, the company is not only providing concrete help in times of need right now, but is also managing to reactivate the “hidden labour force” and build up a stand-by pool for society in the long term. This means that help can be provided quickly and effectively in the event of a crisis. Within a month, over 10,000 professionals and volunteers have already registered with the initiative.
Johannes Roggendorf, Founder and Managing Director at MEDWING: “Our goal is to address the global shortage of healthcare workers and to improve access to healthcare globally. Today, we have the technology to think and live healthcare completely differently – making it better for everyone. For example, we can balance work and family life for healthcare professionals in a way that no one needs to be stressed out anymore. We make it possible for well-trained nursing staff who give up their job after a few years and do something completely different to return to their actual calling. It is not acceptable that hospital wards have to be closed due to staff shortages. We solve these important societal challenges. A goal that we share with our investors.”
Dr. Timo Fischer, Founder and Managing Director at MEDWING: “Many healthcare systems around the world are facing similar challenges. The question is: how can we simultaneously ensure high-quality and successful patient care, satisfied and motivated staff and high cost efficiency in the operating business for hospitals, nursing homes and doctors’ practices? The answer is: with the right technology and individual advice. This is exactly what defines us at MEDWING.“
Jacky Abitbol, Partner at Cathay Innovation: “The digitalisation of work and digital health are among Cathay Innovation’s core investment themes. MEDWING stands exactly at this crossroad and it is therefore no coincidence that we chose the company for our first investment in Germany. Medwing’s platform has already brought positive changes to the recruitment, human resources management and care of many hospitals and institutions. We strongly believe in Johannes and Timo’s vision and are excited to support them as they expand further across Europe”
Michiel Kotting, Partner at Northzone: “The healthcare sector is under increasing pressure. MEDWING offers candidates and healthcare providers a platform that improves the experience of finding and retaining talent. It is a turning point in an industry dominated by fragmented and non-digital incumbents. Johannes and Timo have a deep understanding of the market and are well positioned to build a market leader in this area. This approach has convinced us from the very beginning”.
MEDWING (medwing.com) is Europe’s technologically leading job matching and career consulting company for all healthcare professionals. A modern technology company that uses the advantages of digitalization and automation to make the matching process between professionals and hospitals or care facilities as timely, efficient, transparent and simple as possible for all parties involved. Our aim is to make working in the health care professions more attractive and to eliminate the shortage of personnel in the healthcare system. We want to enable every candidate to work the way they want to. To achieve this, we rely on innovative technology and personal contact. As a digital health company we are growing rapidly and currently have around 15,000 new registrations per month, over 100 professionals find a new job in the health industry every month and over 2,000 shifts are placed each month. With over 200,000 trained professionals, we have one of the largest pools of employees for medical and nursing professions in Germany and Europe. We currently work with more than 2,500 hospitals and nursing homes, thus helping to avoid staff shortages. MEDWING, founded in 2017 by Johannes Roggendorf and Dr. Timo Fischer, is active not only in Germany, but also in France and the UK and currently employs around 200 people from over 30 nations. Business Insider put MEDWING on the “Watchlist der 20 vielversprechendsten Unternehmen”, at the beginning of this year, LinkedIn voted us the “Top Startup 2019” in Germany. During the Corona crisis MEDWING initiated the nationwide pro bono initiative “WIR WOLLEN HELFEN”.
ABOUT CATHAY INNOVATION
Cathay Innovation (cathayinnovation.com) is a global venture capital fund, created in affiliation with Cathay Capital Private Equity. It was founded around the shared conviction that supporting digital entrepreneurs by providing them with a platform bridging 3 continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy. As a multi-stage fund, Cathay Innovation partners with visionary entrepreneurs, committed to driving change through technology. Such transformation is accelerated by leveraging Cathay Capital Private Equity’s extensive network with corporates and solid experience in operational excellence. Cathay Innovation has offices in San Francisco, Paris, Beijing, Shanghai and Singapore. To learn more, please visit cathayinnovation.com or follow us on Twitter @Cathayinnov.
Northzone (northzone.com) is an early stage venture capital fund built on experience spanning multiple economic and disruptive technology cycles. Founded in 1996, Northzone has to date raised nine funds and invested in more than 150 companies, including category-defining businesses like Spotify, iZettle, Avito, Kahoot!, Klarna, Trustpilot among others.